Black Hills Corporation (BKH)

In the past six months, Black Hills Corp. stock has trended upwards by 9.27%. Key events include the Q1 2024 earnings report in May 2024, which showed an 8% increase in earnings per share due to new rates and expense management, along with plans to expand renewable energy and progress on the Ready Wyoming Electric Transmission project. Black Hills reported earnings per share (EPS) of $0.38, exceeding analysts' expectations of $0.37 by 2.70% in Q2 2025. Analyst upgrades and reiterations occurred in August 2025, with BMO Capital reiterating its Outperform rating and BofA Securities upgrading the stock to Neutral. Black Hills Corp. announced a potential merger with NorthWestern Energy, anticipated to nearly double the combined company's rate base and enhance growth opportunities.

Black Hills Corp. experiences demand seasonality as an electric and natural gas utility. Natural gas demand increases during colder months for heating, while electricity demand is higher during warmer periods due to increased air conditioning usage. Widespread historic cold events can significantly impact natural gas prices and customer billing.

Black Hills Corporation is a diversified energy company based in Rapid City, South Dakota, operating primarily as an electric and natural gas utility. Its core business includes regulated electric and natural gas utilities, and non-regulated energy businesses. The company generates, transmits, and distributes electricity using natural gas, coal, and renewable sources, and provides natural gas distribution services. Additionally, it is involved in oil and gas exploration and production, and offers utility infrastructure construction and maintenance services through Black Hills Energy Construction.

Black Hills Corporation serves over 1.3 million customers across eight states in the Midwest and Western United States, including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. The company also sells power throughout the American West.

Black Hills Corporation focuses on delivering safe, reliable, and affordable energy, with a strong emphasis on sustainability and innovation. The company is investing in renewable energy projects and modernizing infrastructure to reduce its carbon footprint and enhance reliability. An application for a $44 million base rate increase in Arkansas in December 2023 could negatively impact its reputation. Plans to publish a wildfire mitigation plan and implement a Public Safety Power Shutoff program could positively affect its reputation.

Institutional investors hold 86.7% of Black Hills Corp. shares, while insiders own 0.6%. Major institutional holders include BlackRock, Inc., The Vanguard Group, Inc., State Street Global Advisors, Inc., Macquarie Investment Management Business Trust, Geode Capital Management, LLC, Capital Research and Management Company, Fuller & Thaler Asset Management, Inc., Charles Schwab Investment Management, Inc., Dimensional Fund Advisors LP and Franklin Resources, Inc.