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

Black Hills (NYSE:BKH) announced its quarterly earnings results on Wednesday. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04, Briefing.com reports. Black Hills had a return on equity of 8.28% and a net margin of 12.96%. The company had revenue of $402.60 million for the quarter, compared to the consensus estimate of $498.00 million. During the same quarter in the previous year, the business earned $0.35 EPS. Black Hills’s revenue was down 2.1% compared to the same quarter last year. 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 Stock Down 0.6 %

BKH stock traded down $0.37 during midday trading on Friday, hitting $58.92. The company’s stock had a trading volume of 519,364 shares, compared to its average volume of 435,674. The company has a market cap of $4.06 billion, a PE ratio of 14.51 and a beta of 0.68. Black Hills has a 12 month low of $46.43 and a 12 month high of $59.82. The company has a current ratio of 0.73, a quick ratio of 0.61 and a debt-to-equity ratio of 1.11. The firm’s 50-day moving average is $55.40 and its 200-day moving average is $53.96.

Black Hills Announces Dividend

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 given a $0.65 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $2.60 annualized dividend and a yield of 4.41%. Black Hills’s dividend payout ratio (DPR) is presently 64.04%.

Insider Activity at Black Hills

In related news, Director Rebecca B. Roberts sold 3,094 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $54.84, for a total value of $169,674.96. Following the transaction, the director now directly owns 7,956 shares of the company’s stock, valued at approximately $436,307.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.61% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BKH has been the topic of a number of research analyst reports. StockNews.com upgraded Black Hills from a “sell” rating to a “hold” rating in a report on Thursday, May 9th. Wells Fargo & Company upped their target price on Black Hills from $61.00 to $64.00 and gave the stock an “equal weight” rating in a report on Friday. Mizuho upped their target price on Black Hills from $53.00 to $57.00 and gave the stock a “neutral” rating in a report on Tuesday, June 4th. Finally, 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. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat, the company currently has an average 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.