Peregrine Capital Management LLC raised its holdings in shares of Black Hills Corp (NYSE:BKH) by 70.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 85,126 shares of the utilities provider’s stock after purchasing an additional 35,198 shares during the quarter. Peregrine Capital Management LLC’s holdings in Black Hills were worth $4,823,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the stock. Alliancebernstein L.P. boosted its holdings in Black Hills by 9.1% during the first quarter. Alliancebernstein L.P. now owns 1,432,533 shares of the utilities provider’s stock worth $91,725,000 after buying an additional 120,058 shares in the last quarter. Macquarie Group Ltd. boosted its holdings in Black Hills by 10.4% during the fourth quarter. Macquarie Group Ltd. now owns 1,265,393 shares of the utilities provider’s stock worth $99,384,000 after buying an additional 119,600 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Black Hills by 38.5% during the first quarter. Franklin Resources Inc. now owns 1,154,949 shares of the utilities provider’s stock worth $73,951,000 after buying an additional 320,841 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Black Hills by 3.7% during the first quarter. Janus Henderson Group PLC now owns 1,069,153 shares of the utilities provider’s stock worth $68,458,000 after buying an additional 37,880 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in Black Hills by 2.0% during the fourth quarter. Nuveen Asset Management LLC now owns 903,267 shares of the utilities provider’s stock worth $70,943,000 after buying an additional 17,680 shares in the last quarter. Hedge funds and other institutional investors own 85.71% of the company’s stock.
A number of analysts recently weighed in on the stock. Wells Fargo & Co reduced their target price on shares of Black Hills from $88.00 to $66.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Williams Capital restated a “buy” rating on shares of Black Hills in a research report on Wednesday, May 6th. Credit Suisse Group upgraded shares of Black Hills from a “neutral” rating to an “outperform” rating and set a $70.00 price target for the company in a research report on Tuesday, May 19th. Siebert Williams Shank upgraded shares of Black Hills from a “hold” rating to a “buy” rating and upped their price target for the company from $64.00 to $75.00 in a research report on Wednesday, May 6th. Finally, Sidoti upgraded shares of Black Hills from a “neutral” rating to a “buy” rating and upped their price target for the company from $66.00 to $69.00 in a research report on Thursday, May 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $72.75.
BKH stock opened at $57.86 on Friday. Black Hills Corp has a 12-month low of $48.07 and a 12-month high of $87.12. The company has a quick ratio of 0.55, a current ratio of 0.68 and a debt-to-equity ratio of 1.20. The company has a market cap of $3.63 billion, a price-to-earnings ratio of 18.85, a PEG ratio of 2.85 and a beta of 0.30. The company has a 50 day moving average of $58.07 and a two-hundred day moving average of $66.58.
Black Hills (NYSE:BKH) last released its earnings results on Monday, May 4th. The utilities provider reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.03). Black Hills had a return on equity of 8.41% and a net margin of 11.27%. The company had revenue of $537.10 million during the quarter, compared to analysts’ expectations of $633.11 million. During the same quarter in the previous year, the company earned $1.73 EPS. On average, research analysts anticipate that Black Hills Corp will post 3.53 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a $0.535 dividend. The ex-dividend date is Monday, August 17th. This represents a $2.14 dividend on an annualized basis and a yield of 3.70%. Black Hills’s payout ratio is 60.62%.
In related news, Director Tony A. Jensen bought 3,421 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was bought at an average price of $58.43 per share, for a total transaction of $199,889.03. Following the transaction, the director now directly owns 6,106 shares in the company, valued at $356,773.58. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.00% of the stock is owned by corporate insiders.
Black Hills Profile
Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates through Electric Utilities, Gas Utilities, Power Generation, and Mining segments. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 212,000 electric customers in Colorado, Montana, South Dakota, and Wyoming, as well as provides electrical system construction services to large industrial customers.
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