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

IDACORP, Inc. (NYSE:IDA) announced a quarterly dividend on Thursday, April 17th, RTT News reports. Shareholders of record on Monday, May 5th will be given a dividend of 0.86 per share by the energy company on Friday, May 30th. This represents a $3.44 dividend on an annualized basis and a yield of 2.89%.

IDACORP has increased its dividend by an average of 5.2% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. IDACORP has a dividend payout ratio of 54.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect IDACORP to earn $6.47 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 53.2%.

IDACORP Stock Up 1.0 %

IDACORP stock opened at $119.18 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. IDACORP has a one year low of $90.23 and a one year high of $120.84. The company has a 50-day simple moving average of $114.94 and a 200-day simple moving average of $111.59. The firm has a market capitalization of $6.44 billion, a P/E ratio of 21.75, a P/E/G ratio of 2.32 and a beta of 0.56.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. The firm had revenue of $398.13 million during the quarter, compared to analysts’ expectations of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. As a group, equities analysts expect that IDACORP will post 5.81 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have weighed in on IDA shares. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. UBS Group upped their price objective on shares of IDACORP from $117.00 to $122.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Bank of America raised their target price on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, March 3rd. Jefferies Financial Group upgraded shares of IDACORP from a “hold” rating to a “buy” rating in a research report on Wednesday, April 2nd. Finally, Morgan Stanley increased their price objective on shares of IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, IDACORP has a consensus rating of “Hold” and an average price target of $120.50.

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.