The Manufacturers Life Insurance Company purchased a new position in Black Hills Corporation (NYSE:BKH – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 395,331 shares of the utilities provider’s stock, valued at approximately $29,413,000. The Manufacturers Life Insurance Company owned approximately 0.52% of Black Hills as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Black Hills during the second quarter worth approximately $928,675,000. Zimmer Partners LP grew its position in Black Hills by 2,100.0% in the 3rd quarter. Zimmer Partners LP now owns 1,100,020 shares of the utilities provider’s stock valued at $67,750,000 after purchasing an additional 1,050,020 shares during the period. Adage Capital Partners GP L.L.C. grew its position in Black Hills by 176.9% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,592,000 shares of the utilities provider’s stock valued at $110,517,000 after purchasing an additional 1,017,000 shares during the period. Engineers Gate Manager LP increased its stake in Black Hills by 17,790.3% during the 4th quarter. Engineers Gate Manager LP now owns 849,073 shares of the utilities provider’s stock valued at $58,943,000 after purchasing an additional 844,327 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Black Hills during the 2nd quarter valued at $56,841,000. Institutional investors and hedge funds own 86.71% of the company’s stock.
Black Hills Price Performance
Shares of NYSE:BKH opened at $73.42 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.41 and a debt-to-equity ratio of 0.99. The stock has a market cap of $5.60 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 2.92 and a beta of 0.71. The stock’s fifty day simple moving average is $73.70 and its two-hundred day simple moving average is $73.14. Black Hills Corporation has a 1-year low of $58.06 and a 1-year high of $78.69.
Black Hills Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be given a $0.703 dividend. This represents a $2.81 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Monday, August 17th. Black Hills’s dividend payout ratio is presently 70.96%.
Analysts Set New Price Targets
BKH has been the topic of a number of recent research reports. BMO Capital Markets dropped their price objective on shares of Black Hills from $86.00 to $85.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 22nd. Wall Street Zen raised shares of Black Hills from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Bank of America upped their target price on shares of Black Hills from $78.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Oppenheimer set a $78.00 price target on shares of Black Hills in a research report on Thursday, June 11th. Finally, Weiss Ratings upgraded Black Hills from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $81.67.
Check Out Our Latest Analysis on Black Hills
About Black Hills
Black Hills Corporation is a diversified energy company based in Rapid City, South Dakota, that provides electricity and natural gas distribution services to residential, commercial and industrial customers. Through its regulated utility subsidiaries—Black Hills Power, Cheyenne Light & Power, and Black Hills Energy—the company delivers reliable energy across Colorado, Kansas, Montana, Nebraska, South Dakota and Wyoming.
In addition to its distribution operations, Black Hills owns and operates a generation portfolio that includes natural gas–fired plants, coal-fired units, hydroelectric facilities and wind projects.
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