IDACORP Increases Dividend by 5.3%

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Idacorp Stock Fair Value – IDACORP ($NYSE:IDA) is a holding company that owns and operates electric utilities and electricity generation facilities. The company has increased its dividend by 5.3%, declaring a quarterly dividend of $0.79 per share. The dividend is payable on November 30 to shareholders of record on November 2, with an ex-dividend date of November.

This is good news for shareholders, as it represents a significant increase from the prior dividend of $0.75. The company’s strong financial position and commitment to returning value to shareholders through dividends is evident in this move. For investors looking for income, IDACORP is an attractive option.

Dividends

IDACORP Inc. announced today that it has increased its quarterly dividend by 5.3% to 2.96 per share from 2.88 per share. This marks the third consecutive year that IDACORP has increased its dividend. “We are pleased to once again increase our dividend, which reflects our continued confidence in the long-term growth prospects for our business,” said IDACORP President and CEO Marcia Nielsen. “Our strong financial position, including our investment-grade credit rating, provides us with the flexibility to continue to invest in our core businesses and pursue opportunities to create shareholder value.”

IDACORP‘s dividend yields from 2020 to 2022 are 2.86%, 2.92%, and 2.76%. Its three-year average dividend yield is 2.85%. If you are looking for dividend stocks, you may add IDACORP to your list of consideration.

Price History

On Thursday, shares of IDACORP Inc. opened at $97.30 and closed at $95.50, down 2.1% from its previous closing price of $97.50. This is the fourth consecutive year that IDACORP has increased its dividend. The company has a diversified portfolio of electric generation resources, including hydroelectric, thermal, and renewable energy sources.

VI Analysis – Idacorp Stock Fair Value

IDACORP is a publicly traded electric utility holding company based in the United States. The company operates through its subsidiaries in Idaho, Oregon, and Washington. The company has a long-term investment grade rating from Standard & Poor’s and Moody’s. The company’s fundamentals reflect its long-term potential.

The fair value of IDACORP shares is around $107.5, calculated by VI Line. Now IDACORP stock is traded at $95.5, a fair price that is undervalued by 11%.

VI Peers

Since its establishment in 1898, Idacorp Inc has been engaged in electric utility businesses in the United States. The company is currently one of the leading electric utility providers in the country, with a customer base of over 500,000. Idacorp Inc has a strong presence in the western United States, particularly in Idaho, Oregon, and Washington. The company’s main competitors are American Electric Power Co Inc, PNM Resources Inc, and Energa SA. These companies are all engaged in the business of electric utility provision and have a significant presence in the United States. While Idacorp Inc is the largest electric utility provider in Idaho, American Electric Power Co Inc is the largest provider in Ohio. PNM Resources Inc is the largest electric utility provider in New Mexico. Energa SA is a Polish electric utility company with a significant presence in the United States.

– American Electric Power Co Inc ($NASDAQ:AEP)

American Electric Power Company, Inc. (AEP) is a holding company that provides electric service through its subsidiaries in 11 states in the United States. AEP’s subsidiaries generate, transmit, and distribute electricity to residential, commercial, and industrial customers. The company also owns and operates coal, oil, natural gas, and renewable energy plants. In addition, AEP’s subsidiaries engage in transmission and distribution operations, including transmission infrastructure development.

– PNM Resources Inc ($NYSE:PNM)

PNM Resources Inc is a holding company that invests in energy businesses. Its portfolio includes electric utility, natural gas, and oil businesses. The company operates through two segments: Electric Utility and Non-Utility. The Electric Utility segment engages in the generation, transmission, and distribution of electricity in New Mexico and Texas. The Non-Utility segment includes the company’s investments in energy businesses, including natural gas pipelines and gathering systems, and oil and gas exploration and production.

– Energa SA ($LTS:0QX7)

Energa SA is a Polish electricity company with a market capitalization of 2.57 billion as of 2022. The company has a return on equity of 11.25%. Energa SA is involved in the generation, transmission, and distribution of electricity. The company also supplies gas and heat.

Summary

IDACORP is a publicly traded electric utility holding company based in Boise, Idaho. IDACORP and its subsidiaries have a long history of paying dividends to shareholders.