Zacks Research Has Weak Outlook for IDACORP FY2024 Earnings

IDACORP, Inc. (NYSE:IDA) – Investment analysts at Zacks Research lowered their FY2024 earnings estimates for shares of IDACORP in a research report issued on Thursday, October 17th. Zacks Research analyst R. Department now anticipates that the energy company will post earnings per share of $5.39 for the year, down from their previous estimate of $5.44. The consensus estimate for IDACORP’s current full-year earnings is $5.39 per share. Zacks Research also issued estimates for IDACORP’s Q4 2024 earnings at $0.59 EPS.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, August 1st. The energy company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.34. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. The company had revenue of $451.04 million during the quarter, compared to analysts’ expectations of $420.56 million. During the same period last year, the firm posted $1.35 earnings per share.

Other analysts also recently issued research reports about the stock. Morgan Stanley lifted their target price on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Bank of America began coverage on IDACORP in a report on Thursday, September 12th. They set a “neutral” rating and a $110.00 price objective for the company. Wells Fargo & Company lifted their price target on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Jefferies Financial Group began coverage on IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $104.00.

IDACORP Price Performance

NYSE:IDA opened at $103.82 on Monday. The company has a market cap of $5.53 billion, a P/E ratio of 20.85, a P/E/G ratio of 3.38 and a beta of 0.60. The firm’s fifty day moving average price is $102.65 and its two-hundred day moving average price is $97.57. IDACORP has a one year low of $86.43 and a one year high of $105.24. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Nuance Investments LLC bought a new position in shares of IDACORP in the 1st quarter valued at $86,962,000. Clean Energy Transition LLP acquired a new stake in IDACORP in the second quarter valued at about $49,103,000. Allspring Global Investments Holdings LLC grew its position in IDACORP by 59.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock valued at $36,356,000 after acquiring an additional 145,316 shares during the last quarter. Deprince Race & Zollo Inc. raised its stake in IDACORP by 30.8% during the second quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock worth $53,667,000 after acquiring an additional 135,793 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in shares of IDACORP in the second quarter worth about $8,032,000. 89.10% of the stock is currently owned by institutional investors and hedge funds.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be given a $0.86 dividend. The ex-dividend date is Tuesday, November 5th. This is a boost from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a dividend yield of 3.31%. IDACORP’s payout ratio is presently 69.08%.

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.