Black Hills (NYSE:BKH) Releases Quarterly Earnings Results

Black Hills (NYSE:BKH) released its earnings results on Wednesday. The utilities provider reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04, Briefing.com reports. Black Hills had a return on equity of 8.28% and a net margin of 12.96%. The firm had revenue of $402.60 million for the quarter, compared to analysts’ expectations of $498.00 million. During the same quarter in the prior year, the firm posted $0.35 earnings per share. The company’s quarterly revenue was down 2.1% on a year-over-year basis. Black Hills updated its FY24 guidance to $3.80-4.00 EPS and its FY 2024 guidance to 3.800-4.000 EPS.

Black Hills Stock Down 1.7 %

Shares of NYSE BKH traded down $1.01 during trading hours on Friday, hitting $58.28. 73,582 shares of the stock were exchanged, compared to its average volume of 491,942. The company has a market cap of $4.02 billion, a PE ratio of 14.52 and a beta of 0.68. Black Hills has a 12 month low of $46.43 and a 12 month high of $59.82. The company has a quick ratio of 0.61, a current ratio of 0.73 and a debt-to-equity ratio of 1.11. The firm has a fifty day moving average price of $55.32 and a 200-day moving average price of $53.92.

Black Hills Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Monday, August 19th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date is Monday, August 19th. Black Hills’s dividend payout ratio is currently 64.04%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on BKH shares. Scotiabank decreased their price objective on shares of Black Hills from $58.00 to $54.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Wells Fargo & Company increased their price target on Black Hills from $56.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Friday, May 10th. Mizuho lifted their price objective on Black Hills from $53.00 to $57.00 and gave the company a “neutral” rating in a report on Tuesday, June 4th. Finally, StockNews.com upgraded shares of Black Hills from a “sell” rating to a “hold” rating in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $55.60.

Insider Buying and Selling at Black Hills

In other news, Director Rebecca B. Roberts sold 3,094 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $54.84, for a total transaction of $169,674.96. Following the completion of the sale, the director now owns 7,956 shares in the company, valued at approximately $436,307.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.61% of the stock is owned by insiders.

Black Hills Company Profile

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates in two segments: Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 222,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,394 megawatts of generation capacity and 9,106 miles of electric transmission and distribution lines.