Utilities benefit from various favorable factors, such as new electric rates, customer additions, cost management and the implementation of energy-efficiency programs. Also, the ongoing investments to improve the resiliency of electric infrastructure against extreme weather conditions and the ongoing transition to cost-effective, renewable energy sources to produce electricity aid the power industry. Due to their capital-intensive nature, utilities need a steady stream of funding for both new asset acquisit ...

IDACORP, Inc. (IDA) announced that its board of directors has approved a 3.6% increase in its quarterly dividend rate. The new dividend rate will be 86 cents per share compared with the previous quarter's 83 cents. This increase resulted in an annualized dividend of $3.44 per share compared with the previous level of $3.32. Since 2011, the company's board of directors has authorized dividend increases annually, resulting in a compound annual dividend growth rate of 7.8% and a cumulative dividend increase of ...

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both. The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens. Zacks Premium includes access to the Zacks Style Scores as well. What are the Zacks Style Scores? ...

knowlesgallery/iStock via Getty Images This article was coproduced with Kody Kester. It's not a secret that there are thousands of dividend-paying stocks in the investment universe. There are probably only several hundred that are qualitative enough to be worth thinking about buying and holding for the long haul, though. That's because many of these dividend payers are unsustainable. They may have deteriorating growth prospects, elevated payout ratios, a junk-rated and worsening balance sheet, or a signific ...

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both. The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens. It also includes access to the Zacks Style Scores. What are the Zacks Style Scores? The Zacks S ...

Core Insights - IDACORP, Inc. reported second-quarter 2024 earnings of $1.71 per share, exceeding the Zacks Consensus Estimate of $1.37 by 24.8% and up from $1.35 per share in the same quarter last year [1] - Total revenues for IDACORP reached $451 million, surpassing the Zacks Consensus Estimate of $421 million by 7.2% and increasing 8.9% from $414 million in the prior year [2] Financial Performance - Customer growth in IDACORP's service areas increased by 2.6% year over year, contributing to an operating income boost of $6.2 million compared to the previous year [3] - Operating income for the second quarter of 2024 rose by 25.5% year over year to $103.3 million [4] - Total operating expenses increased to $347.8 million from $331.5 million in the second quarter of 2023, driven by higher purchased power expenses and other operational costs [3] Cash Flow and Debt - As of June 30, 2024, cash and cash equivalents were $169.6 million, down from $327.5 million at the end of 2023 [5] - Long-term debt remained stable at $2.8 billion as of June 30, 2024, consistent with the end of 2023 [5] - Net cash provided by operating activities for the first half of 2024 was $256.1 million, a significant increase from $6.8 million in the same period last year [5] Guidance - IDACORP revised its 2024 earnings guidance to a range of $5.30-$5.45 per share, slightly up from the previous range of $5.25-$5.45 per share, aligning with the Zacks Consensus Estimate of $5.37 per share [6] - The company projects capital expenditures between $925 million and $975 million and expects to add more hydropower capacity than previously anticipated, now estimating an addition of 7.0-8.0 MWh in 2024, up from 6.5-8.0 MWh [6]

IdaCorp (IDA) came out with quarterly earnings of $1.71 per share, beating the Zacks Consensus Estimate of $1.37 per share. This compares to earnings of $1.35 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 24.82%. A quarter ago, it was expected that this utility company would post earnings of $1.02 per share when it actually produced earnings of $0.95, delivering a surprise of -6.86%. Over the last four quarters, the company ...

IDACORP Inc.'s (IDA) planned investments are expected to strengthen its infrastructure, which should help boost performance. The company's cost management and focus on producing more electricity from clean sources act as tailwinds. Given its growth opportunities, IDA makes for a solid investment option in the utility sector. Let's explore the factors that make this Zacks Rank #2 (Buy) company a strong investment pick at the moment. Growth Projections & Surprise History The Zacks Consensus Estimate for IDACO ...

A shot of high voltage electric power lines at sunset. imaginima It's not a secret that utilities have been off to the races lately. The Utilities Select Sector SPDR Fund ETF (XLU) has gained 14% year to date. This is ahead of the 12% gains of the S&P 500 index (SP500). IDA's operating revenue edged higher by 4.5% year-over-year to $448.9 million during the first quarter ended March 31, 2024. This was $55 million ahead of the analyst consensus for the quarter per Seeking Alpha. That outperformance makes sen ...

Financial Performance - IDACORP's net income for the three months ended March 31, 2024, was $48173 thousand, compared to $56098 thousand for the same period in 2023[6] - Diluted earnings per share were $095 for the three months ended March 31, 2024, compared to $111 for the same period in 2023[6] - Net cash provided by operating activities was $1097 million, compared to $(904) million in the previous year[28] Growth and Customer Base - Idaho Power's customer growth is projected at 46% for 2024 and 36% for 2025[10] - Since the last Oregon general rate case filed in 2011, there has been an approximately 8% increase in customers[12] Regulatory and Rate Cases - Filed with the OPUC on December 15, 2023, targeting a 1928% overall average customer rate increase ($107 million in Oregon-Jurisdiction revenues)[9] - Oregon retail rate base of approximately $1889 million with a 7807% rate of return[9] Capital Expenditures and Investments - Idaho Power's capital expenditures, excluding Allowance for Funds Used During Construction, are projected to be between $925 million and $975 million[40] - Approximately $69 million of net additional infrastructure investments since the last Oregon general rate case filed in 2011[12] Wildfire Risk Mitigation - Only 11% of transmission lines and 8% of distribution lines are in wildfire risk zones within the 24000 square mile service area[24]