Duff & Phelps Investment Management Co. bought a new position in shares of Black Hills Corp (NYSE:BKH) in the second quarter, HoldingsChannel reports. The firm bought 327,600 shares of the utilities provider’s stock, valued at approximately $25,608,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its position in Black Hills by 2.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,027,803 shares of the utilities provider’s stock valued at $64,524,000 after purchasing an additional 27,598 shares during the period. Geode Capital Management LLC lifted its position in Black Hills by 12.0% during the 4th quarter. Geode Capital Management LLC now owns 583,033 shares of the utilities provider’s stock valued at $36,602,000 after purchasing an additional 62,327 shares during the period. State of Alaska Department of Revenue acquired a new position in Black Hills during the 1st quarter valued at about $542,000. Louisiana State Employees Retirement System lifted its position in Black Hills by 1.4% during the 1st quarter. Louisiana State Employees Retirement System now owns 14,500 shares of the utilities provider’s stock valued at $1,074,000 after purchasing an additional 200 shares during the period. Finally, Retirement Systems of Alabama lifted its position in Black Hills by 0.4% during the 1st quarter. Retirement Systems of Alabama now owns 70,299 shares of the utilities provider’s stock valued at $5,207,000 after purchasing an additional 291 shares during the period. 88.01% of the stock is owned by institutional investors and hedge funds.
In related news, Chairman David R. Emery sold 7,500 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $81.58, for a total transaction of $611,850.00. Following the completion of the sale, the chairman now directly owns 175,306 shares of the company’s stock, valued at approximately $14,301,463.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Brian Iverson sold 6,469 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $77.89, for a total value of $503,870.41. Following the sale, the senior vice president now directly owns 26,108 shares of the company’s stock, valued at $2,033,552.12. The disclosure for this sale can be found here. Insiders sold a total of 34,385 shares of company stock worth $2,694,823 over the last quarter. 1.00% of the stock is currently owned by corporate insiders.
Black Hills (NYSE:BKH) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.21). The firm had revenue of $333.90 million during the quarter, compared to analyst estimates of $399.87 million. Black Hills had a net margin of 12.65% and a return on equity of 8.99%. The business’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, equities analysts anticipate that Black Hills Corp will post 3.48 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Monday, August 19th will be given a $0.505 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 2.64%. Black Hills’s dividend payout ratio is 57.06%.
BKH has been the topic of a number of analyst reports. Scotiabank upgraded shares of Black Hills from an “underperform” rating to a “sector perform” rating and increased their price target for the company from $64.00 to $70.00 in a research report on Wednesday, May 8th. Credit Suisse Group cut their price target on shares of Black Hills from $79.00 to $78.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Finally, Zacks Investment Research downgraded shares of Black Hills from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $72.67.
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 212,000 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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