BOISE, Idaho - IDACORP, Inc. (NYSE:IDA), an Idaho-based electric utility company, announced today that its Board of Directors has declared a quarterly dividend. Shareholders of record as of August 5, 2024, will receive a dividend of $0.83 per share on August 30, 2024.
The dividend declaration is part of the company's regular payout to its shareholders and reflects the ongoing financial practices of IDACORP. Dividends are a way for companies to distribute a portion of their earnings back to shareholders, and the amount is determined by the company's board of directors.
IDACorp's announcement of the dividend is a routine aspect of its financial schedule and is consistent with its previous dividend payments. The company has a history of providing dividends, which are often seen as a sign of a company's financial stability and profitability.
As is standard, the dividend is payable to shareholders who own the stock before the ex-dividend date, which in this case is set for the close of business on August 5, 2024. This means that investors who purchase the stock on or after this date will not be eligible for the dividend payment on August 30.
The information provided in this article is based on a press release statement from IDACORP, Inc. Investors and shareholders are advised to consider this information in the context of their personal investment strategies and objectives.
In other recent news, IDACORP Inc. reported a decrease in its first-quarter 2024 earnings per share (EPS) to $0.95, down from $1.11 in the same period last year. Despite this dip, the company has maintained its full-year earnings guidance, projecting to achieve between $5.25 and $5.45 per share. Notably, IDACORP has plans for significant capital expenditure and regulatory strategies aimed at long-term growth and financial stability.
In addition, the company has seen customer growth of 2.5% since last year and reached a settlement in principle with the Oregon Commission staff regarding the general rate case. IDACORP also plans to focus on rate base recovery and file a limited scope rate case in Idaho. The firm is investing in battery storage, natural gas conversion, and wildfire mitigation to enhance system reliability and safety.
Moreover, IDACORP anticipates additional tax credits of $35 million to $60 million to support earnings and has raised its hydropower generation forecast. These recent developments underscore IDACORP's commitment to operational improvements and investment in infrastructure projects, as well as its strategy to maintain a robust financial position amidst evolving market conditions.
InvestingPro Insights
In light of IDACORP's recent announcement regarding its quarterly dividend, investors may find additional context through InvestingPro's real-time data and tips. With a steadfast history of dividend payments, IDACORP has maintained dividend distributions for 54 consecutive years, highlighting its commitment to shareholder returns. The company's stock is characterized by low price volatility, which can be appealing for investors seeking a more stable equity holding.
From a financial standpoint, the company's current market capitalization stands at $4.81 billion, with a price-to-earnings (P/E) ratio of 18.99, closely aligned with the adjusted P/E ratio for the last twelve months as of Q1 2024, which is 18.96. This suggests that the company is priced in line with its earnings performance over the past year.
Moreover, IDACORP's dividend yield as of the latest available data is 3.48%, which is an important metric for income-focused investors. The company's dividend growth over the last twelve months has been 5.06%, reflecting a healthy increase that is likely to be well-received by investors seeking growing income streams.
Investors considering IDACORP as part of their portfolio can take advantage of additional insights with InvestingPro. There are more InvestingPro Tips available, providing deeper analysis and guidance on the company's financial health and outlook. For those interested in unlocking these valuable insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
For a comprehensive understanding of IDACORP's financials and future projections, investors can explore the detailed metrics and expert analyses on InvestingPro. Visit https://www.investing.com/pro/IDA to learn more about how IDACORP's financial position and market performance can align with your investment strategy.
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