Voya Investment Management LLC Acquires 66,096 Shares of Black Hills Corporation $BKH

Key Points

• Voya Investment Management LLC increased its stake in Black Hills Corporation by 38.9%, owning 236,099 shares worth approximately $14.3 million at the end of Q1.
• Bank of America upgraded Black Hills' rating from underperform to neutral and raised the price target from $57.00 to $64.00.
• Black Hills recently declared a quarterly dividend of $0.676 per share, yielding about 4.5%, with a payout ratio of 68.01%.

Voya Investment Management LLC raised its position in shares of Black Hills Corporation (NYSE:BKH - Free Report) by 38.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 236,099 shares of the utilities provider's stock after buying an additional 66,096 shares during the quarter. Voya Investment Management LLC owned 0.33% of Black Hills worth $14,319,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of BKH. Nuveen LLC purchased a new stake in Black Hills during the first quarter valued at about $43,690,000. Millennium Management LLC increased its holdings in shares of Black Hills by 113.6% in the 4th quarter. Millennium Management LLC now owns 463,459 shares of the utilities provider's stock valued at $27,122,000 after purchasing an additional 246,500 shares during the period. Bessemer Group Inc. increased its holdings in shares of Black Hills by 38,974.6% in the 1st quarter. Bessemer Group Inc. now owns 218,818 shares of the utilities provider's stock valued at $13,272,000 after purchasing an additional 218,258 shares during the period. Cubist Systematic Strategies LLC increased its holdings in shares of Black Hills by 551.4% in the 1st quarter. Cubist Systematic Strategies LLC now owns 242,668 shares of the utilities provider's stock valued at $14,718,000 after purchasing an additional 205,414 shares during the period. Finally, Wellington Management Group LLP acquired a new position in shares of Black Hills in the 1st quarter valued at about $7,955,000. 86.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Bank of America upgraded Black Hills from an "underperform" rating to a "neutral" rating and upped their target price for the company from $57.00 to $64.00 in a report on Wednesday, August 20th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $66.00.

Black Hills Stock Performance

BKH stock traded down $0.14 during midday trading on Friday, hitting $58.57. 888,808 shares of the company traded hands, compared to its average volume of 477,953. Black Hills Corporation has a twelve month low of $54.92 and a twelve month high of $65.59. The company has a quick ratio of 0.49, a current ratio of 0.64 and a debt-to-equity ratio of 1.06. The business has a 50 day simple moving average of $58.96 and a 200-day simple moving average of $58.75. The stock has a market capitalization of $4.27 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 2.72 and a beta of 0.74.

Black Hills (NYSE:BKH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.38 EPS for the quarter, meeting the consensus estimate of $0.38. Black Hills had a return on equity of 7.81% and a net margin of 12.68%.The company had revenue of $439.00 million for the quarter, compared to the consensus estimate of $412.69 million. During the same quarter last year, the company posted $0.33 earnings per share. The company's revenue for the quarter was up 8.9% compared to the same quarter last year. Black Hills has set its FY 2025 guidance at 4.000-4.200 EPS. As a group, equities research analysts predict that Black Hills Corporation will post 4.12 earnings per share for the current year.

Black Hills Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were given a $0.676 dividend. This represents a $2.70 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Monday, August 18th. Black Hills's dividend payout ratio (DPR) is 68.01%.

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.