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

IDACORP, Inc. (NYSE:IDA - Get Free Report) declared a quarterly dividend on Thursday, July 17th, RTT News reports. Stockholders of record on Tuesday, August 5th will be paid a dividend of 0.86 per share by the energy company on Tuesday, September 2nd. This represents a $3.44 annualized dividend and a dividend yield of 2.89%.

IDACORP has a dividend payout ratio of 54.2% indicating that its dividend is sufficiently covered by earnings. Equities research 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

NYSE IDA traded up $0.45 during trading on Thursday, reaching $119.05. 411,879 shares of the company traded hands, compared to its average volume of 372,546. IDACORP has a 1-year low of $93.57 and a 1-year high of $120.84. The stock's 50 day moving average price is $115.54 and its two-hundred day moving average price is $114.19. The company has a market cap of $6.43 billion, a price-to-earnings ratio of 21.15, a P/E/G ratio of 2.51 and a beta of 0.56. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.44 and a current ratio of 1.81.

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

Analyst Ratings Changes

A number of research firms recently weighed in on IDA. Morgan Stanley set a $128.00 price target on IDACORP and gave the stock an "equal weight" rating in a research note on Thursday, May 22nd. UBS Group reiterated a "neutral" rating and set a $120.00 price target (up previously from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Wells Fargo & Company lifted their price target on IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Wall Street Zen lowered shares of IDACORP from a "hold" rating to a "sell" rating in a research note on Wednesday, April 30th. Finally, Guggenheim increased their target price on shares of IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $122.86.

Institutional Investors Weigh In On IDACORP

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of IDACORP by 79.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,940 shares of the energy company's stock valued at $690,000 after purchasing an additional 2,625 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of IDACORP by 8.2% in the first 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 purchasing an additional 10,855 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of IDACORP by 6.8% in the first quarter. Goldman Sachs Group Inc. now owns 342,496 shares of the energy company's stock valued at $39,805,000 after purchasing an additional 21,890 shares during the period. 89.10% of the stock is currently owned by hedge funds and other 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.

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