Black Hills Corporation $BKH Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Black Hills Corporation (NYSE:BKH) by 221.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 77,400 shares of the utilities provider’s stock after purchasing an additional 53,355 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.11% of Black Hills worth $4,342,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in BKH. Journey Strategic Wealth LLC increased its stake in Black Hills by 4.1% in the first quarter. Journey Strategic Wealth LLC now owns 4,367 shares of the utilities provider’s stock valued at $265,000 after purchasing an additional 172 shares during the last quarter. Xponance Inc. grew its holdings in Black Hills by 1.9% in the 1st quarter. Xponance Inc. now owns 10,218 shares of the utilities provider’s stock valued at $620,000 after buying an additional 188 shares during the period. Louisiana State Employees Retirement System increased its stake in shares of Black Hills by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 20,100 shares of the utilities provider’s stock valued at $1,219,000 after acquiring an additional 200 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Black Hills by 3.0% during the 1st quarter. Assetmark Inc. now owns 6,916 shares of the utilities provider’s stock worth $419,000 after acquiring an additional 200 shares during the period. Finally, First PREMIER Bank lifted its holdings in shares of Black Hills by 1.4% during the 2nd quarter. First PREMIER Bank now owns 19,833 shares of the utilities provider’s stock worth $1,113,000 after acquiring an additional 273 shares during the period. Hedge funds and other institutional investors own 86.71% of the company’s stock.

Black Hills Stock Down 2.9%

Shares of NYSE BKH opened at $70.09 on Friday. The stock has a fifty day moving average price of $62.56 and a 200 day moving average price of $59.81. The company has a current ratio of 0.64, a quick ratio of 0.49 and a debt-to-equity ratio of 1.06. Black Hills Corporation has a 12-month low of $54.92 and a 12-month high of $72.22. The company has a market cap of $5.11 billion, a P/E ratio of 17.65, a P/E/G ratio of 2.95 and a beta of 0.76.

Black Hills (NYSE:BKH) last issued its earnings results on Thursday, November 6th. The utilities provider reported $0.45 earnings per share for the quarter, hitting the consensus estimate of $0.45. Black Hills had a return on equity of 7.81% and a net margin of 12.68%.The company had revenue of $430.20 million during the quarter, compared to the consensus estimate of $439.96 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. The company’s revenue was up 7.1% compared to the same quarter last year. Research analysts anticipate that Black Hills Corporation will post 4.12 EPS for the current fiscal year.

Black Hills Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a $0.676 dividend. The ex-dividend date is Monday, November 17th. This represents a $2.70 annualized dividend and a dividend yield of 3.9%. Black Hills’s dividend payout ratio is 68.18%.

Wall Street Analysts Forecast Growth

BKH has been the subject of a number of recent analyst reports. Bank of America upgraded shares of Black Hills from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $57.00 to $64.00 in a report on Wednesday, August 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Black Hills in a report on Wednesday, October 8th. Finally, Scotiabank upgraded Black Hills from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the stock from $66.00 to $81.00 in a report on Friday, November 7th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $71.00.

Insiders Place Their Bets

In related news, CFO Kimberly F. Nooney sold 14,500 shares of Black Hills stock in a transaction on Monday, November 10th. The shares were sold at an average price of $70.70, for a total transaction of $1,025,150.00. Following the sale, the chief financial officer owned 34,621 shares of the company’s stock, valued at $2,447,704.70. The trade was a 29.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.63% of the company’s stock.

Black Hills Profile

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates in two segments: Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 222,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,394 megawatts of generation capacity and 9,106 miles of electric transmission and distribution lines.