Zimmer Partners LP Sells 150,900 Shares of Black Hills Corporation $BKH

Key Points

• Zimmer Partners LP has reduced its stake in Black Hills Corporation by 10.2%, now holding approximately $80.14 million worth of shares, representing 1.5% of its total holdings.
• Institutional investors own 86.71% of Black Hills stock, with significant increases in positions from firms like Bank of America and Millennium Management during the fourth quarter.
• Black Hills recently announced a quarterly dividend of $0.676 per share, equating to an annualized yield of 4.6% and a payout ratio of 68.01%.

Zimmer Partners LP lessened its holdings in Black Hills Corporation (NYSE:BKH - Free Report) by 10.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,321,304 shares of the utilities provider's stock after selling 150,900 shares during the quarter. Black Hills makes up 1.5% of Zimmer Partners LP's holdings, making the stock its 21st largest holding. Zimmer Partners LP owned about 1.82% of Black Hills worth $80,137,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Clearstead Trust LLC bought a new position in Black Hills in the 1st quarter valued at $30,000. IMA Advisory Services Inc. bought a new position in Black Hills in the 1st quarter valued at $30,000. GAMMA Investing LLC grew 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 valued at $37,000 after acquiring an additional 225 shares during the last quarter. Byrne Asset Management LLC grew its position in shares of Black Hills by 238.0% during the 1st quarter. Byrne Asset Management LLC now owns 845 shares of the utilities provider's stock worth $51,000 after buying an additional 595 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of Black Hills during the 1st quarter worth $59,000. Institutional investors own 86.71% of the company's stock.

Analyst Upgrades and Downgrades

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

Black Hills Stock Down 0.1%

BKH stock traded down $0.05 during trading on Friday, reaching $59.37. 338,145 shares of the company traded hands, compared to its average volume of 604,200. Black Hills Corporation has a 12 month low of $54.92 and a 12 month high of $65.59. The business has a 50 day simple moving average of $58.78 and a 200 day simple moving average of $58.81. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of 14.95, a price-to-earnings-growth ratio of 2.75 and a beta of 0.74. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.49 and a current ratio of 0.64.

Black Hills (NYSE:BKH - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $0.38 earnings per share 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 company had revenue of $439.00 million for 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 firm's revenue for the quarter was up 8.9% compared to the same quarter last year. Black Hills has set its FY 2025 guidance at 4.000-4.200 EPS. On average, equities research analysts anticipate that Black Hills Corporation will post 4.12 earnings per share for the current fiscal year.

Black Hills Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were given 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 yield of 4.6%. Black Hills's dividend payout ratio (DPR) is presently 68.01%.

Black Hills Company 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.