Why IdaCorp (IDA) is a Top Growth Stock for the Long-Term
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
Why This 1 Growth Stock Should Be On Your Watchlist
Different than value or momentum investors, growth-oriented investors are concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, they'll want to focus on the Growth Style Score, which analyzes characteristics like projected and historical earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
IdaCorp (IDA)
Headquartered in Boise, ID, IDACORP, Inc. is a regulated utility formed in 1998. The company is engaged in the transmission, distribution and sale of electricity services in southern Idaho and eastern Oregon through its primary subsidiary Idaho Power Company (Idaho Power). IDACORP served 633,000 retail customers as of Dec 31, 2023.
IDA sits at a Zacks Rank #3 (Hold), holds a Growth Style Score of B, and has a VGM Score of B. Earnings and sales are forecasted to increase 5.3% and 4.2% year-over-year, respectively.
One analyst revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.05 to $5.41 per share. IDA boasts an average earnings surprise of 10.4%.
Looking at cash flow, IdaCorp is expected to report cash flow growth of 6.6% this year; IDA has generated cash flow growth of 3.1% over the past three to five years.
Investors should take the time to consider IDA for their portfolios due to its solid Zacks Rank rating, notable growth metrics, and impressive Growth and VGM Style Scores.
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IDACORP, Inc. (IDA) : Free Stock Analysis Report