IDACORP, Inc. (NYSE:IDA) to Issue Quarterly Dividend of $0.83

IDACORP, Inc. (NYSE:IDA) declared a quarterly dividend on Thursday, April 18th, Zacks reports. Investors 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 3.54%. The ex-dividend date is Friday, May 3rd.

IDACORP has raised its dividend payment 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 payout ratio of 57.5% meaning its dividend is sufficiently covered by earnings. Research 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 Trading Up 1.8 %

NYSE IDA opened at $93.91 on Friday. The company has a market capitalization of $4.76 billion, a PE ratio of 18.27 and a beta of 0.56. The company has a fifty day moving average of $90.25 and a 200 day moving average of $94.04. IDACORP has a 1 year low of $86.43 and a 1 year high of $112.96. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.58 and a quick ratio of 1.33.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, February 15th. The energy company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $411.95 million during the quarter, compared to the consensus estimate of $429.84 million. IDACORP had a net margin of 14.79% and a return on equity of 9.06%. During the same quarter in the prior year, the firm posted $0.83 earnings per share. Research analysts forecast that IDACORP will post 5.32 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on IDA shares. Guggenheim cut shares of IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 target price for the company. in a research note on Monday, January 22nd. Morgan Stanley upped their price objective on shares of IDACORP from $92.00 to $95.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. TheStreet cut shares of IDACORP from a “b-” rating to a “c+” rating in a research note on Thursday, February 15th. Mizuho dropped their price objective on shares of IDACORP from $99.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, March 5th. Finally, Wells Fargo & Company dropped their price objective on shares of IDACORP from $100.00 to $94.00 and set an “equal weight” rating for the company in a research note on Friday, February 16th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat, IDACORP currently has an average rating of “Hold” and a consensus target price of $93.80.

Institutional Trading of IDACORP

Several hedge funds have recently made changes to their positions in IDA. LPL Financial LLC lifted its holdings in shares of IDACORP by 0.6% in the 2nd quarter. LPL Financial LLC now owns 15,675 shares of the energy company’s stock worth $1,660,000 after acquiring an additional 100 shares during the last quarter. Cohen & Steers Inc. lifted its holdings in shares of IDACORP by 33.8% in the 1st quarter. Cohen & Steers Inc. now owns 400 shares of the energy company’s stock worth $46,000 after acquiring an additional 101 shares during the last quarter. State of Wyoming lifted its holdings in shares of IDACORP by 34.4% in the 2nd quarter. State of Wyoming now owns 426 shares of the energy company’s stock worth $44,000 after acquiring an additional 109 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of IDACORP by 0.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 13,381 shares of the energy company’s stock worth $1,325,000 after acquiring an additional 117 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in shares of IDACORP by 5.3% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 2,546 shares of the energy company’s stock worth $276,000 after acquiring an additional 129 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

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.