JPMorgan Chase & Co. raised its holdings in shares of Black Hills Co. (NYSE:BKH) by 8.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 580,164 shares of the utilities provider’s stock after purchasing an additional 44,945 shares during the quarter. JPMorgan Chase & Co. owned 0.92% of Black Hills worth $35,652,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in BKH. Birchcreek Wealth Management LLC bought a new stake in Black Hills during the 4th quarter valued at $30,000. Point72 Hong Kong Ltd increased its stake in Black Hills by 27.6% during the 3rd quarter. Point72 Hong Kong Ltd now owns 874 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 189 shares in the last quarter. First Command Bank bought a new stake in Black Hills during the 4th quarter valued at $58,000. CI Investments Inc. increased its stake in Black Hills by 82.0% during the 4th quarter. CI Investments Inc. now owns 1,043 shares of the utilities provider’s stock valued at $64,000 after purchasing an additional 470 shares in the last quarter. Finally, Global Retirement Partners LLC grew its stake in shares of Black Hills by 102.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,081 shares of the utilities provider’s stock worth $66,000 after acquiring an additional 548 shares in the last quarter. Institutional investors and hedge funds own 85.45% of the company’s stock.
Several research firms have recently issued reports on BKH. Credit Suisse Group upped their target price on shares of Black Hills from $68.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 19th. Wells Fargo & Company upped their target price on shares of Black Hills from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday. Mizuho reiterated a “neutral” rating and issued a $60.00 target price (down previously from $66.00) on shares of Black Hills in a research note on Tuesday, March 9th. Zacks Investment Research upgraded shares of Black Hills from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a research note on Tuesday. Finally, Scotiabank upgraded shares of Black Hills from a “sector perform” rating to a “sector outperform” rating and set a $77.00 price target for the company in a research report on Tuesday, December 15th. They noted that the move was a valuation call. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $71.38.
Black Hills (NYSE:BKH) last released its quarterly earnings data on Monday, February 8th. The utilities provider reported $1.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.08. The business had revenue of $486.40 million for the quarter, compared to the consensus estimate of $593.74 million. Black Hills had a net margin of 13.01% and a return on equity of 8.71%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.13 earnings per share. As a group, equities research analysts anticipate that Black Hills Co. will post 3.65 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, March 1st. Stockholders of record on Friday, February 12th were issued a $0.565 dividend. This represents a $2.26 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date was Thursday, February 11th. Black Hills’s payout ratio is 64.02%.
About Black Hills
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 214,000 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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