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IDACORP Inc . (NYSE:IDA), an Idaho-based electric services company with a market capitalization of $6.09 billion, has reported significant developments in its ongoing at-the-market (ATM) equity offering program. As of Monday, the company announced it had sold approximately $92.35 million worth of shares, with $207.65 million remaining available for sale under the program. Currently trading at $114.20, InvestingPro analysis indicates the stock is trading above its Fair Value.
The ATM program, which allows IDACORP to sell common stock up to a total of $300 million, was initially filed on May 20, 2024. Since then, 801,914 shares of common stock have been sold. This program is set to continue until the prior registration statement expires on May 16, 2025. The company maintains strong financial health with a current ratio of 1.41, and notably has raised its dividend for 13 consecutive years, currently offering a 3.01% yield.
In preparation for the expiration of the prior registration statement, IDACORP and its subsidiary Idaho Power Company filed a new registration statement on February 21, 2025. This new filing includes a prospectus supplement specifically for the remaining securities available under the ATM program.
Legal counsel Perkins Coie LLP has provided an opinion on the legality of the common stock being offered, which is now part of the new registration statement. This move ensures the continuity of the ATM program and the ability for IDACORP to sell the remaining stock.
The company clarifies that this report should not be considered an offer to sell or a solicitation of an offer to buy the securities described herein. Sales of these securities are only made through a prospectus and related prospectus supplement.
IDACORP’s announcement is based on a press release statement and does not constitute a sales offer or a recommendation to buy the securities in any jurisdiction.
In other recent news, IDACORP Inc. reported its fourth-quarter 2024 earnings, significantly surpassing analyst expectations. The company achieved an earnings per share (EPS) of $0.70, exceeding the projected $0.63, and reported revenue of $411.97 million, well above the forecast of $306.04 million. This marks a strong financial performance for IDACORP, reflecting effective operational strategies. Additionally, IDACORP has provided an EPS guidance range of $5.65 to $5.85 for 2025, indicating confidence in continued growth. The company plans to invest $1.1 billion annually in capital expenditures from 2025 to 2029 to support infrastructure development and meet increasing demand. The firm’s robust financial results and future growth plans have been positively received by investors. Analyst firms have noted IDACORP’s strong earnings growth and quality profiles within the industry. These developments highlight IDACORP’s strategic focus on expanding its infrastructure and customer base.
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