Gabelli Funds LLC Decreases Position in Black Hills Corp (BKH)

Gabelli Funds LLC cut its position in shares of Black Hills Corp (NYSE:BKH) by 2.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 765,400 shares of the utilities provider’s stock after selling 17,400 shares during the quarter. Gabelli Funds LLC owned 1.43% of Black Hills worth $44,462,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of BKH. BlackRock Inc. grew its stake in Black Hills by 7.0% in the second quarter. BlackRock Inc. now owns 7,570,328 shares of the utilities provider’s stock valued at $463,379,000 after purchasing an additional 497,479 shares in the last quarter. Victory Capital Management Inc. grew its stake in Black Hills by 7.3% in the second quarter. Victory Capital Management Inc. now owns 1,368,506 shares of the utilities provider’s stock valued at $83,766,000 after purchasing an additional 92,561 shares in the last quarter. Macquarie Group Ltd. grew its stake in Black Hills by 1.2% in the second quarter. Macquarie Group Ltd. now owns 1,046,282 shares of the utilities provider’s stock valued at $64,043,000 after purchasing an additional 12,098 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Black Hills by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 998,950 shares of the utilities provider’s stock valued at $61,146,000 after purchasing an additional 2,952 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Black Hills by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 958,390 shares of the utilities provider’s stock valued at $58,664,000 after purchasing an additional 19,672 shares in the last quarter. Institutional investors and hedge funds own 99.67% of the company’s stock.

A number of research firms have weighed in on BKH. Howard Weil began coverage on Black Hills in a research note on Tuesday, July 24th. They issued a “sector perform” rating and a $58.00 price target for the company. Zacks Investment Research downgraded Black Hills from a “hold” rating to a “sell” rating in a research note on Thursday, July 12th. ValuEngine downgraded Black Hills from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. Wells Fargo & Co raised their price target on Black Hills from $62.00 to $64.00 and gave the company a “market perform” rating in a research note on Monday, September 17th. Finally, Credit Suisse Group upgraded Black Hills from a “neutral” rating to an “outperform” rating and raised their price target for the company from $62.00 to $65.00 in a research note on Wednesday, October 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Black Hills presently has a consensus rating of “Hold” and a consensus target price of $61.88.

BKH opened at $61.81 on Tuesday. Black Hills Corp has a 12-month low of $50.49 and a 12-month high of $64.14. The company has a market capitalization of $3.23 billion, a PE ratio of 18.40, a price-to-earnings-growth ratio of 3.94 and a beta of 0.29. The company has a quick ratio of 0.39, a current ratio of 0.52 and a debt-to-equity ratio of 1.48.

Black Hills (NYSE:BKH) last released its quarterly earnings data on Monday, November 5th. The utilities provider reported $0.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.16). Black Hills had a net margin of 13.90% and a return on equity of 10.40%. The business had revenue of $322.00 million during the quarter, compared to analyst estimates of $357.72 million. During the same period in the previous year, the business earned $0.50 earnings per share. The business’s quarterly revenue was down 4.1% on a year-over-year basis. As a group, equities research analysts anticipate that Black Hills Corp will post 3.42 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Monday, November 19th will be given a $0.505 dividend. This represents a $2.02 dividend on an annualized basis and a dividend yield of 3.27%. This is a boost from Black Hills’s previous quarterly dividend of $0.48. The ex-dividend date is Friday, November 16th. Black Hills’s dividend payout ratio (DPR) is presently 56.55%.

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About Black Hills

Black Hills Corporation, through its subsidiaries, operates as a vertically-integrated utility company in the United States. The company's Electric Utilities segment generates, transmits, and distributes electricity to approximately 210,000 electric customers in South Dakota, Wyoming, Colorado, and Montana.

Further Reading: Understanding each part of a balance sheet

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Institutional Ownership by Quarter for Black Hills (NYSE:BKH)

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