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Idacorp

Idacorp Inc is a holding company that, through its subsidiaries, acts as an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity. To do this, Idacorp owns and operates a portfolio of hydroelectric, coal-fired, gas-fired, and diesel-fired power plants located across the Northwestern United States. The company's hydroelectric and coal-fired plants are responsible for Majority of its total energy production. Idacorp mainly generates revenue from the sale of electricity to retail and wholesale customers. The Majority of the company's customers are residential consumers living in the Northwestern United States, while commercial and industrial consumers also represent important revenue streams.

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<p>Morgan Stanley  analyst David Arcaro   maintains Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Equal-Weight and raises the price target from $102 to $108.</p>


News

Price Target

Analyst Ratings

Morgan Stanley Maintains Equal-Weight on Idacorp, Raises Price Target to $108

Dividends

IDACORP Increases Common Stock Dividend From $0.83 To $0.86

<p>Jefferies  analyst Julien Dumoulin-Smith   initiates coverage on Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Hold rating and announces Price Target of $110.</p>


Initiation

Jefferies Initiates Coverage On Idacorp with Hold Rating, Announces Price Target of $110

<p>B of A Securities  analyst Ross Fowler   reinstates Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Neutral and announces $110 price target.</p>


B of A Securities Reinstates Neutral on Idacorp, Announces $110 Price Target

<p>Morgan Stanley  analyst David Arcaro   maintains Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Equal-Weight and raises the price target from $94 to $102.</p>


Morgan Stanley Maintains Equal-Weight on Idacorp, Raises Price Target to $102

<p><strong>Sempra Energy</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sre#NYSE">SRE</a>) reported second-quarter 2024 adjusted earnings per share of 89 cents, which missed the Zacks Consensus Estimate of 92 cents by 3.3%. The figure also declined 5.3% from earnings of 94 cents per share in the prior-year quarter.</p>
<p>Including one-time items, the company generated GAAP earnings of $1.12 per share compared with 95 cents in the second quarter of 2023.</p>
<h3>Total Revenues</h3>
<p>Sempra&#39;s total revenues of $3.01 billion declined 9.79% from $3.34 billion in the year-ago quarter. This was due to lower revenue contributions from the Natural gas and Energy-related business units. The top line also missed the Zacks Consensus Estimate of $3.52 billion by 14.5%.</p>
<div class="chart_embed">
<h3>Sempra Energy Price, Consensus and EPS Surprise <a href="https://www.zacks.com/stock/chart/SRE/price-consensus-eps-surprise-chart?icid=chart-SRE-price-consensus-eps-surprise-chart"> </a></h3>
<h3><img alt="Sempra Energy Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/22/1722956149.png" style="height:286px; width:620px" title="" /></h3>
<p>Sempra Energy price-consensus-eps-surprise-chart | Sempra Energy Quote</p>
</div>
<h3>Segmental Update</h3>
<p><strong>Sempra California</strong>: Quarterly earnings amounted to $316 million compared with the year-ago quarter&#39;s level of $339 million.</p>
<p><strong>Sempra Texas Utility</strong>: Earnings in this segment improved from $160 million in the year-ago quarter to $202 million.</p>
<p><strong>Sempra Infrastructure</strong>: The segment recorded earnings of $291 million compared with $208 million in the year-ago quarter.</p>
<p><strong>Parent and Other</strong>: The segment reported a loss of $96 million, narrower than the prior-year period&#39;s loss of $104 million.</p>
<h3>Financial Update</h3>
<p>As of Jun 30, 2024, Sempra&#39;s cash and cash equivalents totaled $228 million compared with $236 million as of Dec 31, 2023.</p>
<p>Long-term debt and finance leases amounted to $28.97 billion as of Jun 30, compared with $27.76 billion as of Dec 31, 2023.</p>
<p>Cash flow from operating activities decreased from $3.74 billion in the first six months of 2023 to $2.52 billion in the first six months of 2024.</p>
<h3>Guidance</h3>
<p>Sempra anticipates its 2024 earnings to be in the range of $4.60-$4.90 per share. The Zacks Consensus Estimate is pegged at $4.79 per share, higher than the midpoint of the company&#39;s guided range.</p>
<p>SRE expects its 2025 earnings to be in range of $4.90-$5.25 per share. The consensus estimate is pegged at $5.13 per share, higher than the midpoint of the company&#39;s guided range.</p>
<p>It still expects a long-term EPS growth rate of 6-8%.</p>
<h3>Zacks Rank</h3>
<p>Sempra currently carries a Zacks Rank #2 (Buy).</p>
<h3>Recent Utility Releases</h3>
<p><strong>Spire Inc.</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sr#NYSE">SR</a>) reported third-quarter fiscal 2024 loss of 14 cents per share, narrrower than the Zacks Consensus Estimate of a loss of 18 cents per share by 0.4%. The company&#39;s bottom line improved 66.7% from a loss of 42 cents per share reported in the prior-year quarter.</p>
<p>The Zacks Consensus Estimate for SR&#39;s fiscal 2024 EPS is pegged at $4.28, implying an improvement of 5.7% from the year-earlier level.</p>
<p><strong>Dominion Energy, Inc.</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/d#NYSE">D</a>) reported second-quarter EPS of 55 cents, which lagged the Zacks Consensus Estimate of 58 cents by 5.2%. The figure increased 3.8% from earnings of 53 cents per share reported in the prior-year quarter.</p>
<p>The Zacks Consensus Estimate for Dominion&#39;s 2024 EPS is pegged at $2.75, implying an improvement of 38.2% from the year-earlier levels.</p>
<p><strong>IDACORP, Inc.</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ida#NYSE">IDA</a>) reported second-quarter EPS of $1.71, which beat the Zacks Consensus Estimate of $1.37 by 24.8%. The figure increased 26.7% from earnings of $1.35 per share reported in the prior-year quarter.</p>
<p>The Zacks Consensus Estimate for IDA&#39;s 2024 EPS is pegged at $5.37, implying an improvement of 4.5% from the year-earlier level.</p>
<p><a href="https://www.zacks.com/stock/news/2317221/sempra-sre-q2-earnings-miss-estimates-revenues-decline-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2317221">To read this article on Zacks.com click here.</a></p>


Earnings

Earnings Misses

Large Cap

Guidance

Markets

Trading Ideas

Sempra Q2 Earnings Miss Estimates, Revenues Decline Y/Y

<p>Wells Fargo  analyst Sarah Akers   maintains Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Equal-Weight and raises the price target from $98 to $106.</p>


Wells Fargo Maintains Equal-Weight on Idacorp, Raises Price Target to $106

<p>Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) reported quarterly earnings of $1.71 per share which beat the analyst consensus estimate of $1.39 by 23.02 percent. This is a 26.67 percent increase over earnings of $1.35 per share from the same period last year.  The company reported quarterly sales of $451.039 million which beat the analyst consensus estimate of $440.150 million by 2.47 percent.  This is a 8.99 percent increase over sales of $413.838 million the same period last year.</p>


Earnings Beats

Idacorp Q2 2024 GAAP EPS $1.71 Beats $1.39 Estimate, Sales $451.039M Beat $440.150M Estimate

Idacorp Q2 EPS $1.71

<p>IDACORP is increasing the lower-end of its previously reported full-year 2024 earnings guidance to the range of $5.30 to $5.45 per diluted share, with the expectation that Idaho Power will use between $35 and $50 million of additional tax credits available under the Idaho earnings support regulatory mechanism in 2024. Approximately $25 million of those additional tax credits relate to expected amortization of incremental tax credits generated from Idaho Power's investment in 2023 battery storage projects, as contemplated in the settlement stipulation for Idaho Power's 2023 Idaho general rate case (2023 Settlement Stipulation) approved by the Idaho Public Utilities Commission in December 2023. The earnings guidance also assumes normal weather conditions and normal power supply expenses through the remainder of the year.</p>


IDACORP Raises Lower-End Of Its Previously Reported FY24 Earnings Guidance To The Range Of $5.30-$5.45 Vs $5.39 Est.

<p><strong>Avangrid, Inc.</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/agr#NYSE">AGR</a>) is among the largest solar and wind generators in the United States with operations in 24 U.S. states. Its long-term capital expenditure plans, strategic investments for expansion in clean energy, share repurchase and low debt will boost the performance of the company.</p>
<p>AGR currently has a Zacks Rank #3 (Hold). Let&#39;s take a look at the factors that could impact the performance of the company.</p>
<h3>Tailwinds</h3>
<p>Avangrid continues to pursue its organic growth strategy. In the first quarter of 2024, the company submitted proposals in the tri-state off-shore wind request for proposals. It executes its multi-rate plans in New York and Maine to increase its top-line growth.</p>
<p>The company also focuses on regulated and contracted investments to ensure earnings growth. It launched a new electric vehicle portal and self-service payment tool, which helps increase customer satisfaction, reduce costs to customers and improve cash flow.</p>
<p>AGR invested $3 billion in 2023, to upgrade its Networks segment, renewables segment and others. It further invested $872 million in the first quarter of 2024.</p>
<p>The company is focused on the Vineyard Wind 1 project, an 806 MW utility-scale offshore wind project in Lease Area 501. The project is expected to generate an amount of clean energy equivalent to that used by more than 400,000 households and businesses in Massachusetts and reduce carbon emissions by over 1.6 million tons per year. The company plans to create a clean-generation portfolio and achieve Scope 1 and Scope 2 carbon neutrality goals by 2035.</p>
<h3>Headwinds</h3>
<p>The company is highly regulated, with &ndash; numerous federal, state and local laws and regulations. The changes in the existing or new laws or regulations. The cost of compliance with the regulations could increase the cost of operations. Even though the regulated utilities have provisions in place to recover the costs, increased costs might significantly affect its earnings.</p>
<h3>Price Performance</h3>
<p>Shares of Avangrid have gained 5% in the past six months compared with the industry&#39;s 2% growth.</p>
<p><img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/12/70750.jpg?v=1389622701" /></p>
<p>Image Source: Zacks Investment Research</p>
<h3>Stocks to Consider</h3>
<p>Some better-ranked stocks in the industry are <strong>IDACORP, Inc.</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ida#NYSE">IDA</a>), <strong>Vistra Corporation</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vst#NYSE">VST</a>) and <strong>CenterPoint Energy</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cnp#NYSE">CNP</a>). Vistra Corporation currently sports a Zacks Rank #1 (Strong Buy), while CenterPoint Energy and IDACORP carry a Zacks Rank #2 (Buy), each, at present.</p>
<p>IDACORP has a dividend yield of 3.6%. The consensus estimate for earnings for 2024 and 2025 has gone up 0.19% and 0.35% respectively, in the last 30 days.</p>
<p>Vistra has a dividend yield of 0.97%. The Zacks Consensus Estimate for its 2024 and 2025 earnings per share increased nearly 3.95% and 18.24%, respectively, in the last 30 days.</p>
<p>CenterPoint&#39;s long-term (three to five years) earnings growth is pinned at 7%. The Zacks Consensus Estimate for earnings for 2024 and 2025 earnings indicates year-over-year growth of 8% and 7.28%, respectively.</p>
<p><a href="https://www.zacks.com/stock/news/2298601/avangrid-agr-gains-from-infrastructure-renewable-investment?cid=CS-BENZ-FT-analyst_blog|zer_report_update-2298601">To read this article on Zacks.com click here.</a></p>


Avangrid Gains From Infrastructure & Renewable Investment

<p><strong>CMS Energy Corporation</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cms#NYSE">CMS</a>) is making systematic investments to strengthen its operations and benefit by providing high-quality services to its customers. The company is also expanding its renewable generation portfolio, thereby reducing coal-generating units to further promote clean energy.<br />
However, this Zacks Rank #3 (Hold) company is exposed to unfavorable costs associated with the shutdown of solid waste disposal facilities for coal ash and fluctuating commodity prices, which act as a headwind.</p>
<h3>Tailwinds</h3>
<p>CMS Energy is investing heavily in infrastructure renovations, infrastructure replacements and clean power production to increase customer satisfaction and improve the resiliency of its operation. CMS Energy plans to make capital expenditures worth $17 billion during the 2024-2028 period.<br />
CMS Energy intends to install roughly 8,000 MW of solar production by 2040. It also plans to deploy battery storage, beginning in 2024, with 75 MW of energy storage by 2027 and an additional 475 MW by 2040. The company has also announced intentions to build an 85 MW solar array at the former D.E. Karn coal-generating facility. The facility is anticipated to be operational by 2026. Such measures should help CMS Energy expand its renewable energy generation portfolio.<br />
Like other utility service providers, CMS Energy is increasingly focusing on making grids more resilient and reliable to support a smooth transition of the industry toward more clean energy adoption, reduce outages for their customers and protect their infrastructure against severe weather conditions, thereby reducing operating costs. A decline in operating costs and higher availability of electricity in its systems will enhance its earnings.</p>
<h3>Headwinds</h3>
<p>As environmental laws on reducing carbon emissions during electricity generation become more stringent, there is still cause for concern despite the fact that the company&#39;s power-generating facilities have implemented many pollution control measures. Approximately 20% of its overall power mix was made up of coal as of Dec 31, 2023. CMS incurs considerable expenditures associated with the development, operation and closure of solid waste disposal facilities for coal ash. In order to comply with these laws, consumers anticipate that the company will need to spend $238 million between 2024 and 2028.<br />
CMS Energy does not always protect all of its activities against fluctuations in commodity prices. Variations in commodity prices might negatively impact CMS Energy&#39;s operational performance if the company has unhedged positions.</p>
<h3>Stocks to Consider</h3>
<p>Some better-ranked stocks from the same industry are <strong>CenterPoint Energy </strong>(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cnp#NYSE">CNP</a>),<strong> IDACORP, Inc.</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ida#NYSE">IDA</a>) and <strong>Consolidated Edison</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ed#NYSE">ED</a>), each carrying a Zacks Rank #2 (Buy) at present.</p>
<p>CenterPoint Energy&#39;s long-term (three to five years) earnings growth rate is 7%. The Zacks Consensus Estimate for the company&#39;s 2024 sales indicates an improvement of 1% from the prior-year reported figure.</p>
<p>IDACORP delivered an average earnings surprise of 6.81% in the last four quarters. The Zacks Consensus Estimate for IDA&#39;s 2024 sales suggests an increase of 1.1% from the prior-year reported figure.</p>
<p>Consolidated Edison&#39;s long-term earnings growth rate is 7.4%. The Zacks Consensus Estimate for ED&#39;s 2024 sales calls for an improvement of 3.1% from the prior-year reported figure.</p>
<p><a href="https://www.zacks.com/stock/news/2296494/cms-energy-cms-rides-on-investments-and-renewable-expansion?cid=CS-BENZ-FT-analyst_blog|zer_report_update-2296494">To read this article on Zacks.com click here.</a></p>


CMS Energy Rides on Investments and Renewable Expansion

<p>Morgan Stanley  analyst David Arcaro   maintains Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Equal-Weight and lowers the price target from $98 to $93.</p>


Morgan Stanley Maintains Equal-Weight on Idacorp, Lowers Price Target to $93

<p>Morgan Stanley  analyst David Arcaro   maintains Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Equal-Weight and raises the price target from $96 to $98.</p>


Morgan Stanley Maintains Equal-Weight on Idacorp, Raises Price Target to $98

<p>Mizuho  analyst Anthony Crowdell   maintains Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Neutral and raises the price target from $88 to $99.</p>


Mizuho Maintains Neutral on Idacorp, Raises Price Target to $99

<p>Wells Fargo  analyst Sarah Akers   maintains Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Equal-Weight and raises the price target from $94 to $98.</p>


Wells Fargo Maintains Equal-Weight on Idacorp, Raises Price Target to $98

Idacorp Reaffirmed FY24 EPS Of $5.25-$5.45 Vs. $5.41 Est.

<p>Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) reported quarterly earnings of $0.95 per share which missed the analyst consensus estimate of $1.15 by 17.39 percent.</p>


Idacorp Q1 2024 GAAP EPS $0.95 Misses $1.15 Estimate

<p>Morgan Stanley  analyst David Arcaro   maintains Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Equal-Weight and raises the price target from $92 to $95.</p>


Morgan Stanley Maintains Equal-Weight on Idacorp, Raises Price Target to $95

<p>Morgan Stanley  analyst David Arcaro   initiates coverage on Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Equal-Weight rating and announces Price Target of $92.</p>


Morgan Stanley Initiates Coverage On Idacorp with Equal-Weight Rating, Announces Price Target of $92

Analysts fell to the sidelines weighing in on IdaCorp (IDA – Research Report) and Exelon (EXC – Research Report) with neutral ratings, indicating t...

Analysts' Top Utilities Picks: IdaCorp (IDA), Exelon (EXC)

In a report released today, Sarah Akers from Wells Fargo maintained a Hold rating on IdaCorp (IDA – Research Report), with a price target of $106.0...

IdaCorp (IDA) Receives a Hold from Wells Fargo

IDACORP, Inc (IDA) Q2 2024 Earnings Call Transcript

Mizuho Securities analyst Anthony Crowdell has reiterated their neutral stance on IDA stock, giving a Hold rating on August 2. Anthony Crowdell has...

IDACorp Hold Rating: Balancing Strong Performance with Premium Valuation and Financial Uncertainties

Morgan Stanley analyst David Arcaro maintained a Hold rating on IdaCorp (IDA – Research Report) today and set a price target of $102.00. The compan...

IdaCorp (IDA) Receives a Hold from Morgan Stanley

Dividend Champion, Contender, And Challenger Highlights: Week Of August 25

Idacorp: There's Still Time To Buy This Dividend Grower Now

IDACORP increases dividend by ~4% to $0.86

Wide gap between 'haves' and 'have nots' in utilities makes for tough calls - Jefferies

Morgan Stanley analyst David Arcaro maintained a Hold rating on IdaCorp (IDA – Research Report) today and set a price target of $108.00. The compan...

Morgan Stanley Sticks to Its Hold Rating for IdaCorp (IDA)

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Press Releases

IDACORP, Inc. Announces Fourth Quarter and Year-End 2023 Results, Initiates 2024 Earnings Guidance

Prevalon Energy Secures Contract with Idaho Power for New Integrated Battery Energy Storage System (BESS)

IDACORP, Inc. Declares Dividend

IDACORP Schedules First Quarter 2024 Earnings Release & Conference Call

IDACORP, Inc. Announces First Quarter 2024 Results, Reaffirms 2024 Earnings Guidance

Pleasant Valley Solar Project Partners Commit $123,000 in Scholarship Funds to Boise State University and College of Western Idaho

IDACORP Schedules Second Quarter 2024 Earnings Release & Conference Call

IDACORP, Inc. Announces Second Quarter 2024 Results, Increases Lower-End 2024 Earnings Guidance

IDACORP Increases Common Stock Dividend

Avangrid

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Comp En De Mn Cemig ADS American Depositary Shares

Cia Energetica DE Minas

Comp En De Mn Cemig ADS American Depositary Receipts

Centrais Electricas Brasileiras S A American Depositary Shares (Each representing one Common Share)

Centrais Eletricas

Centrais Electricas Brasileiras S.A.- Eletrobr?!s American Depositary Shares (Each representing one Preferred Share)

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) American Depositary Shares

Empresa Distribuidora y

Companhia Paranaense de Energia (COPEL) American Depositary Shares (each representing one Unit consisting one Common Share and four non-voting Class B Preferred Shares)

Cia Paranaense De Energia

Companhia Paranaense de Energia (COPEL) American Depositary Shares (each representing four (4) Common Shares)

Enel Chile S.A. American Depositary Shares (Each representing 50 shares of Common Stock)

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