Fintel reports that on August 4, 2023, Wells Fargo maintained coverage of Idacorp (NYSE:IDA) with a Equal-Weight recommendation.
Analyst Price Forecast Suggests 16.68% Upside
As of August 2, 2023, the average one-year price target for Idacorp is 117.30. The forecasts range from a low of 106.05 to a high of $131.25. The average price target represents an increase of 16.68% from its latest reported closing price of 100.53.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Idacorp is 1,492MM, a decrease of 16.39%. The projected annual non-GAAP EPS is 5.25.
Idacorp Declares $0.79 Dividend
On July 20, 2023 the company declared a regular quarterly dividend of $0.79 per share ($3.16 annualized). Shareholders of record as of August 2, 2023 will receive the payment on August 31, 2023. Previously, the company paid $0.79 per share.
At the current share price of $100.53 / share, the stock's dividend yield is 3.14%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.79%, the lowest has been 2.31%, and the highest has been 3.61%. The standard deviation of yields is 0.25 (n=235).
The current dividend yield is 1.41 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.59. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.18%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 819 funds or institutions reporting positions in Idacorp. This is an increase of 3 owner(s) or 0.37% in the last quarter. Average portfolio weight of all funds dedicated to IDA is 0.22%, a decrease of 0.07%. Total shares owned by institutions increased in the last three months by 1.05% to 48,501K shares. 
The put/call ratio of IDA is 4.02, indicating a bearish outlook.
What are Other Shareholders Doing?
T. Rowe Price Investment Management holds 3,071K shares representing 6.07% ownership of the company. In it's prior filing, the firm reported owning 3,032K shares, representing an increase of 1.28%. The firm decreased its portfolio allocation in IDA by 4.93% over the last quarter.
Alliancebernstein holds 1,749K shares representing 3.46% ownership of the company. In it's prior filing, the firm reported owning 1,798K shares, representing a decrease of 2.85%. The firm decreased its portfolio allocation in IDA by 21.30% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,560K shares representing 3.08% ownership of the company. In it's prior filing, the firm reported owning 1,539K shares, representing an increase of 1.33%. The firm decreased its portfolio allocation in IDA by 6.00% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 1,560K shares representing 3.08% ownership of the company. In it's prior filing, the firm reported owning 1,561K shares, representing a decrease of 0.10%. The firm decreased its portfolio allocation in IDA by 3.96% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 1,323K shares representing 2.61% ownership of the company. In it's prior filing, the firm reported owning 1,303K shares, representing an increase of 1.57%. The firm decreased its portfolio allocation in IDA by 2.06% over the last quarter.
Idacorp Background Information
(This description is provided by the company.)
IDACORP, Inc., Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power Company, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power began operations in 1916 and employs approximately 2,000 people to serve a 24,000 square-mile service area in southern Idaho and eastern Oregon. Idaho Power's goal of 100% clean energy by 2045 builds on its long history as a clean-energy leader providing reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power's more than 570,000 residential, business, and agricultural customers pay among the nation's lowest prices for electricity.
Additional reading:
- Mine Safety Disclosures
- Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Net income attributable to IDACORP, Inc. $ 68,574 $ 64,287 $ 124,672 $ 110,548 Weighted average outstanding shares – diluted 50,758 50,687 50,741 50,673 IDACORP, Inc. earnings
- Earnings Conference Call 2nd Quarter 2023 August 3, 2023 Exhibit 99.2 Forward-Looking Statements This presentation (and oral statements relating to this presentation) contains forward-looking statements within the meaning of the Private Securities Li
- Idaho Power Files General Rate Case June 1, 2023 BOISE, Idaho — Idaho Power has filed a general rate case with the Idaho Public Utilities Commission (IPUC) requesting an overall rate increase of $111 million, or 8.61%. The IPUC will evaluate this req
- Mine Safety Disclosures
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
