Black Hills (NYSE:BKH) Issues Earnings Results

Black Hills (NYSE:BKH) posted its quarterly earnings data on Wednesday. The utilities provider reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.12), reports. The company had revenue of $401.60 million for the quarter. Black Hills had a net margin of 12.96% and a return on equity of 8.21%. Black Hills updated its FY24 guidance to $3.80-$4.00 EPS and its FY 2024 guidance to 3.800-4.000 EPS.

Black Hills Price Performance

Shares of BKH opened at $60.79 on Friday. The firm has a 50-day simple moving average of $60.19 and a two-hundred day simple moving average of $57.47. The stock has a market cap of $4.24 billion, a PE ratio of 15.05, a P/E/G ratio of 4.16 and a beta of 0.69. Black Hills has a 1-year low of $48.27 and a 1-year high of $62.20. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.06 and a quick ratio of 0.94.

Black Hills Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Monday, November 18th will be given a $0.65 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $2.60 dividend on an annualized basis and a yield of 4.28%. Black Hills’s payout ratio is currently 64.36%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BKH shares. Wells Fargo & Company raised their target price on Black Hills from $61.00 to $64.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Scotiabank raised their price objective on shares of Black Hills from $54.00 to $63.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, Black Hills has an average rating of “Hold” and an average price target of $58.00.

Hedge Funds Weigh In On Black Hills

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Black Hills by 0.7% during the first quarter. Vanguard Group Inc. now owns 8,203,786 shares of the utilities provider’s stock worth $447,927,000 after buying an additional 60,219 shares during the period. AQR Capital Management LLC grew its stake in shares of Black Hills by 31.7% in the second quarter. AQR Capital Management LLC now owns 1,147,939 shares of the utilities provider’s stock worth $62,425,000 after acquiring an additional 275,994 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Black Hills by 8.8% during the second quarter. Dimensional Fund Advisors LP now owns 978,497 shares of the utilities provider’s stock worth $53,210,000 after acquiring an additional 78,958 shares during the period. Bank of New York Mellon Corp increased its holdings in Black Hills by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 949,278 shares of the utilities provider’s stock worth $51,622,000 after purchasing an additional 3,544 shares during the period. Finally, Jupiter Asset Management Ltd. raised its holdings in Black Hills by 39.7% in the first quarter. Jupiter Asset Management Ltd. now owns 483,120 shares of the utilities provider’s stock valued at $26,378,000 after acquiring an additional 137,356 shares in the last quarter. 86.71% of the stock is currently owned by institutional investors and hedge funds.

About Black Hills

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates in two segments: Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 222,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,394 megawatts of generation capacity and 9,106 miles of electric transmission and distribution lines.