JPMorgan Chase & Co. Has $20.67 Million Stock Position in Black Hills Corporation $BKH

JPMorgan Chase & Co. lowered its position in shares of Black Hills Corporation (NYSE:BKH) by 12.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 368,491 shares of the utilities provider’s stock after selling 52,121 shares during the quarter. JPMorgan Chase & Co. owned 0.51% of Black Hills worth $20,672,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Entropy Technologies LP grew its position in Black Hills by 62.3% during the 2nd quarter. Entropy Technologies LP now owns 14,506 shares of the utilities provider’s stock worth $814,000 after purchasing an additional 5,569 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Black Hills by 87.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 36,787 shares of the utilities provider’s stock valued at $2,064,000 after purchasing an additional 17,197 shares in the last quarter. Ensign Peak Advisors Inc boosted its position in shares of Black Hills by 21.4% in the second quarter. Ensign Peak Advisors Inc now owns 22,873 shares of the utilities provider’s stock worth $1,283,000 after buying an additional 4,035 shares during the period. TD Waterhouse Canada Inc. purchased a new position in shares of Black Hills during the second quarter valued at $31,000. Finally, Greenland Capital Management LP acquired a new position in Black Hills during the second quarter valued at $690,000. Hedge funds and other institutional investors own 86.71% of the company’s stock.

Black Hills Stock Down 1.6%

Shares of BKH stock opened at $70.03 on Friday. The stock’s 50 day simple moving average is $66.18 and its 200 day simple moving average is $60.99. Black Hills Corporation has a twelve month low of $54.92 and a twelve month high of $74.02. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 0.91. The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of 17.68, a PEG ratio of 3.30 and a beta of 0.74.

Black Hills (NYSE:BKH) last announced its quarterly earnings results on Thursday, November 6th. The utilities provider reported $0.45 EPS for the quarter, meeting the consensus estimate of $0.45. Black Hills had a return on equity of 7.86% and a net margin of 12.54%.The company had revenue of $430.20 million for the quarter, compared to the consensus estimate of $439.96 million. During the same quarter last year, the company posted $0.35 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, research analysts predict that Black Hills Corporation will post 4.12 EPS for the current year.

Black Hills Dividend Announcement

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

Wall Street Analyst Weigh In

BKH has been the subject of several research analyst reports. Bank of America upgraded Black Hills from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $57.00 to $64.00 in a research report on Wednesday, August 20th. Scotiabank raised shares of Black Hills from a “sector perform” rating to a “sector outperform” rating and increased their price target for the stock from $66.00 to $81.00 in a research report on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Black Hills in a research report on Monday. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Black Hills currently has a consensus rating of “Moderate Buy” and an average target price of $71.00.

Insiders Place Their Bets

In other Black Hills news, CFO Kimberly F. Nooney sold 14,500 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 34,621 shares in the company, valued at $2,447,704.70. This represents a 29.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.63% of the stock is currently owned by corporate insiders.

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.