Financial Advocates Investment Management Reduces Stake in Black Hills Co. (NYSE:BKH)

On November 4th, 2024, Financial Advocates Investment Management announced a decrease in its investment in Black Hills Co. (NYSE:BKH) by 6.8% during the third quarter, based on the latest 13F filing with the SEC. The institutional investor now holds 4,828 shares of Black Hills after selling 350 shares within the quarter. At the conclusion of this reporting period, Financial Advocates Investment Management's investment in the utilities company was valued at $295,000.

In addition to Financial Advocates, other hedge funds have adjusted their positions in Black Hills. Vanguard Group Inc. increased its stake by 0.7% in the first quarter, now owning 8,203,786 shares valued at approximately $447.9 million after purchasing an additional 60,219 shares. AQR Capital Management LLC significantly raised its position by 31.7% in the second quarter, owning 1,147,939 shares worth approximately $62.4 million after acquiring an additional 275,994 shares. Dimensional Fund Advisors LP grew its stake by 8.8% in the same quarter, with 978,497 shares valued at roughly $53.2 million after adding 78,958 shares to its holdings. Bank of New York Mellon Corp's position was boosted by 0.4% during the second quarter, resulting in ownership of 949,278 shares valued at about $51.6 million after buying 3,544 additional shares. Furthermore, Jupiter Asset Management Ltd. increased its stake by 39.7% in the first quarter, owning now 483,120 shares valued at around $26.4 million after securing 137,356 additional shares. Overall, hedge funds and institutional investors control 86.71% of Black Hills' stock.

Current Stock Performance of Black Hills

As of Monday, Black Hills stock opened at $57.92. The company boasts a market capitalization of $4.04 billion, a price-to-earnings (P/E) ratio of 14.34, a price-to-earnings-growth (PEG) ratio of 4.28, and a beta of 0.69. Financially, Black Hills displays a quick ratio of 0.94, a current ratio of 1.06, and a debt-to-equity ratio of 1.23. Over the past periods, its 50-day moving average price stands at $60.12, while the 200-day moving average price is $57.28. Investors can observe that the company has had a 52-week low of $48.27 and a 52-week high of $62.20.

Dividend Declaration by Black Hills

Recently, Black Hills declared a quarterly dividend to be paid on December 1st. This $0.65 dividend will be awarded to shareholders who are on the record as of November 18th, with the ex-dividend date also set for November 18th. This annualizes to a dividend of $2.60 and reflects a yield of 4.49%. At present, the dividend payout ratio sits at 64.36%.

Analyst Insights on Black Hills' Future

Several analysts have expressed their views on Black Hills stock. Wells Fargo & Company raised its price target from $61.00 to $64.00 and maintains an “equal weight” rating based on their assessment from August 2nd. Similarly, Scotiabank increased its target price from $54.00 to $63.00 while rating the company as a “sector performer” according to a note from August 20th. While one analyst rated the stock to sell, five others have rated it to hold. From the perspective of MarketBeat.com, Black Hills secures an average rating of “Hold” with a consensus price target of $58.00.

Overview of Black Hills Company

Black Hills Corporation operates primarily as an electric and natural gas utility provider in the United States through its subsidiaries. The company is segmented into Electric Utilities and Gas Utilities. In its Electric Utilities sector, the company generates, transmits, and distributes electricity to about 222,000 customers spanning Colorado, Montana, South Dakota, and Wyoming. Additionally, Black Hills possesses 1,394 megawatts of generation capacity alongside 9,106 miles of electric transmission and distribution infrastructure.

Investment, Finance, Utilities