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Black Hills Corporation
NYSE: BKH Utilities Energy 🔎 Screen
🏹 Trader: 🎯 Near 52W High | BRS 68 Forming View all →
$5.2B
Market Cap
17.4
P/E
2.74
PEG
5.7%
ROCE
8.0%
ROE
1.20
D/E
23.3%
OPM
-2.1%
% from 52W High
64
α RS
🔍 BKH is showing a near-52W-high setup because it's within 2.1% of its 52-week high, it matches 2 of 37 tracked screener presets, and RS Rating is 64. Net: Broad signal stack, not a recommendation. ? 52W High Conviction RS Rating
Sources
2.1% from 52W high · Conviction 2/37 · RS Rating 64
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🌏 Global Investor Returns
Currency-adjusted total returns for BKH including FX impact
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📈 Price History
Ratio Health
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By Category
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About

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding BKH
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 1.94M $134.9M 0.17% Mar 2026
Jim Simons Renaissance Technologies LLC 79.2K $5.5M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Black Hills Corp: Q1 adj. EPS $1.79, $4.7B capex, merger with NorthWestern
Revenue & Profitability
In Q1 2026, Black Hills reported GAAP EPS of $1.73, or $1.79 adjusted, down from $1.87 adjusted in Q1 2025, with weather negatively impacting by $0.18 per share. The company reaffirmed its full-year adjusted EPS guidance of $4.25-$4.45 and issued $41 million of equity under its ATM program. Operating expenses were reduced by $0.10 per share excluding merger costs, while financing and depreciation costs increased $0.10 and $0.06 per share respectively.
Outlook
Management sees significant growth opportunities from hyperscale data centers, with a pipeline of more than 3 GW of potential demand, including Microsoft's recent acquisition of 3,200 acres in Cheyenne. The company expects robust large load demand to contribute more than 10% of consolidated EPS beginning in 2028, and anticipates favorable regulatory outcomes in multiple states. Headwinds include weather variability, which the company manages through operational efficiency and weather normalization mechanisms.
Growth Drivers
Key growth drivers include large load data center demand (600 MW by 2030 in the financial plan and over 2.5 GW in active negotiations), regulatory rate reviews in Arkansas, South Dakota, Wyoming, and Kansas, and organic customer growth. Capital projects such as the 99 MW Lange II generation plant and the 50 MW battery storage project support expansion. The company also benefits from a cadence of three to four rate reviews annually across its service territory.
Balance Sheet & CapEx
Black Hills has a $4.7 billion five-year capital plan that includes minimal investment for the 600 MW of data center load already in the plan, with additional generation and transmission potentially required for larger demands. Specific projects include the 99 MW Lange II generation facility (in service Q4 2026), a 50 MW battery storage project (in service late 2027), and a 200 MW solar PPA in Colorado. The company also received $201 million from a customer as refundable contribution in aid of construction for long-lead generation equipment.
Margins
The company reported a $0.10 per share reduction in O&M (excluding merger costs) in Q1 2026, driven by lower employee costs and other reductions. It targets FFO to debt of 14%-15% and net debt to total capitalization at or below 55%. Management reaffirmed its 4%-6% long-term adjusted EPS growth target and expects to deliver in the upper half of that range.
Key Risks
Key risks flagged include weather variability, which impacted Q1 2026 EPS by $0.18 per share, and higher financing and depreciation costs of $0.10 and $0.06 per share respectively. The pending merger with NorthWestern Energy requires state and FERC approvals. For the 1.8 GW data center project, there is risk of stranded assets if definitive agreements are not finalized, though customer-funded milestone payments provide some protection.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Q2 2026 results showed strong earnings growth, robust large load demand from data centers, and continued progress on a major merger. Regulatory approvals and capital projects are advancing, supporting reaffirmed EPS guidance and a 56-year dividend growth streak.
Q1 2026 Q1 2026 2026-05-07
Q1 2026 results met expectations despite weather-driven demand declines, with adjusted EPS of $1.79 and reaffirmed full-year guidance. Strategic progress included advancing large load opportunities, regulatory filings, and the NorthWestern merger, while maintaining strong liquidity and credit metrics.
Q4 2025 Q4 2025 2026-02-05
Achieved 5% adjusted EPS growth in 2025, driven by new rates, customer growth, and data center demand. Initiated 2026 guidance for 6% EPS growth, advanced a $4.7B capital plan, and progressed a strategic merger with NorthWestern Energy.
Q3 2025 Q3 2025 2025-11-05
Q3 2025 delivered strong adjusted EPS growth and reaffirmed full-year guidance, driven by regulatory wins, customer growth, and major project execution. Data center demand is a key earnings driver, and the NorthWestern Energy merger is progressing as planned.
Q2 2025 Q2 2025 2025-07-30
Q2 2025 delivered strong EPS growth, driven by new rates, customer expansion, and robust capital projects. Guidance for 2025 is reaffirmed, with long-term growth expected from data center demand and major infrastructure investments.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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No Investment Recommendation:
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Information Sources:
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