Black Hills
Delivers regulated electricity and natural gas across eight central U.S. states.
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Profile
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
Key statistics
Year to date +4.6% · Average volume (30d) 736.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 11, 2026 | Oppenheimer | Target | $78 | |||
| Jun 11, 2026 | B of A Securities | Upgrade | Neutral | Buy | ||
| Apr 15, 2026 | BMO Capital | Reiterate | Outperform | $84 | $91 | |
| Feb 9, 2026 | BMO Capital | Reiterate | Outperform | $84 | ||
| Nov 7, 2025 | Scotiabank | Upgrade | Sector Perform | Sector Outperform | $81 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.41 | $0.54 | +33.0% | $490.9M | $452.8M | −7.8% | +1.44% |
| May 6, 2026Q1 FY26 | $1.88 | $1.79 | −4.8% | $769.2M | $780.7M | +1.5% | +1.76% |
| Feb 4, 2026Q4 FY25 | $1.37 | $1.41 | +2.9% | $648.2M | $635.5M | −2.0% | +0.95% |
| Nov 5, 2025Q3 FY25 | $0.45 | $0.45 | 0.0% | $441.0M | $430.2M | −2.4% | +4.63% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $805.2M | $439.0M | $430.2M | $635.5M | $780.7M | $452.8M | |
| Gross profit | $291.8M | $167.4M | $167.4M | $262.1M | $218.0M | $339.3M | |
| Operating income | $205.0M | $82.5M | $78.7M | $171.4M | $199.9M | $97.0M | |
| Net income | $134.3M | $27.5M | $24.9M | $104.9M | $131.0M | $38.2M | |
| Diluted EPS | $1.87 | $0.38 | $0.34 | $1.39 | $1.73 | $0.50 | |
| Gross margin | 36.2% | 38.1% | 38.9% | 41.2% | 27.9% | 74.9% | |
| Operating margin | 25.5% | 18.8% | 18.3% | 27.0% | 25.6% | 21.4% |
Fiscal years (4-quarter sums)FY21 $1.95B · FY22 $2.55B · FY23 $2.33B · FY24 $2.13B · FY25 $2.31B
Balance sheet, Jun 30, 2026Cash & short-term investments $71.5M · Total debt $4.49B · Total assets $11.04B · Shareholders' equity $3.94B
Dividends
Raised for 40 straight years — most recently to $0.703 from $0.676 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2026 | Aug 17 | Sep 1 | $0.703 | |
| May 15, 2026 | May 15 | Jun 1 | $0.703 | |
| Feb 17, 2026 | Feb 17 | Mar 1 | $0.703 | raised from $0.676 |
| Nov 17, 2025 | Nov 17 | Dec 1 | $0.676 | |
| Aug 18, 2025 | Aug 18 | Sep 2 | $0.676 | |
| May 16, 2025 | May 16 | Jun 1 | $0.676 | |
| Feb 18, 2025 | Feb 18 | Mar 1 | $0.676 | raised from $0.65 |
| Nov 18, 2024 | Nov 18 | Dec 1 | $0.65 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 76.13M · Float 75.72M · 99.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 12.48M | 16.40% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 5.14M | 6.75% | 13F | Aug 13, 2026 |
| State Street Corp | 3.82M | 5.02% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 3.43M | 4.50% | 13F | Aug 13, 2026 |
| Macquarie Management Holdings, Inc. | 2.50M | 3.28% | 13F | Aug 14, 2026 |
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 |
Peers
- 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
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Black Hills | $72.80 | −0.03% | $5.54B | 18.4 | 15.6 | 2.4 | +3.1% |
| Xcel Energy | $76.26 | −0.25% | $47.75B | 20.8 | 18.0 | 3.3 | −5.1% |
| The MDU Resources Group | $19.79 | 0.00% | $4.14B | 20.8 | 19.7 | 2.3 | +6.8% |
| NorthWestern Energy | $70.32 | −0.01% | $4.33B | 25.4 | 18.7 | 2.6 | +14.6% |
| ONE Gas | $79.47 | −0.03% | $4.99B | 17.1 | 16.1 | 2.2 | −2.9% |
| Atmos Energy | $166.65 | +0.01% | $27.82B | 19.8 | 18.5 | 5.7 | +4.8% |
| Spire | $82.56 | −0.05% | $4.88B | 9.2 | 16.9 | 1.9 | −0.4% |
| Otter Tail | $90.55 | −0.34% | $3.81B | 19.6 | 15.8 | 2.9 | +0.4% |
| Median | 19.8 | 18.0 | 2.6 | +0.4% |