Glenmede Trust Co. NA Trims Stock Position in Black Hills Corporation $BKH

Key Points

• Glenmede Trust reduced its Black Hills stake by 8.7% in the first quarter, selling 16,660 shares and retaining 174,750 shares valued at approximately $12.1 million. Institutional investors collectively own 86.71% of the utility company.
• Analyst sentiment remains broadly positive, with six analysts rating Black Hills a Buy and an average price target of $81.67. Recent targets range from $78 to $87, although BMO Capital Markets modestly lowered its target to $85.
• Black Hills reported quarterly earnings of $1.79 per share, below the $1.88 consensus estimate, while revenue exceeded expectations at $780.7 million. The company declared a quarterly dividend of $0.703, representing a 4.0% annualized yield.

Glenmede Trust Co. NA cut its holdings in Black Hills Corporation (NYSE:BKH - Free Report) by 8.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 174,750 shares of the utilities provider's stock after selling 16,660 shares during the period. Glenmede Trust Co. NA owned 0.23% of Black Hills worth $12,129,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Black Hills by 7.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,798 shares of the utilities provider's stock valued at $2,596,000 after purchasing an additional 2,906 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of Black Hills by 83.2% during the 1st quarter. NewEdge Advisors LLC now owns 3,345 shares of the utilities provider's stock worth $203,000 after purchasing an additional 1,519 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in Black Hills by 37.8% in the 1st quarter. Jones Financial Companies Lllp now owns 3,040 shares of the utilities provider's stock valued at $184,000 after buying an additional 834 shares during the period. United Services Automobile Association purchased a new stake in Black Hills in the 1st quarter valued at about $255,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Black Hills by 5.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 134,673 shares of the utilities provider's stock valued at $8,168,000 after buying an additional 7,332 shares during the period. 86.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BKH. BMO Capital Markets lowered their target price on shares of Black Hills from $86.00 to $85.00 and set an "outperform" rating for the company in a research note on Wednesday, July 22nd. Oppenheimer set a $78.00 price target on shares of Black Hills in a research report on Thursday, June 11th. Weiss Ratings raised shares of Black Hills from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, July 24th. Wall Street Zen lowered shares of Black Hills from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. Finally, Bank of America increased their price objective on shares of Black Hills from $78.00 to $87.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Six investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $81.67.

Black Hills Price Performance

BKH opened at $71.06 on Monday. The stock's 50-day moving average price is $73.49 and its 200 day moving average price is $73.11. Black Hills Corporation has a 12-month low of $56.31 and a 12-month high of $78.69. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 2.82 and a beta of 0.71. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 0.99.

Black Hills (NYSE:BKH - Get Free Report) last released its earnings results on Wednesday, May 6th. The utilities provider reported $1.79 earnings per share for the quarter, missing the consensus estimate of $1.88 by ($0.09). The firm had revenue of $780.70 million during the quarter, compared to analyst estimates of $769.19 million. Black Hills had a net margin of 12.61% and a return on equity of 7.77%. The business's revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.87 earnings per share. Black Hills has set its FY 2026 guidance at 4.250-4.450 EPS. As a group, sell-side analysts expect that Black Hills Corporation will post 4.34 earnings per share for the current year.

Black Hills Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be issued a $0.703 dividend. The ex-dividend date is Monday, August 17th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 4.0%. Black Hills's payout ratio is 73.18%.

Insider Buying and Selling at Black Hills

In related news, Director Robert P. Otto sold 4,109 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $74.22, for a total transaction of $304,969.98. Following the sale, the director directly owned 10,886 shares of the company's stock, valued at $807,958.92. This represents a 27.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.56% of the company's stock.

Black Hills Company Profile

Black Hills Corporation is a diversified energy company based in Rapid City, South Dakota, that provides electricity and natural gas distribution services to residential, commercial and industrial customers. Through its regulated utility subsidiaries—Black Hills Power, Cheyenne Light & Power, and Black Hills Energy—the company delivers reliable energy across Colorado, Kansas, Montana, Nebraska, South Dakota and Wyoming.

In addition to its distribution operations, Black Hills owns and operates a generation portfolio that includes natural gas–fired plants, coal-fired units, hydroelectric facilities and wind projects.

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