Black Hills Co. (NYSE:BKH) Shares Sold by Raymond James Financial Services Advisors Inc.

Posted by Defense World Staff on Nov 4th, 2023

Raymond James Financial Services Advisors Inc. cut its holdings in Black Hills Co. (NYSE:BKH – Free Report) by 36.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,507 shares of the utilities provider’s stock after selling 3,136 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Black Hills were worth $332,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in BKH. Great West Life Assurance Co. Can lifted its stake in Black Hills by 11.1% during the first quarter. Great West Life Assurance Co. Can now owns 36,590 shares of the utilities provider’s stock worth $2,896,000 after purchasing an additional 3,657 shares in the last quarter. Yousif Capital Management LLC grew its holdings in shares of Black Hills by 4.4% during the first quarter. Yousif Capital Management LLC now owns 34,426 shares of the utilities provider’s stock worth $2,651,000 after purchasing an additional 1,466 shares during the last quarter. Raymond James Trust N.A. grew its holdings in shares of Black Hills by 8.2% during the first quarter. Raymond James Trust N.A. now owns 8,190 shares of the utilities provider’s stock worth $631,000 after buying an additional 618 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Black Hills by 7.2% during the first quarter. Dimensional Fund Advisors LP now owns 748,590 shares of the utilities provider’s stock worth $57,656,000 after buying an additional 50,038 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in shares of Black Hills by 1.1% during the first quarter. Allianz Asset Management GmbH now owns 13,420 shares of the utilities provider’s stock worth $1,034,000 after buying an additional 151 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Black Hills Price Performance

Shares of NYSE:BKH opened at $51.52 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.82 and a quick ratio of 0.68. Black Hills Co. has a 12 month low of $46.43 and a 12 month high of $73.98. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 5.87 and a beta of 0.64. The business’s 50 day simple moving average is $51.70 and its 200-day simple moving average is $57.83.

Black Hills (NYSE:BKH – Get Free Report) last issued its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.16. Black Hills had a return on equity of 8.07% and a net margin of 10.08%. The firm had revenue of $407.10 million during the quarter, compared to the consensus estimate of $579.85 million. During the same period in the previous year, the firm posted $0.54 EPS. The company’s quarterly revenue was down 12.0% compared to the same quarter last year. As a group, equities analysts forecast that Black Hills Co. will post 3.75 earnings per share for the current fiscal year.

Black Hills Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a dividend of $0.625 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.50 annualized dividend and a dividend yield of 4.85%. Black Hills’s dividend payout ratio is currently 64.77%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. TheStreet lowered Black Hills from a “b” rating to a “c+” rating in a report on Tuesday, September 5th. 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 report on Friday, August 4th. Royal Bank of Canada lowered their price objective on Black Hills from $68.00 to $61.00 and set a “sector perform” rating on the stock in a report on Wednesday, September 6th. StockNews.com began coverage on Black Hills in a report on Thursday, October 5th. They issued a “sell” rating on the stock. Finally, Mizuho lowered their price objective on Black Hills from $56.00 to $53.00 and set an “underperform” rating on the stock in a report on Friday, September 22nd. Three equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $61.67.

View Our Latest Stock Report 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.