IDACORP (NYSE:IDA) Updates FY22 Earnings Guidance

IDACORP (NYSE:IDAGet Rating) updated its FY22 earnings guidance on Thursday. The company provided earnings per share guidance of $4.95-5.05 for the period, compared to the consensus earnings per share estimate of $4.98. IDACORP also updated its FY 2022 guidance to $4.95-$5.05 EPS.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company raised shares of IDACORP from an underweight rating to an equal weight rating and increased their price objective for the company from $108.00 to $110.00 in a research report on Tuesday, May 3rd.

IDACORP Stock Performance

Shares of NYSE IDA traded down $1.10 during trading on Friday, reaching $109.49. 191,695 shares of the company traded hands, compared to its average volume of 159,197. The firm has a 50 day simple moving average of $105.78 and a 200-day simple moving average of $107.98. The company has a quick ratio of 1.56, a current ratio of 1.87 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $5.54 billion, a PE ratio of 23.00, a P/E/G ratio of 7.84 and a beta of 0.56. IDACORP has a 52-week low of $95.26 and a 52-week high of $118.92.

IDACORP (NYSE:IDAGet Rating) last announced its quarterly earnings results on Thursday, August 4th. The energy company reported $1.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.04). IDACORP had a net margin of 16.25% and a return on equity of 9.01%. During the same quarter in the previous year, the company posted $1.38 EPS. Equities research analysts anticipate that IDACORP will post 5 earnings per share for the current year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 3rd will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Tuesday, August 2nd. IDACORP’s payout ratio is presently 63.03%.

Hedge Funds Weigh In On IDACORP

Institutional investors have recently made changes to their positions in the business. Cohen & Steers Inc. lifted its stake in shares of IDACORP by 33.8% in the 1st quarter. Cohen & Steers Inc. now owns 400 shares of the energy company’s stock worth $46,000 after purchasing an additional 101 shares during the period. Covestor Ltd lifted its stake in shares of IDACORP by 70.0% in the 1st quarter. Covestor Ltd now owns 962 shares of the energy company’s stock worth $111,000 after purchasing an additional 396 shares during the period. Captrust Financial Advisors lifted its stake in shares of IDACORP by 17.7% in the 1st quarter. Captrust Financial Advisors now owns 1,296 shares of the energy company’s stock worth $150,000 after purchasing an additional 195 shares during the period. Beacon Pointe Advisors LLC bought a new position in shares of IDACORP in the 1st quarter worth approximately $227,000. Finally, Moors & Cabot Inc. lifted its stake in shares of IDACORP by 9.8% in the 1st quarter. Moors & Cabot Inc. now owns 1,984 shares of the energy company’s stock worth $229,000 after purchasing an additional 177 shares during the period. Institutional investors own 77.88% of the company’s stock.

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.

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