BLACK HILLS CORP /SD/
boothcheck covers BLACK HILLS CORP /SD/ (BKH) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed July 25, 2026.
• The market is paying for the natural gas half of this utility to get smaller, roughly 3.5% a year in operating profit over five years, at the same time the electric half is building toward a 1.8 gigawatt data center interconnection in Cheyenne with service targeted for early 2028 [Source: company project update, June 2026]. • Returns are the sore point: trailing earnings of $3.84 per share against book value of $52.19 per share works out near 7.3%, below the roughly 9.3% required return used t
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456 institutional managers reported holding BKH in 13F filings for the quarter ended 2026-03-31. 53 opened new positions that quarter. Held by BlackRock, Vanguard Group, State Street, among others. On the short side, 8.6M shares were sold short as of the 2026-06-15 count, about 11% of shares outstanding (6.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
BKH's share count grew 19.9% over the past five years. It pays a dividend, and has paid one every year in our records (17 and counting), raised 13 years straight; the current rate is $2.70 a share annually. Cash returned over the past three years: $518.29M in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at BKH over the trailing three years. Absence is a fact about the company, not a signal. 19 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
BKH's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | -2.3% | -15.0% |
| 2023-11-03 | +3.2% | +7.2% |
| 2024-02-15 | +2.7% | +0.2% |
| 2024-05-10 | +1.5% | +0.4% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
BKH's latest 8-K filings: 2026-08-17 (items 8.01, 9.01); 2026-08-05 (items 2.02, 9.01); 2026-05-15 (items 8.01, 9.01); 2026-05-06 (items 2.02, 9.01); 2026-05-01 (items 5.07).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.