Swiss National Bank Reduces Holdings in Black Hills Co. (NYSE:BKH)

Posted by on Aug 27th, 2023

Swiss National Bank trimmed its position in shares of Black Hills Co. (NYSE:BKH – Free Report) by 10.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 140,479 shares of the utilities provider’s stock after selling 16,700 shares during the quarter. Swiss National Bank owned approximately 0.21% of Black Hills worth $8,864,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Black Hills during the first quarter worth $31,000. Principal Financial Group Inc. boosted its stake in Black Hills by 2.1% during the first quarter. Principal Financial Group Inc. now owns 258,474 shares of the utilities provider’s stock worth $16,310,000 after buying an additional 5,219 shares during the last quarter. US Bancorp DE boosted its stake in Black Hills by 11.9% during the first quarter. US Bancorp DE now owns 11,951 shares of the utilities provider’s stock worth $754,000 after buying an additional 1,272 shares during the last quarter. Federated Hermes Inc. boosted its stake in Black Hills by 3.1% during the first quarter. Federated Hermes Inc. now owns 9,912 shares of the utilities provider’s stock worth $625,000 after buying an additional 300 shares during the last quarter. Finally, Assetmark Inc. acquired a new position in Black Hills during the first quarter worth $284,000. 86.24% of the stock is currently owned by hedge funds and other institutional investors.

Black Hills Stock Performance

Shares of Black Hills stock opened at $55.40 on Friday. Black Hills Co. has a 52 week low of $53.88 and a 52 week high of $79.15. The business’s fifty day simple moving average is $58.90 and its 200-day simple moving average is $61.70. The firm has a market cap of $3.72 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 6.74 and a beta of 0.58. The company has a quick ratio of 0.68, a current ratio of 0.82 and a debt-to-equity ratio of 1.24.

Black Hills (NYSE:BKH – Get Free Report) last announced its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.03). Black Hills had a net margin of 9.46% and a return on equity of 7.85%. The business had revenue of $411.30 million during the quarter, compared to analyst estimates of $552.13 million. During the same period last year, the company earned $0.52 EPS. The business’s revenue for the quarter was down 12.9% on a year-over-year basis. Equities analysts forecast that Black Hills Co. will post 3.73 earnings per share for the current year.

Black Hills Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be issued a $0.625 dividend. The ex-dividend date is Thursday, August 17th. This represents a $2.50 annualized dividend and a dividend yield of 4.51%. Black Hills’s dividend payout ratio is presently 67.02%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Mizuho lowered their price objective on Black Hills from $60.00 to $56.00 in a research note on Wednesday, August 9th. StockNews.com assumed coverage on Black Hills in a research note on Saturday, August 19th. They set a “sell” rating on the stock. Finally, Wells Fargo & Company lowered their price objective on Black Hills from $66.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Friday, August 4th. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat.com, Black Hills currently has a consensus rating of “Hold” and a consensus price target of $66.29.

Check Out Our Latest Analysis on BKH

Black Hills Profile

(Free Report)

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates in two segments, Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 220,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,482 megawatts of generation capacity and 9,024 miles of electric transmission and distribution lines.

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Institutional Ownership by Quarter for Black Hills (NYSE:BKH)

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