Black Hills Corporation (BKH)

Several events have impacted Black Hills Corp. (BKH) stock price in the past six months. The company reported its Q3 2025 results, meeting EPS estimates and reaffirming its full-year earnings guidance. A quarterly dividend of $0.676 was declared. Scotiabank upgraded Black Hills' rating, and Weiss Ratings reissued a "buy" rating. The Ready Wyoming electric transmission expansion project was completed. Black Hills Corp. Gas Utility received approval for new rates in Nebraska and requested a rate review in Arkansas. Black Hills Corp. and NorthWestern Energy announced an agreement to combine in an all-stock merger. The stock price of BKH increased by 19.46% from January 2, 2025, to December 31, 2025, and has trended up by 24.35% over the past six months.

Demand for Black Hills Corp.'s products and services, particularly natural gas, is seasonal and heavily influenced by weather patterns. Natural gas demand is sensitive to seasonal heating requirements, with demand typically being greater in the winter months. Extreme weather events can influence electricity demand. The company generally faces limited competition for the retail distribution of natural gas, but electrification initiatives could potentially impact future demand.

Black Hills Corporation (BKH) is a diversified American energy company that operates primarily as an electric and natural gas utility. Headquartered in Rapid City, South Dakota, it is a public utility holding company listed on the NYSE (BKH) and is an S&P 400 component. The company generates, transmits, and distributes electricity, and distributes natural gas to residential, commercial, and industrial customers. Black Hills Corp. generates electric power through a diverse portfolio, operates the Wyodak Mine, and holds oil and gas reserves. The company also provides appliance repair and electrical system construction services.

Black Hills Corporation serves over 1.35 million natural gas and electric utility customers across eight states in the American West and Great Plains region, spanning nearly 1,600 miles. The states include Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. The company's electric utilities operate 1,394 megawatts of generation capacity and 9,196 miles of transmission and distribution lines. Its gas utilities own and operate approximately 49,000 miles of natural gas pipelines, seven natural gas storage sites, and over 50,000 horsepower of compression.

Black Hills Corporation maintains a stable and positive brand reputation due to its nature as a regulated utility providing essential services. The company reported strong financial and operational performance for 2024, delivering earnings per share (EPS) of $3.91. Black Hills Corp. has been actively investing in modernizing its utility infrastructure and integrating alternative and renewable energy sources. The company has advanced its wildfire mitigation plans and worked with stakeholders. The company served ongoing customer growth in its service jurisdictions, adding nearly 15,000 customers in 2024.

The ownership structure of Black Hills Corporation is heavily skewed towards institutional investors, which hold approximately 78.1% of shares. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, and State Street Corp. Individual investors and smaller funds also hold shares, though their influence is more diluted. Insiders hold a smaller percentage, with approximately 1.75% of the stock, and have sold more company stock than they have bought in the past three months.