Prudential Financial Inc. raised its position in Black Hills Corp (NYSE:BKH) by 162.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,891 shares of the utilities provider’s stock after buying an additional 56,861 shares during the period. Prudential Financial Inc. owned approximately 0.15% of Black Hills worth $7,183,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in BKH. Teza Capital Management LLC acquired a new position in shares of Black Hills in the second quarter worth about $1,258,000. Sciencast Management LP acquired a new position in shares of Black Hills in the 2nd quarter valued at approximately $229,000. Delta Investment Management LLC acquired a new position in shares of Black Hills in the 2nd quarter valued at approximately $243,000. C M Bidwell & Associates Ltd. boosted its stake in shares of Black Hills by 83.0% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 1,885 shares of the utilities provider’s stock valued at $147,000 after buying an additional 855 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Black Hills by 23.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 607,386 shares of the utilities provider’s stock valued at $47,255,000 after buying an additional 117,025 shares during the last quarter. Institutional investors own 88.92% of the company’s stock.
In other Black Hills news, Chairman David R. Emery sold 7,500 shares of Black Hills stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $81.58, for a total value of $611,850.00. Following the completion of the transaction, the chairman now directly owns 175,306 shares in the company, valued at $14,301,463.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Richard Kinzley sold 5,416 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $77.89, for a total value of $421,852.24. Following the transaction, the chief financial officer now directly owns 38,299 shares of the company’s stock, valued at $2,983,109.11. The disclosure for this sale can be found here. Insiders have sold 27,916 shares of company stock worth $2,198,227 over the last three months. 1.00% of the stock is owned by corporate insiders.
A number of brokerages recently issued reports on BKH. Zacks Investment Research lowered shares of Black Hills from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Credit Suisse Group cut their price target on shares of Black Hills from $79.00 to $78.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $72.67.
Shares of BKH traded up $0.82 during mid-day trading on Wednesday, hitting $75.49. The stock had a trading volume of 6,331 shares, compared to its average volume of 347,428. The company has a market cap of $4.59 billion, a PE ratio of 21.22, a PEG ratio of 5.29 and a beta of 0.30. The company’s fifty day simple moving average is $77.40 and its two-hundred day simple moving average is $75.83. The company has a quick ratio of 0.55, a current ratio of 0.76 and a debt-to-equity ratio of 1.26. Black Hills Corp has a fifty-two week low of $56.42 and a fifty-two week high of $82.01.
Black Hills (NYSE:BKH) last posted its quarterly earnings results on Monday, August 5th. The utilities provider reported $0.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.21). Black Hills had a net margin of 12.65% and a return on equity of 8.99%. The firm had revenue of $333.90 million for the quarter, compared to analyst estimates of $399.87 million. During the same period in the prior year, the company posted $0.45 earnings per share. The business’s revenue was down 6.1% on a year-over-year basis. Equities analysts expect that Black Hills Corp will post 3.43 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Monday, August 19th were issued a dividend of $0.505 per share. The ex-dividend date was Friday, August 16th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 2.68%. Black Hills’s dividend payout ratio (DPR) is 57.06%.
Black Hills Company Profile
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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