First Trust Advisors LP lowered its holdings in Black Hills Corp (NYSE:BKH) by 7.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 415,246 shares of the utilities provider’s stock after selling 33,374 shares during the quarter. First Trust Advisors LP’s holdings in Black Hills were worth $25,417,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Zeke Capital Advisors LLC purchased a new stake in Black Hills during the 2nd quarter valued at about $205,000. Broderick Brian C acquired a new position in Black Hills in the 2nd quarter worth about $213,000. Hartford Investment Management Co. acquired a new position in Black Hills in the 2nd quarter worth about $213,000. Bath Savings Trust Co acquired a new position in Black Hills in the 2nd quarter worth about $220,000. Finally, First Interstate Bank raised its holdings in shares of Black Hills by 3,527.0% during the second quarter. First Interstate Bank now owns 3,627 shares of the utilities provider’s stock valued at $222,000 after acquiring an additional 3,527 shares during the last quarter. 98.98% of the stock is owned by institutional investors and hedge funds.
Shares of Black Hills stock opened at $60.22 on Wednesday. The company has a debt-to-equity ratio of 1.48, a current ratio of 0.52 and a quick ratio of 0.39. Black Hills Corp has a 1 year low of $50.49 and a 1 year high of $70.97. The company has a market cap of $3.23 billion, a P/E ratio of 17.92, a P/E/G ratio of 4.45 and a beta of 0.45.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, September 1st. Investors of record on Monday, August 20th will be given a dividend of $0.475 per share. The ex-dividend date is Friday, August 17th. This represents a $1.90 dividend on an annualized basis and a yield of 3.16%. Black Hills’s dividend payout ratio (DPR) is 56.55%.
A number of equities research analysts have recently issued reports on BKH shares. Credit Suisse Group upped their price target on Black Hills from $61.00 to $62.00 and gave the company a “neutral” rating in a research report on Wednesday, August 8th. ValuEngine lowered Black Hills from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Howard Weil began coverage on Black Hills in a research report on Tuesday, July 24th. They set a “sector perform” rating and a $58.00 price target for the company. Zacks Investment Research lowered Black Hills from a “hold” rating to a “sell” rating in a research report on Thursday, July 12th. Finally, Bank of America cut Black Hills from a “neutral” rating to an “underperform” rating and increased their price objective for the company from $59.00 to $60.00 in a research note on Thursday, July 12th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $59.57.
About Black Hills
Black Hills Corporation, through its subsidiaries, operates as a vertically-integrated utility company in the United States. The company's Electric Utilities segment generates, transmits, and distributes electricity to approximately 210,000 electric customers in South Dakota, Wyoming, Colorado, and Montana.
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