Black Hills Corp Stock Research

Market Summary

USD60.97+1.93

Delayed

3.27%

BKH Alerts

Big jump in Revenue (Y/Y)

BKH Stock Price

BKH RSI Chart

BKH Valuation

Market Cap

4.0B

Price/Earnings (Trailing)

15.31

Price/Sales (Trailing)

1.55

EV/EBITDA

5.56

Price/Free Cashflow

-202.18

BKH Price/Sales (Trailing)

BKH Profitability

EBT Margin

11.60%

Return on Equity

8.63%

Return on Assets

2.69%

Free Cashflow Yield

-0.49%

BKH Fundamentals

BKH Revenue

Revenue (TTM)

2.6B

Revenue Y/Y

40.7%

Revenue Q/Q

71.08%

BKH Earnings

Earnings (TTM)

258.4M

Earnings Y/Y

6.48%

Earnings Q/Q

68.32%

Price Action

52 Week Range

58.5379.04

(Low)(High)

Last 7 days

-1.3%

Last 30 days

-3.0%

Last 90 days

-12.7%

Trailing 12 Months

-13.8%

BKH Financial Health

Current Ratio

0.64

BKH Investor Care

Dividend Yield

3.95%

Dividend/Share (TTM)

2.41

Shares Dilution (1Y)

2.42%

Diluted EPS (TTM)

3.97

Peers (Alternatives to Black Hills)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
D	44.9B	17.2B	-6.72%	-34.07%	45.22	2.62	22.99%	-69.77%
WEC	29.4B	9.6B	2.28%	-0.57%	20.86	3.06	15.41%	8.56%
PEG	29.2B	9.8B	-3.32%	-12.28%	28.34	2.98	0.80%	259.10%
DTE	22.0B	19.2B	-5.37%	-15.84%	20.27	1.14	28.50%	19.40%
CNP	17.8B	9.3B	-1.77%	-3.19%	16.88	1.91	11.60%	-28.87%
NI	11.0B	5.9B	-3.11%	-10.18%	13.71	1.88	19.41%	37.48%
MID-CAP
NRG	7.2B	31.5B	-5.01%	-11.27%	5.92	0.23	16.87%	-44.17%
BKH	4.0B	2.6B	-2.96%	-13.81%	15.31	1.55	30.92%	9.14%
NWE	3.3B	1.5B	-4.57%	-3.15%	18.01	2.23	7.69%	-2.05%
AVA	3.1B	1.7B	-1.53%	-2.64%	19.86	1.77	20.61%	5.32%
SJW	2.3B	620.7M	-1.71%	13.78%	31.21	3.71	8.19%	22.07%
SMALL-CAP
MSEX	1.4B	162.4M	-8.93%	-23.52%	32.22	8.42	13.48%	16.11%
UTL	883.5M	563.2M	-0.86%	15.06%	21.34	1.57	18.99%	14.68%
GWRS	289.1M	44.7M	-8.40%	-23.26%	52.51	6.46	6.71%	52.56%
CDZI	199.6M	1.1M	-8.18%	82.79%	-8.39	186.91	90.04%	28.68%

Financials for Black Hills

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	9.9%	2,552	2,323	2,241	2,139	1,949
Operating Expenses	11.3%	2,097	1,884	1,791	1,695	1,540
Costs and Expenses	9.5%	615	562	-	-	-
EBITDA	3.4%	708	684	695	684	-
EBITDA Margin	-5.8%	0.28*	0.29*	0.31*	0.32*	-
Earnings Before Taxes	3.6%	296	286	299	293	258
EBT Margin	-5.7%	0.12*	0.12*	0.13*	0.14*	-
Interest Expenses	8.1%	161	149	151	151	152
Net Income	1.5%	258	255	265	257	237
Net Income Margin	-7.6%	0.10*	0.11*	0.12*	0.12*	-
Free Cahsflow	72.6%	-19.56	-71.46	-24.18	-82.33	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	3.2%	9,618	9,322	9,135	9,131	9,132
Current Assets	26.2%	1,072	849	760	849	808
Cash Equivalents	83.3%	21.00	12.00	10.00	16.00	9.00
Inventory	-7.1%	207	223	153	108	151
Net PPE	1.5%	6,798	6,697	6,587	6,473	6,449
Goodwill	0%	1,299	1,299	1,299	1,299	1,299
Current Liabilities	71.9%	1,667	970	785	795	902
. Short Term Borrowings	6.8%	536	501	335	341	420
LT Debt, Current	Infinity%	525	-	-	-	-
LT Debt, Non Current	-12.7%	3,607	4,131	4,130	4,128	4,127
Shareholder's Equity	3.8%	2,995	2,887	2,983	2,971	2,787
Retained Earnings	3.1%	1,064	1,033	1,036	1,041	962
Additional Paid-In Capital	4.0%	1,883	1,811	1,808	1,787	1,783
Accumulated Depreciation	2.5%	1,577	1,539	1,500	1,454	1,407
Shares Outstanding	0.2%	65.00	65.00	65.00	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	1.8%	585	574	628	586	-64.56
Share Based Compensation	-6.9%	9.00	9.00	8.00	10.00	10.00
Cashflow From Investing	6.6%	-603	-646	-645	-655	-664
Cashflow From Financing	-56.5%	32.00	74.00	28.00	74.00	732
Dividend Payments	1.8%	157	154	151	148	145

Risks for BKH

What is the probability of a big loss on BKH?

41.1%

Probability that Black Hills stock will be more than 20% underwater in next one year

19.2%

Probability that Black Hills stock will be more than 30% underwater in next one year.

Probability that Black Hills stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does BKH drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Black Hills was unfortunately bought at previous high price.

Drawdowns

Returns for BKH

Cumulative Returns on BKH

6.5%

10-Year Cumulative Returns

3.6%

7-Year Cumulative Returns

6.5%

5-Year Cumulative Returns

5.7%

3-Year Cumulative Returns

What are the long-term rolling returns for BKH?

FIve years rolling returns for Black Hills.

Annualized Returns

Which funds bought or sold BKH recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	0.09	1,969,660	51,890,700	0.06%
2023-03-06	Rockefeller Capital Management L.P.	unchanged	-	6,000	162,000	-%
2023-02-28	Voya Investment Management LLC	added	31.33	1,238,280	4,639,280	0.01%
2023-02-24	Garde Capital, Inc.	unchanged	-	7,000	182,000	0.02%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	218,000	5,838,000	0.06%
2023-02-21	MACQUARIE GROUP LTD	reduced	-2.12	2,799,350	178,976,000	0.21%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	added	3.11	23,985	360,985	-%
2023-02-21	OLD REPUBLIC INTERNATIONAL CORP	reduced	-4.39	-206,000	29,121,000	0.91%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-35.92	-213,342	423,658	0.01%
2023-02-17	TRUIST FINANCIAL CORP	sold off	-100	-291,000	-	-%

Latest Funds Activity

Are funds buying BKH calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own BKH

No. of Funds

BKH Alerts

Big jump in Revenue (Y/Y)

Black Hills News

Schedule 13G FIlings of Black Hills

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	10.92%	7,103,703	SC 13G/A
Feb 09, 2023	state street corp	11.55%	7,517,054	SC 13G/A
Jan 26, 2023	blackrock inc.	16.7%	10,877,391	SC 13G/A
Jan 20, 2023	blackrock inc.	16.7%	10,877,391	SC 13G/A
Jul 11, 2022	state street corp	10.03%	6,499,679	SC 13G/A
Feb 10, 2022	state street corp	8.18%	5,220,662	SC 13G/A
Feb 09, 2022	vanguard group inc	10.24%	6,535,371	SC 13G/A
Jan 28, 2022	blackrock inc.	14.5%	9,242,515	SC 13G/A
Feb 11, 2021	state street corp	8.83%	5,538,442	SC 13G
Feb 10, 2021	vanguard group inc	10.48%	6,576,633	SC 13G/A

BKH Fair Value

Black Hills fair value in different scenarios

The table shows the Fair Value estimates for Black Hills for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	61.72 1.23%	82.65 35.56%	118.80 94.85%	154.26 153.01%	191.03 213.32%
Current Inflation	45.91 -24.70%	63.32 3.85%	88.48 45.12%	116.25 90.67%	140.74 130.83%
Very High Inflation	49.05 -19.55%	62.72 2.87%	85.84 40.79%	109.31 79.28%	132.81 117.83%

Historical Black Hills Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Black Hills

View All Filings

Date Filed	Form Type	Document
Mar 15, 2023	ARS	ARS
Mar 15, 2023	DEF 14A	DEF 14A
Mar 07, 2023	8-K	Current Report
Mar 03, 2023	424B2	Prospectus Filed
Mar 02, 2023	424B5	Prospectus Filed
Mar 02, 2023	FWP	Prospectus Filed
Feb 14, 2023	4	Insider Trading
Feb 14, 2023	4	Insider Trading
Feb 14, 2023	4	Insider Trading
Feb 14, 2023	4	Insider Trading

Latest Insider Trading transactions for BKH

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-14	Landis Jennifer C	acquired	11,053	69.96	158	sr vp human resources
2023-02-14	Iverson Brian	acquired	27,774	69.96	397	sr vp general counsel
2023-02-14	Evans Linden R	acquired	118,792	69.96	1,698	president and ceo
2023-02-14	Kinzley Richard	acquired	35,119	69.96	502	sr vp & cfo
2023-02-11	Evans Linden R	sold (taxes)	-185,629	64.15	-2,893	president and ceo
2023-02-11	Landis Jennifer C	sold (taxes)	-24,261	64.15	-378	sr vp human resources
2023-02-11	Erik Keller D	sold (taxes)	-24,574	64.15	-383	sr vp chief info officer
2023-02-11	Iverson Brian	sold (taxes)	-39,707	64.15	-618	sr vp general counsel
2023-02-11	Kinzley Richard	sold (taxes)	-46,533	64.15	-725	sr vp & cfo
2023-02-10	Landis Jennifer C	sold (taxes)	-6,200	64.15	-96.659	sr vp human resources

About Black Hills

Linden R. Evans

www.blackhillscorp.com

2880

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates in two segments, Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 218,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,481.5 megawatts of generation capacity and 8,892 miles of electric transmission and distribution lines. The Gas Utilities segment distributes natural gas to approximately 1,094,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; owns and operates 4,732 miles of intrastate gas transmission pipelines; 41,644 miles of gas distribution mains and service lines; six natural gas storage sites; and approximately 50,000 horsepower of compression and 515 miles of gathering lines. The company also constructs and maintains gas infrastructure facilities for gas transportation customers; and provides appliance repair services to residential utility customers, as well as electrical system construction services to large industrial customers. In addition, it produces electric power through wind, natural gas, and coal-fired generating plants; and coal at its coal mine located near Gillette, Wyoming. The company was incorporated in 1941 and is headquartered in Rapid City, South Dakota.

BKH Income Statement

2022-12-31

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Revenue	$ 2,551,816	$ 1,949,102	$ 1,696,941
Operating expenses:
Fuel, purchased power and cost of natural gas sold	1,230,550	741,934	492,404
Operations and maintenance	548,430	501,690	495,404
Depreciation, depletion and amortization	250,909	235,953	224,457
Taxes - property and production	66,683	60,096	56,373
Total operating expenses	2,096,572	1,539,673	1,268,638
Operating income	455,244	409,429	428,303
Other income (expense):
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts)	(162,584)	(154,112)	(144,931)
Interest income	1,595	1,708	1,461
Impairment of investment	0	0	(6,859)
Other income (expense), net	1,708	1,404	(2,293)
Total other income (expense)	(159,281)	(151,000)	(152,622)
Income before income taxes	295,963	258,429	275,681
Income tax expense	(25,205)	(7,169)	(32,918)
Net income	270,758	251,260	242,763
Net income attributable to non-controlling interest	(12,371)	(14,516)	(15,155)
Net income available for common stock	$ 258,387	$ 236,744	$ 227,608
Earnings per share of common stock:
Earnings per share, Basic (usd per share)	$ 3.98	$ 3.74	$ 3.65
Earnings per share, Diluted (usd per share)	$ 3.97	$ 3.74	$ 3.65
Weighted average common shares outstanding:
Basic (in shares)	64,858	63,219	62,378
Diluted (in shares)	65,021	63,325	62,439

BKH Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 21,430	$ 8,921
Restricted cash and equivalents	5,555	4,889
Accounts receivable, net	508,192	321,652
Materials, supplies and fuel	207,421	150,979
Derivative assets, current	582	4,373
Income tax receivable, net	17,637	18,017
Regulatory assets, current	260,312	270,290
Other current assets	50,579	29,012
Total current assets	1,071,708	808,133
Property, plant and equipment	8,374,790	7,856,573
Less accumulated depreciation and depletion	(1,576,842)	(1,407,397)
Total property, plant and equipment, net	6,797,948	6,449,176
Other assets:
Goodwill	1,299,454	1,299,454
Intangible assets, net	9,589	10,770
Regulatory assets, non-current	392,669	526,309
Other assets, non-current	46,862	38,054
Total other assets, non-current	1,748,574	1,874,587
TOTAL ASSETS	9,618,230	9,131,896
Current liabilities:
Accounts payable	310,020	217,761
Accrued liabilities	243,457	244,759
Derivative liabilities, current	6,600	1,439
Regulatory liabilities, current	46,013	17,574
Notes payable	535,600	420,180
Current maturities of long-term debt	525,000	0
Total current liabilities	1,666,690	901,713
Long-term debt, net of current maturities	3,607,340	4,126,923
Deferred credits and other liabilities:
Deferred income tax liabilities, net	508,941	465,388
Regulatory liabilities, non-current	472,560	485,377
Benefit plan liabilities	116,742	123,925
Other deferred credits and other liabilities	156,062	141,447
Total deferred credits and other liabilities	1,254,305	1,216,137
Commitments, contingencies and guarantees (Note 3)
Equity:
Common stock $1.00 par value; 100,000,000 shares authorized; issued: 66,140,396 and 64,793,095, respectively	66,140	64,793
Additional paid-in capital	1,882,653	1,783,436
Retained earnings	1,064,122	962,458
Treasury stock at cost - 36,726 and 54,078, respectively	(2,435)	(3,509)
Accumulated other comprehensive income (loss)	(15,567)	(20,084)
Total stockholders’ equity	2,994,913	2,787,094
Non-controlling interest	94,982	100,029
Total equity	3,089,895	2,887,123
TOTAL LIABILITIES AND TOTAL EQUITY	$ 9,618,230	$ 9,131,896