Friedberg Investment Management reduced its stake in shares of Black Hills Corp (NYSE:BKH) by 83.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,310 shares of the utilities provider’s stock after selling 38,140 shares during the quarter. Friedberg Investment Management’s holdings in Black Hills were worth $503,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Murphy Capital Management Inc. increased its stake in Black Hills by 0.4% in the 2nd quarter. Murphy Capital Management Inc. now owns 5,670 shares of the utilities provider’s stock valued at $382,000 after buying an additional 20 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of Black Hills by 0.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 24,333 shares of the utilities provider’s stock worth $1,642,000 after buying an additional 67 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in shares of Black Hills by 2.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,232 shares of the utilities provider’s stock worth $218,000 after buying an additional 81 shares during the period. World Asset Management Inc boosted its holdings in Black Hills by 2.7% in the 2nd quarter. World Asset Management Inc now owns 3,375 shares of the utilities provider’s stock valued at $228,000 after purchasing an additional 90 shares during the period. Finally, Virginia Retirement Systems ET AL boosted its holdings in Black Hills by 0.4% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 26,600 shares of the utilities provider’s stock valued at $1,795,000 after purchasing an additional 100 shares during the period. 95.31% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently commented on the stock. Royal Bank Of Canada dropped their target price on shares of Black Hills from $72.00 to $64.00 and set an “outperform” rating for the company in a research report on Monday, November 6th. Williams Capital lowered shares of Black Hills from a “buy” rating to a “hold” rating and reduced their price objective for the company from $75.00 to $70.00 in a research note on Friday, October 6th. Zacks Investment Research lowered shares of Black Hills from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. J P Morgan Chase & Co upped their price objective on shares of Black Hills from $76.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, October 12th. Finally, Bank of America upgraded shares of Black Hills from an “underperform” rating to a “neutral” rating and set a $61.00 price objective on the stock in a report on Monday, November 13th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $68.13.
Shares of Black Hills Corp (BKH) traded up $1.02 during midday trading on Thursday, hitting $58.94. 635,699 shares of the company traded hands, compared to its average volume of 357,159. The stock has a market capitalization of $3,072.15, a P/E ratio of 16.94, a price-to-earnings-growth ratio of 3.08 and a beta of 0.73. Black Hills Corp has a 12 month low of $57.01 and a 12 month high of $72.02. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 1.73.
Black Hills (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). Black Hills had a net margin of 8.47% and a return on equity of 10.47%. The company had revenue of $342.10 million during the quarter, compared to the consensus estimate of $369.84 million. During the same quarter last year, the firm earned $0.48 EPS. The business’s revenue was up 2.5% on a year-over-year basis. equities analysts predict that Black Hills Corp will post 3.35 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 17th were given a $0.475 dividend. This is a positive change from Black Hills’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $1.90 dividend on an annualized basis and a yield of 3.22%. Black Hills’s payout ratio is 72.52%.
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About Black Hills
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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