FY2024 EPS Estimates for IDACORP Boosted by Zacks Research

IDACORP, Inc. (NYSE:IDA) – Equities research analysts at Zacks Research increased their FY2024 EPS estimates for shares of IDACORP in a research note issued on Monday, December 23rd. Zacks Research analyst R. Department now forecasts that the energy company will post earnings per share of $5.41 for the year, up from their prior forecast of $5.40. The consensus estimate for IDACORP’s current full-year earnings is $5.41 per share. Zacks Research also issued estimates for IDACORP’s Q4 2024 earnings at $0.63 EPS, Q2 2025 earnings at $1.70 EPS, Q3 2025 earnings at $2.25 EPS and FY2025 earnings at $5.84 EPS.

A number of other research firms have also issued reports on IDA. StockNews.com lowered shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $102.00 to $116.00 in a report on Friday, November 1st. Wells Fargo & Company lifted their target price on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Jefferies Financial Group initiated coverage on IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective for the company. Finally, Bank of America raised IDACORP from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $111.00.

IDACORP Price Performance

Shares of NYSE:IDA opened at $110.45 on Wednesday. The company’s fifty day moving average is $111.89 and its two-hundred day moving average is $103.37. The company has a market cap of $5.88 billion, a P/E ratio of 20.49, a price-to-earnings-growth ratio of 2.51 and a beta of 0.64. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. IDACORP has a 12-month low of $86.43 and a 12-month high of $120.42.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). The business had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same period in the prior year, the company earned $2.07 earnings per share.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 3.11%. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Tuesday, November 5th. IDACORP’s dividend payout ratio is currently 63.82%.

Institutional Investors Weigh In On IDACORP

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Clean Energy Transition LLP bought a new stake in IDACORP during the 2nd quarter worth about $49,103,000. Wellington Management Group LLP boosted its holdings in shares of IDACORP by 17.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company’s stock worth $246,367,000 after buying an additional 359,553 shares during the period. Nuance Investments LLC grew its stake in IDACORP by 19.0% in the 2nd quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock valued at $103,813,000 after buying an additional 178,294 shares during the last quarter. Deprince Race & Zollo Inc. increased its position in IDACORP by 30.8% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock worth $53,667,000 after buying an additional 135,793 shares during the period. Finally, State Street Corp raised its stake in IDACORP by 5.5% in the 3rd quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock worth $170,789,000 after purchasing an additional 86,642 shares in the last quarter. 89.10% of the stock is owned by institutional investors and hedge funds.

About IDACORP

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.