IDACORP, Inc. Announces Quarterly Dividend of $0.86 (NYSE:IDA)

IDACORP, Inc. (NYSE:IDA) declared a quarterly dividend on Thursday, January 16th,RTT News reports. Stockholders of record on Wednesday, February 5th will be paid a dividend of 0.86 per share by the energy company on Friday, February 28th. This represents a $3.44 annualized dividend and a dividend yield of 3.12%.

IDACORP has increased its dividend payment by an average of 5.2% annually over the last three years and has increased its dividend every year for the last 13 years. IDACORP has a dividend payout ratio of 54.1% meaning its dividend is sufficiently covered by earnings. Analysts expect IDACORP to earn $5.86 per share next year, which means the company should continue to be able to cover its $3.44 annual dividend with an expected future payout ratio of 58.7%.

IDACORP Stock Up 2.6 %

Shares of IDA stock traded up $2.81 on Thursday, hitting $110.26. The company’s stock had a trading volume of 275,164 shares, compared to its average volume of 313,806. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 20.46, a P/E/G ratio of 2.19 and a beta of 0.65. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $120.42. The firm’s fifty day moving average price is $113.10 and its 200-day moving average price is $105.17. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The company had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same period in the prior year, the firm earned $2.07 EPS. Research analysts anticipate that IDACORP will post 5.41 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wells Fargo & Company upped their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $113.00 to $117.00 in a report on Tuesday, November 5th. Morgan Stanley lifted their target price on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a report on Friday, December 13th. StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Finally, Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, IDACORP has an average rating of “Hold” and a consensus price target of $111.00.

IDACORP Company Profile

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.