Envestnet Asset Management Inc. Lowers Stock Holdings in Black Hills Corporation $BKH

Envestnet Asset Management Inc. lowered its position in shares of Black Hills Corporation (NYSE:BKH) by 12.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 51,668 shares of the utilities provider’s stock after selling 7,495 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Black Hills were worth $2,899,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of BKH. IMA Advisory Services Inc. bought a new stake in Black Hills in the 1st quarter worth approximately $30,000. Clearstead Trust LLC bought a new position in Black Hills during the first quarter valued at approximately $30,000. Ameritas Advisory Services LLC purchased a new position in shares of Black Hills during the second quarter worth approximately $43,000. Hilltop National Bank bought a new stake in shares of Black Hills in the 2nd quarter worth approximately $50,000. Finally, State of Wyoming purchased a new stake in shares of Black Hills in the 1st quarter valued at $59,000. 86.71% of the stock is currently owned by institutional investors.

Black Hills Trading Down 0.7%

Shares of BKH opened at $69.81 on Friday. The stock has a market capitalization of $5.09 billion, a P/E ratio of 17.58, a PEG ratio of 2.95 and a beta of 0.76. Black Hills Corporation has a twelve month low of $54.92 and a twelve month high of $72.22. The company has a quick ratio of 0.49, a current ratio of 0.64 and a debt-to-equity ratio of 1.06. The firm has a fifty day simple moving average of $62.76 and a two-hundred day simple moving average of $59.86.

Black Hills (NYSE:BKH) last released its quarterly earnings data on Thursday, November 6th. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.45. The firm had revenue of $430.20 million for the quarter, compared to analysts’ expectations of $439.96 million. Black Hills had a net margin of 12.68% and a return on equity of 7.81%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.35 earnings per share. On average, research analysts anticipate that Black Hills Corporation will post 4.12 EPS for the current year.

Black Hills Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be given a dividend of $0.676 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $2.70 dividend on an annualized basis and a yield of 3.9%. Black Hills’s dividend payout ratio is presently 68.18%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Scotiabank upgraded shares of Black Hills from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $66.00 to $81.00 in a research report on Friday, November 7th. Weiss Ratings raised Black Hills from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. Finally, Bank of America raised 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 research note on Wednesday, August 20th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.00.

Insiders Place Their Bets

In other news, CFO Kimberly F. Nooney sold 14,500 shares of Black Hills stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $70.70, for a total value of $1,025,150.00. Following the sale, the chief financial officer directly owned 34,621 shares in the company, valued at approximately $2,447,704.70. This trade represents a 29.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.63% of the company’s stock.

Black Hills Company 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.