Black Hills (NYSE:BKH) Issues Quarterly Earnings Results

Black Hills (NYSE:BKH) issued its earnings results on Wednesday. The utilities provider reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.12), reports. The firm had revenue of $401.60 million during the quarter. Black Hills had a return on equity of 8.21% and a net margin of 12.96%. 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 traded up $0.76 during trading hours on Friday, reaching $60.33. 72,139 shares of the company’s stock traded hands, compared to its average volume of 469,406. Black Hills has a 12 month low of $48.27 and a 12 month high of $62.20. The firm’s 50 day simple moving average is $60.16 and its 200-day simple moving average is $57.42. The stock has a market cap of $4.21 billion, a PE ratio of 14.76, a price-to-earnings-growth ratio of 4.16 and a beta of 0.69. The company has a current ratio of 1.06, a quick ratio of 0.94 and a debt-to-equity ratio of 1.23.

Black Hills Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Monday, November 18th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 4.31%. The ex-dividend date is Monday, November 18th. Black Hills’s dividend payout ratio is 64.36%.

Wall Street Analyst Weigh In

BKH has been the subject of several recent research reports. Wells Fargo & Company upped their price target on Black Hills from $61.00 to $64.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Scotiabank increased their price objective on Black Hills from $54.00 to $63.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat, Black Hills currently has an average rating of “Hold” and an average price target of $58.00.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BKH. Signaturefd LLC grew its stake in shares of Black Hills by 4.1% during the second quarter. Signaturefd LLC now owns 4,736 shares of the utilities provider’s stock valued at $258,000 after buying an additional 188 shares during the last quarter. Lesa Sroufe & Co increased its position in shares of Black Hills by 0.5% during the second quarter. Lesa Sroufe & Co now owns 43,294 shares of the utilities provider’s stock valued at $2,354,000 after buying an additional 231 shares during the period. BancFirst Trust & Investment Management grew its stake in Black Hills by 5.7% in the second quarter. BancFirst Trust & Investment Management now owns 4,326 shares of the utilities provider’s stock worth $234,000 after purchasing an additional 233 shares during the period. Acadian Asset Management LLC lifted its position in Black Hills by 0.9% during the 2nd quarter. Acadian Asset Management LLC now owns 26,694 shares of the utilities provider’s stock valued at $1,451,000 after acquiring an additional 249 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of Black Hills by 84.9% in the 3rd quarter. Blue Trust Inc. now owns 577 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 265 shares in the last quarter. Institutional investors own 86.71% of the company’s stock.

Black Hills Company Profile

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.