Franklin Resources Inc. increased its stake in Black Hills Co. (NYSE:BKH) by 22.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,429,186 shares of the utilities provider’s stock after buying an additional 443,288 shares during the period. Franklin Resources Inc. owned 3.83% of Black Hills worth $159,428,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of BKH. Tortoise Investment Management LLC purchased a new position in Black Hills in the 2nd quarter worth about $39,000. Creative Financial Designs Inc. ADV purchased a new position in Black Hills in the 2nd quarter worth about $40,000. Stonebridge Capital Advisors LLC purchased a new position in Black Hills in the 1st quarter worth about $80,000. Tompkins Financial Corp increased its stake in Black Hills by 36.4% in the 1st quarter. Tompkins Financial Corp now owns 1,500 shares of the utilities provider’s stock worth $100,000 after buying an additional 400 shares during the period. Finally, Bbva USA purchased a new position in Black Hills during the 2nd quarter valued at about $100,000. 87.12% of the stock is currently owned by institutional investors.
A number of research analysts have commented on the stock. Mizuho raised their target price on shares of Black Hills from $60.00 to $67.00 and gave the company a “neutral” rating in a research report on Wednesday, September 22nd. Zacks Investment Research downgraded shares of Black Hills from a “buy” rating to a “hold” rating in a research report on Thursday, September 30th. Finally, Sidoti raised their target price on shares of Black Hills from $78.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, August 25th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $73.71.
Black Hills (NYSE:BKH) last released its earnings results on Monday, August 2nd. The utilities provider reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.02. The company had revenue of $372.60 million during the quarter. Black Hills had a net margin of 12.78% and a return on equity of 8.73%. On average, equities research analysts expect that Black Hills Co. will post 3.88 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Investors of record on Wednesday, August 18th were paid a $0.565 dividend. This represents a $2.26 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date was Tuesday, August 17th. Black Hills’s dividend payout ratio (DPR) is presently 60.59%.
In other Black Hills news, SVP Stuart A. Wevik sold 1,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 22,759 shares of the company’s stock, valued at approximately $1,593,130. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Stuart A. Wevik sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, July 16th. The stock was sold at an average price of $68.54, for a total transaction of $137,080.00. Following the transaction, the senior vice president now directly owns 24,759 shares of the company’s stock, valued at $1,696,981.86. The disclosure for this sale can be found here. 0.78% of the stock is owned by company insiders.
Black Hills Profile
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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