Mackenzie Financial Corp Decreases Stake in Black Hills Corporation (NYSE:BKH)

Key Points

• Mackenzie Financial Corp reduced its stake in Black Hills Corporation by 74.3%, holding 23,259 shares worth approximately $1.41 million after selling 67,160 shares in the 1st quarter.
• Black Hills Corporation has recently declared a quarterly dividend of $0.676 per share, representing an annualized yield of 4.6% and a payout ratio of 68.01%.
• Analysts from BMO Capital Markets have initiated coverage on Black Hills, issuing an "outperform" rating with a price objective of $68.00 for the stock.

Mackenzie Financial Corp reduced its position in Black Hills Corporation (NYSE:BKH - Free Report) by 74.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,259 shares of the utilities provider's stock after selling 67,160 shares during the quarter. Mackenzie Financial Corp's holdings in Black Hills were worth $1,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of BKH. IMA Advisory Services Inc. bought a new stake in shares of Black Hills in the 1st quarter worth about $30,000. GAMMA Investing LLC raised its position in Black Hills by 59.2% in the 1st quarter. GAMMA Investing LLC now owns 605 shares of the utilities provider's stock worth $37,000 after purchasing an additional 225 shares during the period. Quarry LP lifted its stake in Black Hills by 1,159.7% in the fourth quarter. Quarry LP now owns 781 shares of the utilities provider's stock worth $46,000 after purchasing an additional 719 shares during the last quarter. Byrne Asset Management LLC boosted its position in shares of Black Hills by 238.0% during the first quarter. Byrne Asset Management LLC now owns 845 shares of the utilities provider's stock valued at $51,000 after buying an additional 595 shares during the period. Finally, City State Bank bought a new position in shares of Black Hills during the first quarter valued at approximately $61,000. Hedge funds and other institutional investors own 86.71% of the company's stock.

Black Hills Trading Up 1.2%

Shares of Black Hills stock traded up $0.73 on Wednesday, hitting $59.73. 849,113 shares of the company traded hands, compared to its average volume of 519,470. Black Hills Corporation has a 52 week low of $54.92 and a 52 week high of $65.59. The company has a current ratio of 0.64, a quick ratio of 0.49 and a debt-to-equity ratio of 1.06. The stock's 50 day moving average price is $57.03 and its 200-day moving average price is $58.67. The company has a market cap of $4.35 billion, a PE ratio of 15.05, a PEG ratio of 2.73 and a beta of 0.71.

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

Black Hills Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be issued a $0.676 dividend. This represents a $2.70 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Monday, August 18th. Black Hills's payout ratio is currently 68.01%.

Analysts Set New Price Targets

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

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.