International Assets Investment Management LLC Acquires 190,000 Shares of Black Hills Corporation $BKH

Key Points

• International Assets Investment Management LLC significantly increased its holdings in Black Hills Corporation, acquiring an additional 190,000 shares, resulting in a total of 220,354 shares owned, which represents 0.6% of their investment portfolio.
• Analysts have recently raised Black Hills' stock rating from "underperform" to "neutral," adjusting the price target from $57.00 to $64.00, indicating a more favorable outlook on the company's performance.
• Black Hills Corporation announced a quarterly dividend of $0.676, which translates to an annualized dividend of $2.70, reflecting a dividend yield of 4.3% with a payout ratio of 68.01%.

International Assets Investment Management LLC boosted its position in Black Hills Corporation (NYSE:BKH - Free Report) by 625.9% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 220,354 shares of the utilities provider's stock after purchasing an additional 190,000 shares during the period. Black Hills comprises 0.6% of International Assets Investment Management LLC's investment portfolio, making the stock its 23rd biggest position. International Assets Investment Management LLC owned approximately 0.30% of Black Hills worth $12,362,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew 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 worth $523,657,000 after purchasing an additional 31,853 shares in the last quarter. AQR Capital Management LLC grew its position in Black Hills by 1.7% in the 1st quarter. AQR Capital Management LLC now owns 888,412 shares of the utilities provider's stock worth $53,829,000 after purchasing an additional 14,437 shares in the last quarter. Nuveen LLC bought a new stake in Black Hills in the 1st quarter worth about $43,690,000. Victory Capital Management Inc. grew its position in Black Hills by 18.2% in the 1st quarter. Victory Capital Management Inc. now owns 652,003 shares of the utilities provider's stock worth $39,544,000 after purchasing an additional 100,421 shares in the last quarter. Finally, Millennium Management LLC grew its position in Black Hills by 25.1% in the 1st quarter. Millennium Management LLC now owns 579,797 shares of the utilities provider's stock worth $35,165,000 after purchasing an additional 116,338 shares in the last quarter. 86.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BKH has been the subject of a number of recent analyst reports. Bank of America raised shares of Black Hills from an "underperform" rating to a "neutral" rating and upped their price objective for the stock from $57.00 to $64.00 in a research report on Wednesday, August 20th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Black Hills in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $66.00.

Black Hills Stock Up 1.1%

BKH opened at $63.06 on Friday. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 2.92 and a beta of 0.73. 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 company's 50-day moving average price is $60.20 and its two-hundred day moving average price is $58.84. Black Hills Corporation has a twelve month low of $54.92 and a twelve month high of $65.59.

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 analysts' consensus estimates of $0.38. The company had revenue of $439.00 million for the quarter, compared to analysts' expectations of $412.69 million. Black Hills had a net margin of 12.68% and a return on equity of 7.81%. Black Hills's revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.33 EPS. Black Hills has set its FY 2025 guidance at 4.000-4.200 EPS. As a group, equities analysts expect 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. Shareholders of record on Monday, August 18th were paid a $0.676 dividend. The ex-dividend date was Monday, August 18th. This represents a $2.70 annualized dividend and a yield of 4.3%. Black Hills's dividend payout ratio is currently 68.01%.

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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