Zacks Research Issues Positive Forecast for IDACORP Earnings

IDACORP, Inc. (NYSE:IDA) – Zacks Research boosted their FY2024 EPS estimates for shares of IDACORP in a report issued on Monday, December 23rd. Zacks Research analyst R. Department now anticipates that the energy company will post earnings per share of $5.41 for the year, up from their previous 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.

IDACORP (NYSE:IDA) last posted its quarterly 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 during the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same quarter last year, the firm earned $2.07 EPS.

IDA has been the topic of several other reports. Wells Fargo & Company lifted their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and lifted their price target for the company from $113.00 to $117.00 in a research report on Tuesday, November 5th. Morgan Stanley boosted their price objective on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Finally, Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $102.00 to $116.00 in a research report 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. According to data from MarketBeat.com, IDACORP has a consensus rating of “Hold” and a consensus target price of $111.00.

IDACORP Price Performance

IDACORP stock opened at $110.45 on Wednesday. IDACORP has a 1 year low of $86.43 and a 1 year high of $120.42. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The firm has a 50 day moving average price of $112.01 and a 200 day moving average price of $103.42. The company has a market cap of $5.88 billion, a price-to-earnings ratio of 20.49, a PEG ratio of 2.51 and a beta of 0.64.

IDACORP Increases Dividend

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

Institutional Trading of IDACORP

Several large investors have recently modified their holdings of IDA. M&T Bank Corp grew its position in shares of IDACORP by 0.8% during the third quarter. M&T Bank Corp now owns 10,992 shares of the energy company’s stock worth $1,133,000 after buying an additional 92 shares in the last quarter. Trust Point Inc. boosted its stake in IDACORP by 1.4% during the 3rd quarter. Trust Point Inc. now owns 7,374 shares of the energy company’s stock valued at $760,000 after acquiring an additional 101 shares during the last quarter. Blue Trust Inc. grew its holdings in IDACORP by 7.5% during the 3rd quarter. Blue Trust Inc. now owns 1,523 shares of the energy company’s stock worth $157,000 after acquiring an additional 106 shares in the last quarter. Raymond James Trust N.A. increased its position in shares of IDACORP by 1.7% in the 2nd quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock worth $597,000 after purchasing an additional 107 shares during the last quarter. Finally, Pitcairn Co. increased its position in shares of IDACORP by 2.3% in the 3rd quarter. Pitcairn Co. now owns 4,801 shares of the energy company’s stock worth $495,000 after purchasing an additional 107 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

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.