Freestone Grove Partners LP Takes $22.49 Million Position in Black Hills Corporation $BKH

Freestone Grove Partners LP acquired a new position in shares of Black Hills Corporation (NYSE:BKH) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 302,329 shares of the utilities provider’s stock, valued at approximately $22,493,000. Freestone Grove Partners LP owned approximately 0.40% of Black Hills at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Black Hills in the 2nd quarter worth $928,675,000. Zimmer Partners LP grew its position in Black Hills by 2,100.0% in the third quarter. Zimmer Partners LP now owns 1,100,020 shares of the utilities provider’s stock worth $67,750,000 after acquiring an additional 1,050,020 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in Black Hills by 176.9% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,592,000 shares of the utilities provider’s stock worth $110,517,000 after acquiring an additional 1,017,000 shares in the last quarter. Engineers Gate Manager LP increased its stake in Black Hills by 17,790.3% in the fourth quarter. Engineers Gate Manager LP now owns 849,073 shares of the utilities provider’s stock valued at $58,943,000 after acquiring an additional 844,327 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Black Hills in the second quarter valued at $56,841,000. 86.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. BMO Capital Markets reduced their price objective on Black Hills from $86.00 to $85.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 22nd. Bank of America lifted their price target on shares of Black Hills from $78.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Weiss Ratings upgraded shares of Black Hills from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 24th. Oppenheimer set a $78.00 price objective on shares of Black Hills in a research note on Thursday, June 11th. Finally, Wall Street Zen raised shares of Black Hills from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $81.67.

Black Hills Stock Performance

Shares of BKH stock opened at $73.42 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.41 and a current ratio of 0.52. Black Hills Corporation has a fifty-two week low of $58.06 and a fifty-two week high of $78.69. The stock has a 50 day moving average price of $73.70 and a two-hundred day moving average price of $73.14. The company has a market capitalization of $5.60 billion, a P/E ratio of 18.54, a PEG ratio of 2.92 and a beta of 0.71.

Black Hills (NYSE:BKH) last announced its quarterly earnings results on Wednesday, August 5th. The utilities provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.13. The business had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $490.89 million. Black Hills had a net margin of 13.01% and a return on equity of 7.98%. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.38 EPS. Black Hills has set its FY 2026 guidance at 4.250-4.450 EPS. Analysts expect that Black Hills Corporation will post 4.34 earnings per share for the current year.

Black Hills Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be paid a $0.703 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $2.81 annualized dividend and a dividend yield of 3.8%. Black Hills’s dividend payout ratio (DPR) is presently 70.96%.

Black Hills Company Profile

Black Hills Corporation is a diversified energy company based in Rapid City, South Dakota, that provides electricity and natural gas distribution services to residential, commercial and industrial customers. Through its regulated utility subsidiaries—Black Hills Power, Cheyenne Light & Power, and Black Hills Energy—the company delivers reliable energy across Colorado, Kansas, Montana, Nebraska, South Dakota and Wyoming.

In addition to its distribution operations, Black Hills owns and operates a generation portfolio that includes natural gas–fired plants, coal-fired units, hydroelectric facilities and wind projects.