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.
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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