FY2024 EPS Estimates for IDACORP Lowered by Zacks Research

IDACORP, Inc. (NYSE:IDA) – Analysts at Zacks Research dropped their FY2024 earnings per share (EPS) estimates for IDACORP in a research note issued to investors on Thursday, October 17th. Zacks Research analyst R. Department now forecasts that the energy company will post earnings per share of $5.39 for the year, down from their prior estimate of $5.44. The consensus estimate for IDACORP’s current full-year earnings is $5.39 per share. Zacks Research also issued estimates for IDACORP’s Q4 2024 earnings at $0.59 EPS.

A number of other equities research analysts also recently weighed in on IDA. Bank of America assumed coverage on IDACORP in a research report on Thursday, September 12th. They set a “neutral” rating and a $110.00 target price for the company. Wells Fargo & Company upped their target price on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group assumed coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 target price on the stock. Finally, Morgan Stanley boosted their price target on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat.com, IDACORP presently has a consensus rating of “Hold” and a consensus price target of $104.00.

IDACORP Stock Down 0.9 %

NYSE:IDA opened at $103.80 on Monday. The company has a market cap of $5.53 billion, a price-to-earnings ratio of 20.84, a P/E/G ratio of 3.38 and a beta of 0.60. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. The stock’s fifty day moving average price is $102.59 and its two-hundred day moving average price is $97.49. IDACORP has a 52-week low of $86.43 and a 52-week high of $105.24.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.34. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. The company had revenue of $451.04 million during the quarter, compared to the consensus estimate of $420.56 million. During the same period in the previous year, the firm posted $1.35 earnings per share.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a yield of 3.31%. This is a boost from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s payout ratio is currently 69.08%.

Hedge Funds Weigh In On IDACORP

Several institutional investors and hedge funds have recently made changes to their positions in IDA. Blue Trust Inc. lifted its holdings in shares of IDACORP by 7.5% during the 3rd quarter. Blue Trust Inc. now owns 1,523 shares of the energy company’s stock valued at $157,000 after purchasing an additional 106 shares in the last quarter. Trust Point Inc. raised its holdings in IDACORP by 1.4% during the 3rd quarter. Trust Point Inc. now owns 7,374 shares of the energy company’s stock worth $760,000 after buying an additional 101 shares during the period. V Square Quantitative Management LLC bought a new position in IDACORP in the third quarter valued at approximately $26,000. Creative Planning boosted its holdings in shares of IDACORP by 9.3% in the third quarter. Creative Planning now owns 17,104 shares of the energy company’s stock valued at $1,763,000 after buying an additional 1,449 shares during the period. Finally, Inspire Investing LLC increased its position in shares of IDACORP by 6.3% during the third quarter. Inspire Investing LLC now owns 4,003 shares of the energy company’s stock worth $413,000 after acquiring an additional 239 shares in the last quarter. Institutional investors and hedge funds own 89.10% of the company’s stock.

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.