IDACORP, Inc. (NYSE:IDA) Plans $0.83 Quarterly Dividend

IDACORP, Inc. (NYSE:IDA) announced a quarterly dividend on Thursday, April 18th, Zacks reports. Shareholders of record on Monday, May 6th will be given a dividend of 0.83 per share by the energy company on Thursday, May 30th. This represents a $3.32 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Friday, May 3rd.

IDACORP has increased its dividend by an average of 5.6% annually over the last three years and has increased its dividend annually for the last 12 consecutive years. IDACORP has a dividend payout ratio of 57.5% meaning its dividend is sufficiently covered by earnings. Analysts expect IDACORP to earn $5.66 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 58.7%.

IDACORP Price Performance

NYSE IDA opened at $96.00 on Thursday. IDACORP has a 12 month low of $86.43 and a 12 month high of $112.64. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 18.68 and a beta of 0.55. The company’s 50 day moving average is $91.10 and its two-hundred day moving average is $93.97. The company has a current ratio of 1.58, a quick ratio of 1.33 and a debt-to-equity ratio of 0.95.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, February 15th. The energy company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. IDACORP had a net margin of 14.79% and a return on equity of 9.06%. The company had revenue of $411.95 million for the quarter, compared to analysts’ expectations of $429.84 million. During the same quarter last year, the business earned $0.83 EPS. As a group, research analysts anticipate that IDACORP will post 5.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

IDA has been the topic of several recent analyst reports. Guggenheim cut shares of IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 price objective on the stock. in a research report on Monday, January 22nd. StockNews.com upgraded shares of IDACORP to a “sell” rating in a research report on Friday, April 26th. Morgan Stanley lifted their price objective on shares of IDACORP from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. Wells Fargo & Company cut their target price on shares of IDACORP from $100.00 to $94.00 and set an “equal weight” rating for the company in a report on Friday, February 16th. Finally, Mizuho cut their target price on shares of IDACORP from $99.00 to $88.00 and set a “neutral” rating for the company in a report on Tuesday, March 5th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $93.80.

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.