Black Hills (BKH)
Delivers regulated electricity and natural gas across eight central U.S. states.
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Provides regulated electricity and natural gas service across eight central U.S. states, earning revenue through approved utility rates. Electric generation and networks sit alongside a larger gas distribution business, while a shareholder-approved merger with NorthWestern Energy remains subject to Montana regulatory approval.
Operates regulated electric and natural gas utilities across eight central U.S. states under the Black Hills Energy brand. Electric Utilities generates, transmits and distributes power in Colorado, Montana, South Dakota and Wyoming, while Gas Utilities distributes, transports, stores and supplies natural gas in Arkansas, Colorado, Iowa, Kansas, Nebraska and Wyoming. The electric segment also includes generation and a coal mine integrated with its utility operations.
Uses systematic integrity and replacement programs to maintain and expand electric and gas infrastructure. Revenue and investment recovery depend on tariffs, rate reviews and cost-recovery mechanisms approved by state and federal regulators; gas demand also varies with weather. A shareholder-approved merger with NorthWestern Energy remains pending, with Montana regulatory approval the final stated closing condition as of August 2026.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jun 11, 2026 | Oppenheimer | Target | Target: — | Target: $78 |
| Jun 11, 2026 | B of A Securities | Upgrade | ||
| Apr 15, 2026 | BMO Capital | Reiterate | Rating: —Target: $84 | Target: $91 |
| Feb 9, 2026 | BMO Capital | Reiterate | Rating: —Target: — | Target: $84 |
| Nov 7, 2025 | Scotiabank | Upgrade | Target: — | Target: $81 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $71.5M · Total debt $4.49B · Total assets $11.04B · Shareholders' equity $3.94B
- Revenue
- $452.8M
- Operating income
- $97.0M
- Net income
- $38.2M
HistoryDividendAnnual yield
| Institutions | ≈ 104.26% | 79.50M shares | |
|---|---|---|---|
| 485 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.53% | 406.0K shares | |
| 17 holders · as of May 28, 2026 | |||
| Strategic holders | 3.32% | 2.53M shares | |
| 1 holder · as of Feb 4, 2021 | |||
| Adds to | 108.11% | ||
76.25M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 108.11%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 16.37% | 12.48M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 6.74% | 5.14M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.01% | 3.82M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.50% | 3.43M | as of Jun 30, 2026 |
Wellington Investment Advisors Holdings LLPStrategic | 3.32% | 2.53M | filed Feb 4, 2021 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 27, 2026 | Robert P. Otto | director | −4,109 | $74.22 |
| Nov 10, 2025 | Kimberly F. Nooney | officer: SVP & CFO | −14,500 | $70.70 |
- Xcel Energy
Broad electric/gas peer across Western and Midwestern utility markets
- The MDU Resources Group
Northern Plains electric/gas utility and pipeline peer
- NorthWestern Energy
Pending merger counterparty with overlapping electric/gas territories
- ONE Gas
Pure-play gas distribution peer with Kansas overlap
- Atmos Energy
Large gas utility benchmark in Colorado and Kansas
- Spire
Gas utility peer for distribution, midstream, and rate recovery
- Otter Tail
Regional electric utility peer with South Dakota large-load exposure
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Black Hills | $70.97 | −1.11% | $5.46B | 18.1 | 15.2 | 2.4 | +3.1% |
| Xcel Energy | $70.93 | −1.57% | $45.01B | 19.6 | 16.7 | 3.1 | −5.1% |
| The MDU Resources Group | $18.37 | −1.05% | $3.88B | 19.5 | 18.1 | 2.1 | +6.8% |
| NorthWestern Energy | $69.07 | −1.15% | $4.30B | 25.2 | 18.4 | 2.5 | +14.6% |
| ONE Gas | $72.31 | −1.71% | $4.62B | 15.9 | 14.6 | 2.0 | −2.9% |
| Atmos Energy | $156.30 | −0.66% | $26.26B | 18.7 | 17.5 | 5.3 | +4.8% |
| Spire | $77.28 | −1.56% | $4.64B | 8.8 | 15.9 | 1.8 | −0.4% |
| Otter Tail | $88.74 | −1.65% | $3.79B | 19.5 | 15.5 | 2.9 | +0.4% |
| Median | 19.5 | 16.7 | 2.5 | +0.4% |