Equities researchers at Wells Fargo & Company started coverage on shares of Black Hills Corporation (NYSE:BKH) in a research note issued on Friday. The firm set a “market perform” rating and a $58.00 price target on the utilities provider’s stock. Wells Fargo & Company’s target price would suggest a potential downside of 10.88% from the company’s previous close.
A number of other brokerages have also issued reports on BKH. Zacks Investment Research raised Black Hills Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, September 6th. Royal Bank Of Canada reissued a “buy” rating and set a $73.00 price target on shares of Black Hills Corporation in a research note on Wednesday, August 9th. Bank of America Corporation initiated coverage on Black Hills Corporation in a research note on Tuesday, October 24th. They set an “underperform” rating and a $66.00 price target for the company. Credit Suisse Group raised their price target on Black Hills Corporation from $75.00 to $77.00 and gave the stock an “outperform” rating in a research note on Monday, October 2nd. Finally, J P Morgan Chase & Co raised their price target on Black Hills Corporation from $76.00 to $77.00 and gave the stock an “overweight” rating in a research note on Thursday, October 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Black Hills Corporation currently has an average rating of “Hold” and an average price target of $71.25.
Black Hills Corporation (BKH) opened at 65.08 on Friday. The stock has a market capitalization of $3.48 billion, a PE ratio of 27.17 and a beta of 0.79. Black Hills Corporation has a 1-year low of $54.76 and a 1-year high of $72.02. The stock’s 50 day moving average price is $68.25 and its 200 day moving average price is $68.96.
Black Hills Corporation (NYSE:BKH) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.10). Black Hills Corporation had a return on equity of 10.48% and a net margin of 7.71%. The business had revenue of $348.00 million for the quarter, compared to the consensus estimate of $356.85 million. During the same period in the prior year, the business posted $0.39 earnings per share. Black Hills Corporation’s revenue was up 6.9% on a year-over-year basis. On average, equities research analysts predict that Black Hills Corporation will post $3.50 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its position in Black Hills Corporation by 1.1% during the 2nd quarter. BlackRock Inc. now owns 8,335,355 shares of the utilities provider’s stock valued at $562,384,000 after purchasing an additional 91,668 shares in the last quarter. Vanguard Group Inc. raised its position in Black Hills Corporation by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 5,223,071 shares of the utilities provider’s stock valued at $352,401,000 after purchasing an additional 118,774 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Black Hills Corporation by 7.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,494,071 shares of the utilities provider’s stock valued at $168,275,000 after purchasing an additional 171,383 shares in the last quarter. Macquarie Group Ltd. raised its position in Black Hills Corporation by 19.1% during the 2nd quarter. Macquarie Group Ltd. now owns 974,182 shares of the utilities provider’s stock valued at $65,728,000 after purchasing an additional 155,969 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Black Hills Corporation by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 970,853 shares of the utilities provider’s stock valued at $64,531,000 after purchasing an additional 4,188 shares in the last quarter. 93.59% of the stock is owned by institutional investors and hedge funds.
About Black Hills Corporation
Black Hills Corporation is a holding company. The Company is an integrated energy company, which is focused primarily on regulated utilities. The Company operates through segments, including Electric Utilities, Gas Utilities, Power Generation, Mining, Oil and Gas, and Corporate. As of December 31, 2016, the Electric Utilities segment generated, transmitted and distributed electricity to approximately 208,500 customers in South Dakota, Wyoming, Colorado and Montana.
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