Legal & General Group Plc Invests $23.95 Million in Black Hills Corporation $BKH

Key Points

• Legal & General Group Plc bought 321,911 Black Hills shares worth approximately $23.95 million, giving it a 0.42% stake. Institutional investors collectively own 86.71% of the utility company.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $81.67, compared with the stock’s recent price of $72.75.
• Black Hills exceeded quarterly EPS expectations, reporting $0.54 versus the $0.41 estimate, while revenue rose 3.1% year over year. The company also declared a quarterly dividend of $0.703 per share, representing a 3.9% annualized yield.

Legal & General Group Plc purchased a new position in Black Hills Corporation (NYSE:BKH - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 321,911 shares of the utilities provider's stock, valued at approximately $23,950,000. Legal & General Group Plc owned approximately 0.42% of Black Hills as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BKH. Clearstead Trust LLC bought a new position in Black Hills during the 2nd quarter worth approximately $34,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Black Hills in the 2nd quarter valued at approximately $34,000. Advisory Services Network LLC acquired a new stake in shares of Black Hills during the 3rd quarter valued at approximately $45,000. Global Retirement Partners LLC acquired a new stake in shares of Black Hills during the 2nd quarter valued at approximately $56,000. Finally, Geneos Wealth Management Inc. raised its position in shares of Black Hills by 44.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,037 shares of the utilities provider's stock valued at $58,000 after acquiring an additional 317 shares in the last quarter. 86.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on BKH shares. Weiss Ratings raised shares of Black Hills from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, July 24th. Oppenheimer set a $78.00 price target on shares of Black Hills in a research report on Thursday, June 11th. BMO Capital Markets reduced their price target on shares of Black Hills from $86.00 to $85.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 22nd. Bank of America lifted their price target on shares of Black Hills from $78.00 to $87.00 and gave the company a "buy" rating in a report on Friday, July 10th. Finally, Wall Street Zen raised shares of Black Hills from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $81.67.

Black Hills Trading Down 0.9%

Shares of BKH stock opened at $72.75 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.41 and a current ratio of 0.52. Black Hills Corporation has a 1 year low of $58.06 and a 1 year high of $78.69. The stock has a fifty day moving average of $73.70 and a two-hundred day moving average of $73.14. The firm has a market capitalization of $5.55 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 2.88 and a beta of 0.71.

Black Hills (NYSE:BKH - Get Free Report) last announced its earnings results on Wednesday, August 5th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.13. Black Hills had a net margin of 13.01% and a return on equity of 7.98%. The firm had revenue of $452.80 million during the quarter, compared to analyst estimates of $490.89 million. During the same quarter in the prior year, the firm posted $0.38 EPS. Black Hills's revenue was up 3.1% compared to the same quarter last year. Black Hills has set its FY 2026 guidance at 4.250-4.450 EPS. As a group, research analysts expect that Black Hills Corporation will post 4.34 EPS for the current year.

Black Hills Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be paid a dividend of $0.703 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $2.81 dividend on an annualized basis and a yield of 3.9%. Black Hills's dividend payout ratio is currently 70.96%.

Black Hills 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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