IDACORP, Inc. (NYSE:IDA) Announces Quarterly Dividend of $0.86

IDACORP, Inc. (NYSE:IDA - Get Free Report) declared a quarterly dividend on Thursday, July 17th, RTT News reports. Investors of record on Tuesday, August 5th will be given a dividend of 0.86 per share by the energy company on Tuesday, September 2nd. This represents a $3.44 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Tuesday, August 5th.

IDACORP has a dividend payout ratio of 54.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect IDACORP to earn $6.47 per share next year, which means the company should continue to be able to cover its $3.44 annual dividend with an expected future payout ratio of 53.2%.

IDACORP Price Performance

Shares of IDA stock traded up $0.97 during trading hours on Monday, hitting $121.15. The company's stock had a trading volume of 520,540 shares, compared to its average volume of 374,073. IDACORP has a twelve month low of $94.36 and a twelve month high of $121.52. The business has a fifty day moving average of $115.64 and a 200-day moving average of $114.34. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of 21.35, a P/E/G ratio of 2.54 and a beta of 0.56. The company has a current ratio of 1.81, a quick ratio of 1.44 and a debt-to-equity ratio of 1.03.

IDACORP (NYSE:IDA - Get Free Report) last issued its earnings results on Thursday, May 1st. The energy company reported $1.10 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.07. IDACORP had a net margin of 16.61% and a return on equity of 9.13%. The business had revenue of $432.46 million for the quarter, compared to the consensus estimate of $442.24 million. During the same quarter last year, the firm posted $0.95 EPS. As a group, equities research analysts anticipate that IDACORP will post 5.81 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IDA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of IDACORP by 79.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,940 shares of the energy company's stock valued at $690,000 after acquiring an additional 2,625 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of IDACORP by 8.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 143,677 shares of the energy company's stock valued at $16,698,000 after acquiring an additional 10,855 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of IDACORP by 6.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 342,496 shares of the energy company's stock valued at $39,805,000 after acquiring an additional 21,890 shares during the period. Institutional investors own 89.10% of the company's stock.

Wall Street Analysts Forecast Growth

IDA has been the topic of a number of recent analyst reports. UBS Group restated a "neutral" rating and set a $120.00 price target (up from $118.00) on shares of IDACORP in a research report on Friday, July 11th. Wall Street Zen upgraded shares of IDACORP from a "sell" rating to a "hold" rating in a report on Friday. Wells Fargo & Company boosted their target price on shares of IDACORP from $121.00 to $125.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Morgan Stanley set a $128.00 target price on shares of IDACORP and gave the stock an "equal weight" rating in a report on Thursday, May 22nd. Finally, Jefferies Financial Group upgraded shares of IDACORP from a "hold" rating to a "buy" rating in a report on Wednesday, April 2nd. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $122.86.

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.