Black Hills Corp (NYSE:BKH) declared a quarterly dividend on Wednesday, July 31st, Zacks reports. Stockholders of record on Monday, August 19th will be paid a dividend of 0.505 per share by the utilities provider on Sunday, September 1st. This represents a $2.02 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend is Friday, August 16th.
Black Hills has increased its dividend payment by an average of 6.0% annually over the last three years and has raised its dividend every year for the last 49 years. Black Hills has a dividend payout ratio of 59.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Black Hills to earn $3.67 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 55.0%.
Shares of NYSE:BKH opened at $79.99 on Friday. Black Hills has a 52-week low of $56.42 and a 52-week high of $82.01. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 22.60, a P/E/G ratio of 5.27 and a beta of 0.34. The stock has a 50 day moving average price of $79.36. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.82 and a quick ratio of 0.67.
Several research analysts have recently issued reports on the company. Scotiabank raised Black Hills from an “underperform” rating to a “sector perform” rating and increased their target price for the stock from $64.00 to $70.00 in a research report on Wednesday, May 8th. Zacks Investment Research lowered Black Hills from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Black Hills has an average rating of “Hold” and a consensus price target of $71.67.
In related news, SVP Brian Iverson sold 6,469 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $77.89, for a total transaction of $503,870.41. Following the completion of the transaction, the senior vice president now owns 26,108 shares of the company’s stock, valued at approximately $2,033,552.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider David R. Emery sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $78.14, for a total value of $586,050.00. Following the transaction, the insider now directly owns 167,806 shares of the company’s stock, valued at approximately $13,112,360.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,969 shares of company stock valued at $2,272,970. 1.00% of the stock is owned by corporate insiders.
About Black Hills
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.
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