Zacks Investment Research Upgrades Black Hills (NYSE:BKH) to Buy

Black Hills (NYSE:BKH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The firm presently has a $71.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 14.00% from the stock’s current price.

According to Zacks, “Black Hills Corporation is an energy company that generates wholesale electricity and produces natural gas, crude oil and coal. They serve natural gas and electric utility customers in Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. “

Other equities research analysts have also recently issued reports about the stock. Mizuho raised their price objective on shares of Black Hills from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 22nd. Sidoti raised their price objective on shares of Black Hills from $78.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, August 25th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $73.71.

BKH traded down $0.95 during midday trading on Tuesday, hitting $62.28. 259,744 shares of the company traded hands, compared to its average volume of 340,375. The company has a current ratio of 0.46, a quick ratio of 0.37 and a debt-to-equity ratio of 1.28. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 3.41 and a beta of 0.36. Black Hills has a 52-week low of $52.84 and a 52-week high of $72.78. The business has a 50 day simple moving average of $68.97 and a two-hundred day simple moving average of $68.00.

Black Hills (NYSE:BKH) last posted its quarterly earnings data on Monday, August 2nd. The utilities provider reported $0.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.02. The business had revenue of $372.60 million for the quarter. Black Hills had a net margin of 12.78% and a return on equity of 8.73%. Equities research analysts anticipate that Black Hills will post 3.88 earnings per share for the current year.

In other news, SVP Stuart A. Wevik sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, July 16th. The shares were sold at an average price of $68.54, for a total transaction of $137,080.00. Following the completion of the sale, the senior vice president now owns 24,759 shares in the company, valued at approximately $1,696,981.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Stuart A. Wevik sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 14th. The stock was sold at an average price of $67.00, for a total transaction of $67,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 4,000 shares of company stock valued at $274,080. Insiders own 0.78% of the company’s stock.

Several large investors have recently bought and sold shares of the company. BlackRock Inc. grew its stake in shares of Black Hills by 5.4% during the 1st quarter. BlackRock Inc. now owns 9,042,376 shares of the utilities provider’s stock worth $603,759,000 after purchasing an additional 460,433 shares during the period. Vanguard Group Inc. grew its stake in shares of Black Hills by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 6,389,489 shares of the utilities provider’s stock worth $419,342,000 after purchasing an additional 96,288 shares during the period. State Street Corp grew its stake in shares of Black Hills by 1.2% during the 2nd quarter. State Street Corp now owns 6,002,636 shares of the utilities provider’s stock worth $393,953,000 after purchasing an additional 72,546 shares during the period. Franklin Resources Inc. boosted its position in shares of Black Hills by 22.3% in the 2nd quarter. Franklin Resources Inc. now owns 2,429,186 shares of the utilities provider’s stock worth $159,428,000 after buying an additional 443,288 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Black Hills by 2.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,215,061 shares of the utilities provider’s stock worth $81,130,000 after buying an additional 29,476 shares in the last quarter. 87.12% of the stock is currently owned by institutional investors and hedge funds.

About Black Hills

Black Hills Corp. is a diversified energy company. It operates through the following segments: Electric Utilities, Gas Utilities, Power Generation, Mining, and Corporate and Other. The Electric Utilities segment generates, transmits, and distributes electricity in South Dakota, Wyoming, Colorado, and Montana.

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