Black Hills Corp (NYSE:BKH) Sees Large Drop in Short Interest

Black Hills Corp (NYSE:BKH) was the target of a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 574,800 shares, a decline of 22.8% from the September 15th total of 744,900 shares. Based on an average daily trading volume, of 401,600 shares, the days-to-cover ratio is currently 1.4 days.

NYSE:BKH traded down $0.11 during trading hours on Friday, hitting $58.14. 201,841 shares of the stock were exchanged, compared to its average volume of 415,916. Black Hills has a 52-week low of $48.07 and a 52-week high of $87.12. The firm’s fifty day moving average price is $55.28 and its 200 day moving average price is $58.78. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 1.35. The company has a market cap of $3.65 billion, a P/E ratio of 18.40, a P/E/G ratio of 2.87 and a beta of 0.29.

Black Hills (NYSE:BKH) last posted its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.03). Black Hills had a return on equity of 8.50% and a net margin of 11.70%. The firm had revenue of $326.90 million for the quarter, compared to analysts’ expectations of $395.88 million. During the same quarter last year, the firm posted $0.24 earnings per share. Black Hills’s quarterly revenue was down 2.1% on a year-over-year basis. Equities analysts expect that Black Hills will post 3.55 EPS for the current fiscal year.

In related news, CEO Linden R. Evans acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was acquired at an average price of $57.42 per share, with a total value of $57,420.00. Following the acquisition, the chief executive officer now directly owns 118,113 shares in the company, valued at approximately $6,782,048.46. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders bought 3,000 shares of company stock valued at $165,400. Insiders own 1.00% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. FMR LLC grew its position in shares of Black Hills by 18.3% in the first quarter. FMR LLC now owns 2,413 shares of the utilities provider’s stock valued at $179,000 after purchasing an additional 373 shares in the last quarter. Deutsche Bank AG grew its position in shares of Black Hills by 34.6% in the first quarter. Deutsche Bank AG now owns 37,055 shares of the utilities provider’s stock valued at $2,373,000 after purchasing an additional 9,530 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Black Hills by 8.0% in the first quarter. Geode Capital Management LLC now owns 883,233 shares of the utilities provider’s stock valued at $56,553,000 after purchasing an additional 65,290 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Black Hills by 5.2% in the first quarter. Wells Fargo & Company MN now owns 76,009 shares of the utilities provider’s stock valued at $4,867,000 after purchasing an additional 3,751 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its position in shares of Black Hills by 359.8% in the first quarter. Thrivent Financial for Lutherans now owns 73,828 shares of the utilities provider’s stock valued at $4,727,000 after purchasing an additional 57,770 shares in the last quarter. Institutional investors own 85.71% of the company’s stock.

Several equities analysts have recently issued reports on BKH shares. TheStreet cut Black Hills from a “b-” rating to a “c” rating in a report on Friday, September 4th. Zacks Investment Research lowered Black Hills from a “hold” rating to a “sell” rating in a research note on Tuesday, June 23rd. Finally, Mizuho cut their price target on Black Hills from $77.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, July 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $72.75.

Black Hills Company Profile

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates through Electric Utilities, Gas Utilities, Power Generation, and Mining segments. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 212,000 electric customers in Colorado, Montana, South Dakota, and Wyoming, as well as provides electrical system construction services to large industrial customers.

Further Reading: Insider Trading

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