Retirement Systems of Alabama Boosts Stock Holdings in Black Hills Co. (NYSE:BKH)

Posted by Defense World Staff on May 4th, 2023

Retirement Systems of Alabama increased its position in shares of Black Hills Co. (NYSE:BKH – Get Rating) by 0.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 85,774 shares of the utilities provider’s stock after purchasing an additional 572 shares during the period. Retirement Systems of Alabama owned approximately 0.13% of Black Hills worth $6,033,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BKH. Ronald Blue Trust Inc. grew its position in Black Hills by 78.3% during the fourth quarter. Ronald Blue Trust Inc. now owns 592 shares of the utilities provider’s stock worth $40,000 after buying an additional 260 shares during the period. Wipfli Financial Advisors LLC acquired a new position in Black Hills during the third quarter worth about $53,000. CENTRAL TRUST Co grew its position in Black Hills by 63.3% during the third quarter. CENTRAL TRUST Co now owns 890 shares of the utilities provider’s stock worth $61,000 after buying an additional 345 shares during the period. Signaturefd LLC grew its position in Black Hills by 37.6% during the third quarter. Signaturefd LLC now owns 1,357 shares of the utilities provider’s stock worth $92,000 after buying an additional 371 shares during the period. Finally, Rockefeller Capital Management L.P. grew its position in Black Hills by 3,758.3% during the third quarter. Rockefeller Capital Management L.P. now owns 2,315 shares of the utilities provider’s stock worth $156,000 after buying an additional 2,255 shares during the period. 88.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on BKH shares. Wells Fargo & Company lowered their price target on shares of Black Hills from $71.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 9th. Sidoti downgraded shares of Black Hills from a “buy” rating to a “neutral” rating and set a $67.00 price objective on the stock. in a research note on Thursday, February 9th. Bank of America downgraded shares of Black Hills from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $79.00 to $60.00 in a research note on Wednesday, February 8th. Mizuho downgraded shares of Black Hills from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $71.00 to $60.00 in a research note on Thursday, February 9th. Finally, Scotiabank downgraded shares of Black Hills from a “sector outperform” rating to a “sector perform” rating and set a $67.00 price target on the stock. in a research note on Wednesday, February 8th. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $67.29.

Black Hills Trading Up 0.4 %

Shares of NYSE:BKH opened at $64.44 on Thursday. The company has a market cap of $4.27 billion, a PE ratio of 16.15, a P/E/G ratio of 8.00 and a beta of 0.59. The company’s 50-day moving average price is $63.11 and its 200 day moving average price is $66.48. Black Hills Co. has a fifty-two week low of $58.81 and a fifty-two week high of $79.78. The company has a quick ratio of 0.52, a current ratio of 0.64 and a debt-to-equity ratio of 1.17.

Black Hills (NYSE:BKH – Get Rating) last issued its quarterly earnings data on Wednesday, February 8th. The utilities provider reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.06). Black Hills had a net margin of 10.13% and a return on equity of 8.59%. The firm had revenue of $791.40 million during the quarter, compared to the consensus estimate of $657.67 million. During the same quarter in the prior year, the business earned $1.11 earnings per share. The company’s revenue for the quarter was up 40.7% compared to the same quarter last year. Sell-side analysts anticipate that Black Hills Co. will post 3.73 earnings per share for the current year.

Black Hills Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Thursday, May 18th will be given a dividend of $0.625 per share. The ex-dividend date is Wednesday, May 17th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 3.88%. Black Hills’s dividend payout ratio (DPR) is 62.66%.

Black Hills Profile

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Black Hills Corp. is a diversified energy company. It operates through the following segments: Electric Utilities, Gas Utilities, and Corporate and Other. The Electric Utilities segment generates, transmits, and distributes electricity in Colorado, Montana, South Dakota, and Wyoming. The Gas Utilities segment provides natural gas in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming.