Millennium Management LLC Increases Stake in Black Hills Corporation $BKH

Key Points

• Millennium Management LLC increased its stake in Black Hills Corporation by 25.1% during the 1st quarter, owning 579,797 shares now valued at approximately $35.2 million.
• Bank of America upgraded Black Hills from an "underperform" to a "neutral" rating, raising the price target from $57.00 to $64.00.
• Black Hills recently announced a quarterly dividend of $0.676, representing an annualized yield of 4.6%.

Millennium Management LLC boosted its stake in shares of Black Hills Corporation (NYSE:BKH - Free Report) by 25.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 579,797 shares of the utilities provider's stock after purchasing an additional 116,338 shares during the quarter. Millennium Management LLC owned about 0.80% of Black Hills worth $35,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in BKH. Bank of America Corp DE boosted its position in Black Hills by 203.6% during the fourth quarter. Bank of America Corp DE now owns 507,986 shares of the utilities provider's stock valued at $29,727,000 after purchasing an additional 340,686 shares in the last quarter. Captrust Financial Advisors boosted its position in Black Hills by 14.2% during the fourth quarter. Captrust Financial Advisors now owns 6,742 shares of the utilities provider's stock valued at $395,000 after purchasing an additional 838 shares in the last quarter. EP Wealth Advisors LLC boosted its position in Black Hills by 5.9% during the fourth quarter. EP Wealth Advisors LLC now owns 3,528 shares of the utilities provider's stock valued at $206,000 after purchasing an additional 197 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Black Hills by 6.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,892 shares of the utilities provider's stock valued at $2,334,000 after purchasing an additional 2,325 shares in the last quarter. Finally, Nomura Holdings Inc. bought a new stake in Black Hills during the fourth quarter valued at about $555,000. Institutional investors own 86.71% of the company's stock.

Black Hills Stock Down 0.1%

NYSE BKH traded down $0.05 during trading on Friday, hitting $59.37. The company's stock had a trading volume of 338,145 shares, compared to its average volume of 638,562. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.64 and a quick ratio of 0.49. The company has a market cap of $4.32 billion, a PE ratio of 14.95, a P/E/G ratio of 2.75 and a beta of 0.74. The business's 50 day simple moving average is $58.78 and its 200-day simple moving average is $58.83. Black Hills Corporation has a fifty-two week low of $54.92 and a fifty-two week high of $65.59.

Black Hills (NYSE:BKH - Get Free Report) last issued 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. 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 during the quarter, compared to the consensus estimate of $412.69 million. During the same quarter last year, the company earned $0.33 earnings per share. The company's quarterly revenue was up 8.9% on a year-over-year basis. Black Hills has set its FY 2025 guidance at 4.000-4.200 EPS. On average, equities analysts anticipate that Black Hills Corporation will post 4.12 EPS for the current fiscal year.

Black Hills Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were issued a dividend of $0.676 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 4.6%. Black Hills's payout ratio is 68.01%.

Analyst Upgrades and Downgrades

Separately, Bank of America raised Black Hills from an "underperform" rating to a "neutral" rating and raised their price target for the stock from $57.00 to $64.00 in a report on Wednesday, August 20th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $66.00.

Black Hills Profile

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.