Black Hills Corp (BKH) Increases Dividend to $0.51 Per Share

Black Hills Corp (NYSE:BKH) announced a quarterly dividend on Wednesday, October 31st, Wall Street Journal reports. Shareholders of record on Monday, November 19th will be paid a dividend of 0.505 per share by the utilities provider on Saturday, December 1st. This represents a $2.02 annualized dividend and a dividend yield of 3.02%. The ex-dividend date is Friday, November 16th. This is a boost from Black Hills’s previous quarterly dividend of $0.48.

Black Hills has increased its dividend payment by an average of 5.1% per year over the last three years and has increased its dividend every year for the last 48 years. Black Hills has a dividend payout ratio of 59.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Black Hills to earn $3.42 per share next year, which means the company should continue to be able to cover its $2.02 annual dividend with an expected future payout ratio of 59.1%.

Shares of NYSE BKH traded up $0.74 during trading on Monday, hitting $66.95. 409,600 shares of the company were exchanged, compared to its average volume of 545,644. The firm has a market capitalization of $3.97 billion, a P/E ratio of 19.93, a PEG ratio of 4.28 and a beta of 0.31. Black Hills has a 1 year low of $50.49 and a 1 year high of $66.96. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.36 and a current ratio of 0.53.

Black Hills (NYSE:BKH) last issued its earnings results on Monday, November 5th. The utilities provider reported $0.42 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.08). Black Hills had a return on equity of 9.98% and a net margin of 13.44%. The company had revenue of $322.00 million for the quarter, compared to analysts’ expectations of $357.72 million. During the same quarter in the previous year, the firm posted $0.50 earnings per share. Black Hills’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, sell-side analysts forecast that Black Hills will post 3.41 earnings per share for the current fiscal year.

Several equities research analysts recently commented on the stock. ValuEngine upgraded shares of Black Hills from a “hold” rating to a “buy” rating in a research report on Tuesday, November 20th. Zacks Investment Research upgraded shares of Black Hills from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a research report on Wednesday, October 10th. Credit Suisse Group upgraded shares of Black Hills from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $62.00 to $65.00 in a research report on Wednesday, October 17th. Finally, Wells Fargo & Co boosted their price objective on shares of Black Hills from $62.00 to $64.00 and gave the stock a “market perform” rating in a research report on Monday, September 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Black Hills has an average rating of “Hold” and an average target price of $61.57.

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Black Hills Company Profile

Black Hills Corporation, through its subsidiaries, operates as a vertically-integrated utility company in the United States. The company's Electric Utilities segment generates, transmits, and distributes electricity to approximately 210,000 electric customers in South Dakota, Wyoming, Colorado, and Montana.

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Dividend History for Black Hills (NYSE:BKH)

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