Black Hills (NYSE:BKH) Issues Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Black Hills (NYSE:BKH) posted its quarterly earnings data on Wednesday. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04, Briefing.com reports. The business had revenue of $402.60 million during the quarter, compared to the consensus estimate of $498.00 million. Black Hills had a net margin of 12.96% and a return on equity of 8.28%. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.35 earnings per share. 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 Price Performance

NYSE BKH traded down $0.37 during trading on Friday, reaching $58.92. The company’s stock had a trading volume of 519,364 shares, compared to its average volume of 435,674. The firm has a fifty day moving average of $55.40 and a 200 day moving average of $53.96. Black Hills has a one year low of $46.43 and a one year high of $59.82. The stock has a market capitalization of $4.06 billion, a PE ratio of 14.51 and a beta of 0.68. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.73 and a quick ratio of 0.61.

Black Hills Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Monday, August 19th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend is Monday, August 19th. Black Hills’s dividend payout ratio is 64.04%.

Insider Activity

In other Black Hills news, Director Rebecca B. Roberts sold 3,094 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $54.84, for a total value of $169,674.96. Following the completion of the transaction, the director now owns 7,956 shares of the company’s stock, valued at approximately $436,307.04. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BKH shares. StockNews.com raised shares of Black Hills from a “sell” rating to a “hold” rating in a report on Thursday, May 9th. Scotiabank dropped their price target on Black Hills from $58.00 to $54.00 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. Mizuho upped their price objective on shares of Black Hills from $53.00 to $57.00 and gave the company a “neutral” rating in a report on Tuesday, June 4th. Finally, Wells Fargo & Company lifted their price objective on shares of Black Hills from $61.00 to $64.00 and gave the company an “equal weight” rating in a research note on Friday. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, Black Hills presently has a consensus rating of “Hold” and an average price target of $56.20.

About Black Hills

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.