Yahoo Finance Reasons to Add IDACORP (IDA) to Your Portfolio Right Now
IDACORP Inc.’s IDA continuous capital investments are likely to strengthen its infrastructure that would help enhance the performance of the company. Cost-management strategies and the shift to producing electricity from clean sources will boost its performance even further.
Currently, the company carries a Zacks Rank #2 (Buy). Let’s look at the factors that are driving the stock.
Growth Projections
The Zacks Consensus Estimate for IDA’s 2024 and 2025 earnings per share has increased 0.8% and 1.4% in the past 60 days to $5.36 and
$5.75.
Customer Additions
IDACORP’s regulated electric operations in Idaho generate a relatively stable and growing income. The customer base has improved 2.5% year on year. Moody’s is expecting GDP growth in the company’s service area in the next two years, which will likely create more economic improvement in the region and increase the demand for IDACORP’s services, thereby leading to more customer growth.
Surprise History & Dividend Details
IDACORP has a positive earnings surprise history. Its trailing four-quarter earnings surprise is 6.8%, on average.
The company has a dividend yield of 3.63%, which is higher than the Zacks S&P 500 composite’s average of 1.6%.
Liquidity
IDACORP’s current ratio is 1.54, better than the industry average of 0.78. The current ratio, being greater than one indicates the company has enough short-term assets to meet its short-term obligations.
Price Performance
Shares of IDACORP have gained 0.8% in the past three months compared with the industry’s 1.5% growth.
Image Source: Zacks Investment Research
Other Stocks to Consider
Other top-ranked stocks in the Zacks Utilities sector are Atmos Energy ATO, California Water Service Group CWT, and PG&E PCG. California Water Service Group currently sports a Zacks Rank #1 (Strong Buy) while Atmos Energy and PG&E hold a Zacks Rank #2. You can see the complete list of Zacks Rank #1 stocks here.
Atmos Energy, California Water Service Group, and PG&E delivered an earnings surprise of 8.8%, 476.2%, and 5.71%, respectively, in the last quarter.
Shares of Atmos Energy, California Water Service Group, and PG&E have returned 1%, -2.2%, and -4.3%, respectively, over the last month.
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