Black Hills Corporation (BKH) Stock Price & Analysis
Black Hills Corporation (BKH) closed at USD 79.31 on Thursday, October 22, 2026, up 0.97% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 78.55; the Oct 22, 2026 session ranged USD 78.67–79.65 on volume of 1,116,379 shares. Market capitalization is $6.05B, with a 52-week range of USD 62.27–79.65 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:28 UTC.
Also available as compact Markdown for AI agents: nexqual.com/BKH.md
Key facts (BKH)
- Last four reported quarters (through Jun 30, 2026): revenue $2.30B, net income $299M (13.0% margin), free cash flow -$305M (SEC filings).
- Valuation: P/E 20.2x (avg 15.4x at the last 3 fiscal year-ends), EV/EBITDA 12.3x, net debt $4.33B.
- Earnings quality: non-operating income -$197M vs operating income $549M over the last four quarters; P/E excluding non-operating income ≈12.8x (estimate: non-operating income taxed at the company's 12.5% effective rate).
- 2 of 80 tracked superinvestors hold BKH (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Analysts: Buy (mean 1.86 on a 1–5 scale) (7 analysts), mean target USD 87.07 (range 78–91).
- Total return with dividends: 1Y +25.9% vs S&P 500 +14.9%; 5Y +46.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.46, revenue estimate $482M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (BKH)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.95B | $2.55B | $2.33B | $2.13B | $2.31B | $2.30B |
| Operating income | $409M | $455M | $473M | $503M | $538M | $549M |
| Net income | $237M | $258M | $262M | $273M | $292M | $299M |
| EPS (diluted) | $3.74 | $3.97 | $3.91 | $3.91 | $3.98 | — |
| Free cash flow | -$742M | -$19.6M | $389M | -$24.9M | -$146M | -$305M |
| Operating margin | 21.0% | 17.8% | 20.3% | 23.6% | 23.3% | 23.9% |
| Net margin | 12.1% | 10.1% | 11.2% | 12.8% | 12.6% | 13.0% |
| Revenue growth | +14.9% | +30.9% | -8.6% | -8.7% | +8.6% | — |
| Cash + short-term investments | $8.9M | $21.4M | $86.6M | $16.1M | $183M | — |
| Total debt | $4.13B | $4.13B | $4.40B | $4.25B | $4.70B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (BKH)
P/E 20.2x · P/E ex non-operating (est.) ≈12.8x · P/S 2.6x · EV/EBITDA 12.3x · EV/Sales 4.5x · P/B 1.5x · FCF yield -5.05% · Earnings yield 4.95% · Dividend yield (paid, TTM) 3.42% · Net debt $4.33B · EV $10.4B
P/E at fiscal year-ends: Dec 2025 17.4x, Dec 2024 15.0x, Dec 2023 13.8x.
Superinvestors (SEC 13F-HR, Q2 2026) (BKH)
2 of 80 tracked investors hold BKH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.07% | $7.3M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | 0.02% | $13.2M | Added +38.2% |
Analysts (BKH)
Consensus Buy (mean 1.86 on a 1–5 scale), 7 analysts; mean target USD 87.07 (low 78, high 91).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Jefferies | Initiated | Buy | $87 |
| 2026-10-08 | BMO Capital | Target raised | Outperform | $83 → $86 |
| 2026-10-07 | Freedom Broker | Upgrade | Hold → Buy | $69 → $78 |
| 2026-09-30 | Freedom Broker | Initiated | Hold | $69 |
| 2026-09-21 | B of A Securities | Target raised | Buy | $87 → $97 |
| 2026-07-22 | BMO Capital | Target lowered | Outperform | $86 → $85 |
| 2026-07-10 | B of A Securities | Target raised | Buy | $78 → $87 |
Total return (dividends reinvested) (BKH)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +25.9% | +46.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +26.0% | +7.9% |
| Volatility (annualized) | 23.7% | 22.9% |
| Max drawdown | -10.9% (Apr 2026→Jun 2026) | -36.5% (Aug 2022→Oct 2023) |
BKH analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.46 | $0.62 | -26.7% | $481.8M | 3 |
| Next quarter (ends Dec 2026) | $1.61 | $1.27 | +27.1% | $791.5M | 3 |
| Current fiscal year (ends Dec 2026) | $4.35 | $4.34 | +0.4% | $2.45B | 6 |
| Next fiscal year (ends Dec 2027) | $4.62 | $4.61 | +0.3% | $4.33B | 2 |
Key Statistics (as of October 23, 2026 at 09:28 UTC)
| Price | USD 79.31 |
|---|---|
| Change | ▲ 0.97% (up) |
| Previous Close | USD 78.55 |
| Open | USD 78.69 |
| Day Range | USD 78.67 – 79.65 |
| 52-Week Range | USD 62.27 – 79.65 |
| Volume | 1,116,379 shares |
| Market Cap | $6.05B |
| Exchange | NYQ |
Technical Analysis (BKH)
Nexqual's technical model rates BKH "BUY" based on 5 bullish and 1 bearish signals across 127 daily candles, as of October 23, 2026 at 09:28 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 70 (neutral) |
| vs SMA50 | Above (USD 73.09) |
| MACD | 1.72 (positive) |
Analyst Ratings (BKH)
Wall Street analysts rate BKH "Buy" based on 7 analysts, with a mean price target of USD 87.07 (range USD 78–91), per Nexqual as of October 23, 2026 at 09:28 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 7 |
| Mean Target | USD 87.07 |
| High Target | USD 91 |
| Low Target | USD 78 |
| Buy / Hold / Sell | 7 / 0 / 0 |
Earnings (BKH)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD 0.46 |
| Revenue Estimate | $481.81M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.54 vs est 0.41 ▲ beat |
| 2026-03-31 | USD 1.79 vs est 1.84 ▼ miss |
| 2025-12-31 | USD 1.41 vs est 1.41 ▲ beat |
| 2025-09-30 | USD 0.45 vs est 0.4 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:28 UTC.
Financials & Fundamentals (BKH)
| Total Revenue | $2.30B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +3.10% |
| Gross Margin | +39.72% |
| Operating Margin | +21.42% |
| Profit Margin | +13.01% |
| ROE | +7.96% |
| Debt / Equity | 1.12 |
| Current Ratio | 0.52 |
| Total Cash | $71.50M |
| Total Debt | $4.49B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$305.20M (-13.3% of revenue) |
Source: Nexqual, October 23, 2026 at 09:28 UTC.
Financial Health Score (BKH)
Nexqual rates Black Hills Corporation's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:28 UTC.
| Growth | Solid — Revenue +9% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 40%, operating 21% (last 12 months) |
| Balance Sheet | Weak — $72M cash and investments vs $4.40B debt (Jun 2026, SEC) |
| Cash Flow | Weak — FCF negative: -$305M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Mixed — ROE 8%, ROA 3.2% |
Ownership (BKH)
| Insider Ownership | +0.48% |
|---|---|
| Institutional Ownership | +104.44% |
| Shares Outstanding | 76.25M |
| Float | 75.88M |
| Short % of Float | +19.46% |
Source: Nexqual, October 23, 2026 at 09:28 UTC.
Leadership (BKH)
Black Hills Corporation is led by Linden R. Evans, President, CEO & Director, per Nexqual as of October 23, 2026 at 09:28 UTC.
| President, CEO & Director | Linden R. Evans |
|---|---|
| Senior VP & CFO | Kimberly F. Nooney |
| Director of Investor Relations | Salvador Diaz |
Major Backers & Investors (BKH)
Notable institutional backers of Black Hills Corporation include Nomura Asset Management International Inc, AQR Capital Management, LLC, Point72 Asset Management, L.P., according to Nexqual as of October 23, 2026 at 09:28 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Nomura Asset Management International Inc | 3.27% |
| AQR Capital Management, LLC | 2.93% |
| Point72 Asset Management, L.P. | 2.83% |
| Franklin Resources, Inc. | 2.57% |
| Capital Group | 2.39% |
| SmallCap World Fund Inc | 2.33% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 16.37% |
| Vanguard Group | 11.24% |
| State Street | 5.01% |
| Geode Capital | 2.8% |
Source: Nexqual, October 23, 2026 at 09:28 UTC.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| SWX | Southwest Gas Holdings, Inc. | USD 91.08 | ▲ 3.01% |
| NJR | NewJersey Resources Corporation | USD 53.63 | ▲ 2.94% |
| SR | Spire Inc. | USD 85.56 | ▲ 3.7% |
| OGS | ONE Gas, Inc. | USD 78.25 | ▲ 3.57% |
| BIPC | Brookfield Infrastructure Corpo | USD 37.63 | ▲ 2.53% |
| UGI | UGI Corporation | USD 38.61 | ▲ 0.13% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:28 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt