Covenant Multifamily Offices LLC purchased a new position in shares of Black Hills Corp (NYSE:BKH) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,699 shares of the utilities provider’s stock, valued at approximately $126,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BKH. Osborn Williams & Donohoe LLC purchased a new stake in shares of Black Hills in the first quarter worth about $401,000. First Midwest Bank Trust Division purchased a new stake in shares of Black Hills in the first quarter worth about $328,000. SG Americas Securities LLC boosted its position in shares of Black Hills by 193.4% in the first quarter. SG Americas Securities LLC now owns 12,957 shares of the utilities provider’s stock worth $960,000 after buying an additional 8,541 shares during the period. Quadrant Capital Group LLC boosted its position in shares of Black Hills by 107.6% in the first quarter. Quadrant Capital Group LLC now owns 1,721 shares of the utilities provider’s stock worth $123,000 after buying an additional 892 shares during the period. Finally, Farmers & Merchants Investments Inc. boosted its position in shares of Black Hills by 0.9% in the first quarter. Farmers & Merchants Investments Inc. now owns 135,521 shares of the utilities provider’s stock worth $10,038,000 after buying an additional 1,215 shares during the period. 86.41% of the stock is currently owned by institutional investors.
In other Black Hills news, insider David R. Emery sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $71.31, for a total transaction of $534,825.00. Following the sale, the insider now owns 190,306 shares in the company, valued at $13,570,720.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 22,500 shares of company stock worth $1,646,250 in the last 90 days. 1.00% of the stock is currently owned by insiders.
BKH has been the subject of several analyst reports. Zacks Investment Research downgraded Black Hills from a “buy” rating to a “hold” rating in a research report on Tuesday, May 14th. Scotiabank raised Black Hills from an “underperform” rating to a “sector perform” rating and upped their target price for the stock from $64.00 to $70.00 in a research report on Wednesday, May 8th. Credit Suisse Group set a $72.00 target price on Black Hills and gave the stock a “hold” rating in a research report on Tuesday, March 5th. Williams Capital reaffirmed a “hold” rating on shares of Black Hills in a research report on Monday, March 18th. Finally, Bank of America raised Black Hills from an “underperform” rating to a “neutral” rating and set a $69.00 price target for the company in a report on Monday, February 11th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $68.71.
BKH traded up $0.67 on Wednesday, reaching $77.09. The company’s stock had a trading volume of 291,758 shares, compared to its average volume of 372,247. The company has a market capitalization of $4.60 billion, a P/E ratio of 21.78, a P/E/G ratio of 4.59 and a beta of 0.44. Black Hills Corp has a 1 year low of $55.07 and a 1 year high of $77.18. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.67 and a current ratio of 0.82.
Black Hills (NYSE:BKH) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. The firm had revenue of $597.80 million during the quarter, compared to the consensus estimate of $581.85 million. Black Hills had a return on equity of 9.97% and a net margin of 12.91%. Black Hills’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.63 earnings per share. As a group, equities research analysts forecast that Black Hills Corp will post 3.48 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 17th will be paid a dividend of $0.505 per share. This represents a $2.02 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend is Thursday, May 16th. Black Hills’s payout ratio is currently 57.06%.
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About Black Hills
Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates through Electric Utilities, Gas Utilities, Power Generation, and Mining segments. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 212,000 electric customers in Colorado, Montana, South Dakota, and Wyoming, as well as provides electrical system construction services to large industrial customers.
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