IDACORP, Inc. (IDA) To Go Ex-Dividend on May 3rd

IDACORP, Inc. (NYSE:IDA) announced 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 of this dividend is Friday, May 3rd.

IDACORP has raised its dividend by an average of 5.6% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. IDACORP has a payout ratio of 57.5% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

IDA stock opened at $93.90 on Friday. 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 quick ratio of 1.33 and a current ratio of 1.58. The stock’s 50 day moving average price is $90.25 and its 200 day moving average price is $94.04. The firm has a market cap of $4.76 billion, a P/E ratio of 18.27 and a beta of 0.56.

IDACORP (NYSE:IDA) last issued its quarterly earnings results 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. IDACORP had a return on equity of 9.06% and a net margin of 14.79%. The company had revenue of $411.95 million for the quarter, compared to analyst estimates of $429.84 million. During the same quarter in the prior year, the company posted $0.83 EPS. On average, sell-side analysts expect that IDACORP will post 5.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Institutional Trading of IDACORP

Several large investors have recently added to or reduced their stakes in IDA. Raymond James Financial Services Advisors Inc. increased its holdings in IDACORP by 2.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 10,979 shares of the energy company’s stock valued at $1,266,000 after purchasing an additional 260 shares in the last quarter. American Century Companies Inc. increased its holdings in IDACORP by 10.9% in the 1st quarter. American Century Companies Inc. now owns 5,751 shares of the energy company’s stock valued at $663,000 after purchasing an additional 564 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in IDACORP by 7.2% in the 1st quarter. Great West Life Assurance Co. Can now owns 27,426 shares of the energy company’s stock valued at $3,251,000 after purchasing an additional 1,853 shares in the last quarter. Yousif Capital Management LLC increased its holdings in IDACORP by 2.6% in the 1st quarter. Yousif Capital Management LLC now owns 27,046 shares of the energy company’s stock valued at $3,120,000 after purchasing an additional 690 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in IDACORP by 9.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 376,712 shares of the energy company’s stock valued at $43,459,000 after purchasing an additional 32,219 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

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.