Inside the research
Black Hills Corporation
BKH Research profile · latest available data
Price overview
$70.46
▲ +0.53 (+0.8%)
| 52w hi | $75.38 |
|---|---|
| 52w lo | $57.52 |
| Vol | 1.86M |
| As of | 25 Sep 2026 |
The Verdict
Our score +0.23
| Short | +0.77 |
|---|---|
| Medium | -0.11 |
| Long | -0.19 |
computed 2026-09-27
Key fundamentals
Black Hills Corporation
Utilities · Utilities - Regulated Gas
| Market cap | $5.37B |
|---|---|
| Enterprise value | $9.88B |
| Trailing P/E | 17.75x |
| Forward P/E | 15.28x |
| EV / EBITDA | 11.77x |
| P / S (ttm) | 2.34x |
| Profit margin | 13.0% |
| Return on equity | 8.0% |
| Revenue growth | +3.1% |
| Earnings growth | +31.6% |
| Debt / equity | 111.69 |
Layer Breakdown
| Layer | Raw | Contribution |
|---|---|---|
| Fundamental | +0.27 | |
| Sector | -0.10 | |
| Technical | -0.05 | |
| Earnings | +0.00 | |
| Sentiment | +0.82 |
macro × 1.00 · 2026-09-27
Business overview
Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates through the Electric Utilities and Gas Utilities segments. The Electric Utilities segment engages in the generation, transmission, and distribution of electricity to electric utility customers in Colorado, Montana, South Dakota, and Wyoming; ownership and operation of 1,386 megawatts of generation capacity, and 9,478 miles of electric transmission and distribution lines; sale of excess power to other utilities and marketing companies; and ownership and operation of non-regulated power generation and mining assets. Its Gas Utilities segment is involved in the distribution of natural gas to approximately 1,138,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; ownership and operation of 4,581 miles of intrastate gas transmission pipelines; 44,840 miles of gas distribution mains and service lines; seven natural gas storage sites; and approximately 50,000 horsepower of compression and 494 miles of gathering lines. The company also provides non-regulated services to its retail customers, including Service Guard Comfort Plan, which provides home appliance repair services through on-going monthly service agreements to residential utility customers; Tech Services, which include construction and maintenance of customer-owned gas infrastructure facilities, as well as electrical system construction services; and HomeServe, which are additional home repair service plans for natural gas residential customers. In addition, the company produces electric power through wind, natural gas, and coal-fired generating plants, as well as coal at its coal mine located near Gillette, Wyoming. Black Hills Corporation was incorporated in 1941 and is headquartered in Rapid City, South Dakota.
Risk Metrics
| Beta vs SPX | 0.23 |
|---|---|
| Corr SPX | 0.18 |
| Annual vol | 21.1% |
| Annual ret | +9.7% |
| Sharpe | 0.46 |
| Max DD | -13.9% |
Window: 504 trading days (504 obs)
Material Events
| Date | Event | 8-K |
|---|---|---|
| 2026-08-05 | Earnings Release, Exhibits | read |
| 2026-05-15 | Other Material Event, Exhibits | read |
| 2026-05-06 | Earnings Release, Exhibits | read |
| 2026-05-01 | Shareholder Vote | read |
| 2026-04-02 | Shareholder Vote, Reg FD Disclosure… | read |
| 2026-02-19 | Other Material Event, Exhibits | read |
| 2026-02-04 | Earnings Release, Exhibits | read |
| 2025-11-05 | Earnings Release, Exhibits | read |
| 2025-10-02 | Material Agreement, Material Obligation… | read |
| 2025-09-29 | Material Agreement, Exhibits | read |
| 2025-09-15 | Other Material Event, Exhibits | read |
| 2025-08-19 | Material Agreement, Officer / Director Change… | read |
Insider Trades
| Date | Insider | Role | Action | Shares | Value |
|---|---|---|---|---|---|
| 2026-05-27 | Otto Robert P | Director | Sell | 4.11K | $304.97K |
| 2026-05-01 | Waleski Anne G | Director | Grant | 1.92K | — |
| 2026-05-01 | Taylor Teresa | Director | Grant | 1.92K | — |
| 2026-05-01 | Prochazka Scott M | Director | Grant | 1.92K | — |
| 2026-05-01 | Otto Robert P | Director | Grant | 1.92K | — |
| 2026-05-01 | MILLS STEVEN RICHARD | Director | Grant | 1.92K | — |
| 2026-05-01 | McAllister Kathleen S | Director | Grant | 1.92K | — |
| 2026-05-01 | Jensen Tony A | Director | Grant | 1.92K | — |
| 2026-05-01 | Granger Barry M | Director | Grant | 1.92K | — |
| 2026-05-01 | Beard Robert F. | Director | Grant | 1.92K | — |
Flow & Concentration
| Insider 180d net | -$304.97K |
|---|---|
| Insider buys / sells | 0 / 1 |
| Insider bias | Neutral |
| 13F holders | 9 |
| Top-5 share | 96.9% |
| HHI | 3,141 (concentrated) |
Top Holders
| Holder | Value | Shares |
|---|---|---|
| State Street Corp | $284.17M | 3.82M |
| AQR Capital Management | $166.06M | 2.23M |
| Citadel Advisors | $96.65M | 1.30M |
| Capital Research / Capital World | $31.37M | 421.57K |
| Renaissance Technologies | $18.44M | 247.80K |
| Norges Bank (Norway sovereign) | $13.24M | 177.99K |
| Millennium Management | $4.45M | 59.81K |
| Fidelity / FMR LLC | $1.61M | 21.64K |
| T. Rowe Price Group | $7.71K | 103.70K |
As of 2026-06-30
Dividends
| Yield (TTM) | 1.96% |
|---|---|
| $ / share (TTM) | $1.38 |
| 5y CAGR | +4.5% |
Annual dividend per share
| 2021 | $2.29 |
|---|---|
| 2022 | $2.41 |
| 2023 | $2.50 |
| 2024 | $2.60 |
| 2025 | $2.70 |
| 2026 | $0.70 |
SEC Filings
The Long Run
FY 2010–2025 · 16 years
| Line | Latest | CAGR | Trend |
|---|---|---|---|
| Revenue | $2.30B | +5.7% | |
| Gross profit | $766.82M | +27.1% | |
| Operating income | $503.10M | +15.8% | |
| Net income | $291.60M | +26.9% | |
| Cash from ops | $673.40M | +6.3% |
Indices
Recent Sessions
| Date | Open | High | Low | Close | Vol |
|---|---|---|---|---|---|
| Sep 25 | $70.11 | $70.86 | $69.61 | $70.46 | 1.86M |
| Sep 24 | $70.52 | $70.75 | $69.69 | $69.93 | 890.40K |
| Sep 23 | $71.34 | $71.46 | $70.43 | $70.51 | 953.80K |
| Sep 22 | $71.96 | $73.46 | $71.49 | $71.77 | 1.16M |
| Sep 21 | $72.80 | $73.41 | $71.38 | $71.96 | 1.18M |
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