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

by · The Cerbat Gem

IDACORP, Inc. (NYSE:IDA – Get Free Report) announced a quarterly dividend on Thursday, April 17th, RTT News reports. Shareholders of record on Monday, May 5th will be paid 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 raised its dividend payment by an average of 5.2% annually 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% meaning its dividend is sufficiently covered by earnings. 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 %

IDA stock traded up $1.20 during mid-day trading on Thursday, reaching $119.18. 272,291 shares of the company traded hands, compared to its average volume of 328,082. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The firm’s 50 day moving average price is $114.76 and its 200 day moving average price is $111.47. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 21.75, a P/E/G ratio of 2.32 and a beta of 0.56. IDACORP has a fifty-two week low of $89.61 and a fifty-two week high of $120.84.

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

Wall Street Analysts Forecast Growth

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

View Our Latest Analysis on IDACORP

About IDACORP

(Get Free Report)

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.

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