State Board of Administration of Florida Retirement System boosted its holdings in shares of Black Hills Corporation (NYSE:BKH) by 30.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,325 shares of the utilities provider’s stock after purchasing an additional 11,340 shares during the period. State Board of Administration of Florida Retirement System owned about 0.09% of Black Hills Corporation worth $3,328,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in BKH. Janus Henderson Group PLC purchased a new position in Black Hills Corporation during the 2nd quarter valued at about $61,993,000. Renaissance Technologies LLC grew its holdings in shares of Black Hills Corporation by 35.9% during the 2nd quarter. Renaissance Technologies LLC now owns 720,800 shares of the utilities provider’s stock worth $48,632,000 after acquiring an additional 190,500 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Black Hills Corporation by 7.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,494,071 shares of the utilities provider’s stock worth $168,275,000 after acquiring an additional 171,383 shares during the period. Macquarie Group Ltd. grew its holdings in shares of Black Hills Corporation by 19.1% during the 2nd quarter. Macquarie Group Ltd. now owns 974,182 shares of the utilities provider’s stock worth $65,728,000 after acquiring an additional 155,969 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Black Hills Corporation by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 5,223,071 shares of the utilities provider’s stock worth $352,401,000 after acquiring an additional 118,774 shares during the period. Institutional investors own 93.89% of the company’s stock.
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A number of brokerages have recently commented on BKH. Royal Bank Of Canada reissued a “buy” rating and issued a $73.00 price target on shares of Black Hills Corporation in a research report on Wednesday, August 9th. Zacks Investment Research raised Black Hills Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, September 6th. Williams Capital cut Black Hills Corporation from a “buy” rating to a “hold” rating and dropped their price target for the stock from $75.00 to $70.00 in a research report on Friday, October 6th. Credit Suisse Group boosted their price target on Black Hills Corporation from $75.00 to $77.00 and gave the stock an “outperform” rating in a research report on Monday, October 2nd. Finally, J P Morgan Chase & Co boosted their price target on Black Hills Corporation from $76.00 to $77.00 and gave the stock an “overweight” rating in a research report on Thursday, October 12th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $68.13.
Black Hills Corporation (NYSE:BKH) opened at $58.35 on Thursday. The stock has a market capitalization of $3,120.00, a P/E ratio of 17.34, a P/E/G ratio of 3.15 and a beta of 0.78. Black Hills Corporation has a 12-month low of $57.26 and a 12-month high of $72.02. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.69 and a quick ratio of 0.47.
Black Hills Corporation (NYSE:BKH) last released its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.05). The firm had revenue of $342.10 million for the quarter, compared to the consensus estimate of $369.84 million. Black Hills Corporation had a net margin of 8.47% and a return on equity of 10.47%. Black Hills Corporation’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.48 earnings per share. equities analysts anticipate that Black Hills Corporation will post 3.35 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 3.26%. This is a boost from Black Hills Corporation’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, November 16th. Black Hills Corporation’s dividend payout ratio is presently 67.68%.
About Black Hills Corporation
Black Hills Corporation is a holding company. The Company is an integrated energy company, which is focused primarily on regulated utilities. The Company operates through segments, including Electric Utilities, Gas Utilities, Power Generation, Mining, Oil and Gas, and Corporate. As of December 31, 2016, the Electric Utilities segment generated, transmitted and distributed electricity to approximately 208,500 customers in South Dakota, Wyoming, Colorado and Montana.
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