Zacks Research Research Analysts Cut Earnings Estimates for IDACORP, Inc. (NYSE:IDA)

IDACORP, Inc. (NYSE:IDAFree Report) – Research analysts at Zacks Research decreased their Q2 2024 EPS estimates for IDACORP in a research note issued on Thursday, May 23rd. Zacks Research analyst R. Department now anticipates that the energy company will post earnings per share of $1.60 for the quarter, down from their previous estimate of $1.77. The consensus estimate for IDACORP’s current full-year earnings is $5.35 per share. Zacks Research also issued estimates for IDACORP’s Q3 2024 earnings at $2.06 EPS, FY2024 earnings at $5.31 EPS and Q3 2025 earnings at $2.22 EPS.

IDACORP (NYSE:IDAGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The energy company reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06). The business had revenue of $448.94 million during the quarter, compared to the consensus estimate of $441.21 million. IDACORP had a return on equity of 8.71% and a net margin of 14.18%. During the same period last year, the company earned $1.11 earnings per share.

IDA has been the subject of a number of other research reports. Wells Fargo & Company increased their target price on shares of IDACORP from $94.00 to $98.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. TheStreet cut shares of IDACORP from a “b-” rating to a “c+” rating in a report on Thursday, February 15th. Morgan Stanley boosted their target price on IDACORP from $92.00 to $95.00 and gave the stock an “equal weight” rating in a report on Thursday, March 21st. Mizuho increased their price target on IDACORP from $88.00 to $99.00 and gave the company a “neutral” rating in a research note on Thursday, May 16th. Finally, StockNews.com raised IDACORP to a “sell” rating in a research note on Friday, April 26th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $96.80.

Read Our Latest Analysis on IDACORP

IDACORP Trading Up 0.7 %

NYSE:IDA opened at $95.61 on Monday. IDACORP has a 1 year low of $86.43 and a 1 year high of $106.69. The business has a fifty day moving average of $94.00 and a 200-day moving average of $94.10. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.19 and a current ratio of 1.54. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 19.20 and a beta of 0.55.

Institutional Investors Weigh In On IDACORP

Several hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP acquired a new stake in IDACORP during the 3rd quarter worth about $101,858,000. Nuance Investments LLC acquired a new stake in shares of IDACORP during the first quarter valued at approximately $86,962,000. River Road Asset Management LLC lifted its position in shares of IDACORP by 335.2% in the 3rd quarter. River Road Asset Management LLC now owns 632,457 shares of the energy company’s stock valued at $59,230,000 after acquiring an additional 487,134 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of IDACORP by 29.7% in the 4th quarter. Victory Capital Management Inc. now owns 1,194,847 shares of the energy company’s stock valued at $117,477,000 after acquiring an additional 273,560 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its stake in IDACORP by 128.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 394,857 shares of the energy company’s stock worth $38,822,000 after purchasing an additional 221,777 shares during the period. 89.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at IDACORP

In other news, VP James Bo D. Hanchey sold 1,500 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $95.09, for a total transaction of $142,635.00. Following the completion of the sale, the vice president now directly owns 1,650 shares of the company’s stock, valued at approximately $156,898.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.47% of the stock is owned by corporate insiders.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Monday, May 6th will be given a $0.83 dividend. The ex-dividend date is Friday, May 3rd. This represents a $3.32 annualized dividend and a yield of 3.47%. IDACORP’s dividend payout ratio (DPR) is 66.67%.

About IDACORP

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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.

Further Reading

Earnings History and Estimates for IDACORP (NYSE:IDA)

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