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
Vol1.86M
As of25 Sep 2026

The Verdict

Hold

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/E17.75x
Forward P/E15.28x
EV / EBITDA11.77x
P / S (ttm)2.34x
Profit margin13.0%
Return on equity8.0%
Revenue growth+3.1%
Earnings growth+31.6%
Debt / equity111.69

Layer Breakdown

LayerRawContribution
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.

United States · ir.blackhillscorp.com

Risk Metrics

Beta vs SPX0.23
Corr SPX0.18
Annual vol21.1%
Annual ret+9.7%
Sharpe0.46
Max DD-13.9%

Window: 504 trading days (504 obs)

Material Events

DateEvent8-K
2026-08-05Earnings Release, Exhibitsread
2026-05-15Other Material Event, Exhibitsread
2026-05-06Earnings Release, Exhibitsread
2026-05-01Shareholder Voteread
2026-04-02Shareholder Vote, Reg FD Disclosure…read
2026-02-19Other Material Event, Exhibitsread
2026-02-04Earnings Release, Exhibitsread
2025-11-05Earnings Release, Exhibitsread
2025-10-02Material Agreement, Material Obligation…read
2025-09-29Material Agreement, Exhibitsread
2025-09-15Other Material Event, Exhibitsread
2025-08-19Material Agreement, Officer / Director Change…read

Insider Trades

DateInsiderRoleActionSharesValue
2026-05-27Otto Robert PDirectorSell4.11K$304.97K
2026-05-01Waleski Anne GDirectorGrant1.92K—
2026-05-01Taylor TeresaDirectorGrant1.92K—
2026-05-01Prochazka Scott MDirectorGrant1.92K—
2026-05-01Otto Robert PDirectorGrant1.92K—
2026-05-01MILLS STEVEN RICHARDDirectorGrant1.92K—
2026-05-01McAllister Kathleen SDirectorGrant1.92K—
2026-05-01Jensen Tony ADirectorGrant1.92K—
2026-05-01Granger Barry MDirectorGrant1.92K—
2026-05-01Beard Robert F.DirectorGrant1.92K—

Flow & Concentration

Insider 180d net-$304.97K
Insider buys / sells0 / 1
Insider biasNeutral
13F holders9
Top-5 share96.9%
HHI3,141 (concentrated)

Top Holders

HolderValueShares
State Street Corp$284.17M3.82M
AQR Capital Management$166.06M2.23M
Citadel Advisors$96.65M1.30M
Capital Research / Capital World$31.37M421.57K
Renaissance Technologies$18.44M247.80K
Norges Bank (Norway sovereign)$13.24M177.99K
Millennium Management$4.45M59.81K
Fidelity / FMR LLC$1.61M21.64K
T. Rowe Price Group$7.71K103.70K

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

DateFormDoc
2026-08-0610-Qview
2026-08-058-Kview
2026-06-1811-Kview
2026-05-284view
2026-05-19424B5view
2026-05-158-Kview
2026-05-0710-Qview
2026-05-068-Kview
2026-05-044view
2026-05-044view
2026-05-044view
2026-05-044view
2026-05-044view
2026-05-044view
2026-05-044view

The Long Run

FY 2010–2025 · 16 years

LineLatestCAGRTrend
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

S&P MidCap 400

Recent Sessions

DateOpenHighLowCloseVol
Sep 25$70.11$70.86$69.61$70.461.86M
Sep 24$70.52$70.75$69.69$69.93890.40K
Sep 23$71.34$71.46$70.43$70.51953.80K
Sep 22$71.96$73.46$71.49$71.771.16M
Sep 21$72.80$73.41$71.38$71.961.18M

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