FY2024 EPS Estimates for IDACORP Lifted by Zacks Research

IDACORP, Inc. (NYSE:IDA) – Stock analysts at Zacks Research boosted their FY2024 earnings estimates for IDACORP in a research report issued on Monday, December 23rd. Zacks Research analyst R. Department now forecasts that the energy company will post earnings of $5.41 per share for the year, up from their prior 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 analyst estimates of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same period last year, the firm posted $2.07 earnings per share.

Other analysts also recently issued research reports about the company. Wells Fargo & Company raised 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. Morgan Stanley boosted their price target on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a report on Friday, December 13th. Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and upped their price target for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. Jefferies Financial Group assumed coverage on shares of IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective on the stock. Finally, StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, IDACORP has an average rating of “Hold” and an average target price of $111.00.

IDACORP Stock Performance

Shares of IDA stock opened at $110.45 on Wednesday. The company has a market cap of $5.88 billion, a P/E ratio of 20.49, a PEG ratio of 2.51 and a beta of 0.64. The business has a 50 day moving average of $112.01 and a two-hundred day moving average of $103.42. IDACORP has a 52 week low of $86.43 and a 52 week high of $120.42. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

IDACORP Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.86 per share. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $3.44 annualized dividend and a yield of 3.11%. IDACORP’s dividend payout ratio (DPR) is presently 63.82%.

Institutional Trading of IDACORP

A number of hedge funds and other institutional investors have recently made changes to their positions in IDA. Lord Abbett & CO. LLC increased its stake in shares of IDACORP by 5.8% during the third quarter. Lord Abbett & CO. LLC now owns 231,743 shares of the energy company’s stock valued at $23,890,000 after acquiring an additional 12,698 shares during the period. Retirement Systems of Alabama increased its position in shares of IDACORP by 1.5% during the 3rd quarter. Retirement Systems of Alabama now owns 145,791 shares of the energy company’s stock valued at $15,030,000 after purchasing an additional 2,120 shares during the period. Tidal Investments LLC increased its position in shares of IDACORP by 40.3% during the 3rd quarter. Tidal Investments LLC now owns 15,341 shares of the energy company’s stock valued at $1,582,000 after purchasing an additional 4,409 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of IDACORP in the 3rd quarter worth $53,000. Finally, Sanctuary Advisors LLC lifted its holdings in shares of IDACORP by 46.9% in the third quarter. Sanctuary Advisors LLC now owns 9,178 shares of the energy company’s stock valued at $946,000 after buying an additional 2,930 shares during the period. 89.10% of the stock is currently owned by institutional investors.

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.