Connor Clark & Lunn Investment Management Ltd. Invests $1.46 Million in Black Hills Corporation (NYSE:BKH)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has acquired a new position in Black Hills Corporation, buying 24,045 shares valued at approximately $1.46 million.
• Black Hills Corporation reported a quarterly earnings of $0.38 per share, meeting analyst estimates, and revenue of $439 million, exceeding forecasts of $412.69 million.
• The firm will pay a quarterly dividend of $0.676 per share on September 2nd, representing a dividend yield of 4.4%.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Black Hills Corporation (NYSE:BKH - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 24,045 shares of the utilities provider's stock, valued at approximately $1,458,000.

A number of other hedge funds also recently modified their holdings of the business. Townsquare Capital LLC raised its position in shares of Black Hills by 12.1% during the first quarter. Townsquare Capital LLC now owns 6,978 shares of the utilities provider's stock worth $423,000 after purchasing an additional 752 shares during the period. Swiss National Bank raised its position in Black Hills by 1.0% in the 1st quarter. Swiss National Bank now owns 138,679 shares of the utilities provider's stock valued at $8,411,000 after buying an additional 1,400 shares during the last quarter. Ontario Teachers Pension Plan Board raised its position in Black Hills by 18.6% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 50,845 shares of the utilities provider's stock valued at $3,084,000 after buying an additional 7,985 shares during the last quarter. Vanguard Group Inc. raised its position in Black Hills by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 8,634,076 shares of the utilities provider's stock valued at $523,657,000 after buying an additional 31,853 shares during the last quarter. Finally, Clearstead Trust LLC acquired a new stake in Black Hills in the 1st quarter valued at approximately $30,000. Institutional investors and hedge funds own 86.71% of the company's stock.

Black Hills Stock Up 0.1%

NYSE:BKH opened at $61.66 on Friday. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 15.53, a price-to-earnings-growth ratio of 2.85 and a beta of 0.71. Black Hills Corporation has a twelve month low of $54.92 and a twelve month high of $65.59. The stock's 50 day moving average price is $57.52 and its two-hundred day moving average price is $58.79. The company has a quick ratio of 0.49, a current ratio of 0.64 and a debt-to-equity ratio of 1.06.

Black Hills (NYSE:BKH - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.38 earnings per share for the quarter, hitting the consensus estimate of $0.38. The firm had revenue of $439.00 million for the quarter, compared to analyst estimates of $412.69 million. Black Hills had a return on equity of 7.81% and a net margin of 12.68%. The business's quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 EPS. Equities research analysts expect that Black Hills Corporation will post 4.12 earnings per share for the current fiscal year.

Black Hills Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be paid a dividend of $0.676 per share. This represents a $2.70 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Monday, August 18th. Black Hills's payout ratio is currently 68.01%.

Analyst Upgrades and Downgrades

Separately, BMO Capital Markets initiated coverage on Black Hills in a research report on Tuesday, May 13th. They issued an "outperform" rating and a $68.00 target price on the stock.

About Black Hills

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.

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