Black Hills Co. (NYSE:BKH) declared a quarterly dividend on Wednesday, October 27th, Wall Street Journal reports. Investors of record on Wednesday, November 17th will be given a dividend of 0.595 per share by the utilities provider on Wednesday, December 1st. This represents a $2.38 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend is Tuesday, November 16th. This is an increase from Black Hills’s previous quarterly dividend of $0.57.
Black Hills has raised its dividend payment by 19.9% over the last three years and has increased its dividend every year for the last 13 years. Black Hills has a payout ratio of 57.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Black Hills to earn $4.05 per share next year, which means the company should continue to be able to cover its $2.26 annual dividend with an expected future payout ratio of 55.8%.
Black Hills stock opened at $66.13 on Thursday. Black Hills has a fifty-two week low of $56.31 and a fifty-two week high of $72.78. The stock has a market cap of $4.20 billion, a PE ratio of 17.63, a price-to-earnings-growth ratio of 3.41 and a beta of 0.36. The firm’s 50-day simple moving average is $67.62 and its 200 day simple moving average is $67.77. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.37 and a current ratio of 0.46.
In related news, SVP Stuart A. Wevik sold 1,000 shares of the company’s stock in a transaction on Wednesday, August 4th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the sale, the senior vice president now directly owns 22,759 shares in the company, valued at approximately $1,593,130. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.78% of the company’s stock.
A hedge fund recently bought a new stake in Black Hills stock. OLD Mission Capital LLC acquired a new position in Black Hills Co. (NYSE:BKH) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,419 shares of the utilities provider’s stock, valued at approximately $611,000. 87.12% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages recently commented on BKH. Sidoti boosted their price objective on shares of Black Hills from $78.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, August 25th. Zacks Investment Research cut shares of Black Hills from a “buy” rating to a “hold” rating in a research note on Thursday, September 30th. Finally, Mizuho upped their price objective on shares of Black Hills from $60.00 to $67.00 and gave the company a “neutral” rating in a research note on Wednesday, September 22nd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $73.71.
About Black Hills
Black Hills Corp. is a diversified energy company. It operates through the following segments: Electric Utilities, Gas Utilities, Power Generation, Mining, and Corporate and Other. The Electric Utilities segment generates, transmits, and distributes electricity in South Dakota, Wyoming, Colorado, and Montana.
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