Idacorp $IDA stock formed a bullish Hammer candlestick on November 17, 2022, and then smashed through downtrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... resistance on November 18, 2022.
Idacorp downgraded to Neutral at BofA on valuation
On November 7, 2022, BofA analyst Paul Zimbardo downgraded Idacorp to Neutral from Buy with a price target of $103, down from $115. Zimbardo said that the stock has outperformed since June 1, 2022, relative to the broader electric utility universe and the comparably sized SMID peers.
Idacorp Announces Q3 2022 Results, Increases 2022 Earnings Guidance
On November 3, 2022, Idacorp reported third quarter 2022 net incomeThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... of $106.4 million, or $2.10 per diluted share, compared with $97.9 million, or $1.93 per diluted share, in the third quarter of 2021. For the first nine months of 2022, the company reported net income of $216.9 million, or $4.28 per diluted share, compared with $212.8 million, or $4.20 per diluted share, in the first nine months of 2021. Idacorp reported Q3 EPS of $2.10 versus the consensus estimate of $2.02. Idacorp raised its FY22 EPS forecast to $5.05-$5.15 from $4.95-$5.05 versus the consensus estimate of $5.
“Sustained customer growth, an increase in retail sales from hotter weather, and a mid-year approval for the acceleration of the Jim Bridger coal plant retirement, along with higher transmission wheeling revenues, all contributed to the quarter’s results,” said IDACORP President and Chief Executive Officer Lisa Grow. “Cost pressures primarily from labor-related inflation, as well as higher wholesale power and natural gas price impacts, offset some of those benefits compared with last year.
“With our strong financial results so far this year, we are once again increasing our earnings guidance range,” Grow added. “We are optimistic that IDACORP will achieve its 15th straight year of growth in earnings per share.”
