Welcome to our dedicated page for Black Hills news (Ticker: BKH), a resource for investors and traders seeking the latest updates and insights on Black Hills stock.
Black Hills Corporation (NYSE: BKH) is a growth-oriented, vertically integrated energy company headquartered in Rapid City, South Dakota. With a mission of improving life with energy and a vision to be the energy partner of choice, Black Hills Corp. serves approximately 1.34 million natural gas and electric utility customers in eight states, including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming.
The company operates through various segments: Electric Utilities, Gas Utilities, and Corporate and Other. A significant portion of its revenue is generated from its utility business group, mainly from electric utilities. Black Hills Corp. caters to a wide array of customers, including residential, commercial, industrial, and municipal consumers.
Black Hills Corp. has made significant strides in renewable energy. A noteworthy development is the acquisition of the production facility at the Dubuque Metropolitan Area Solid Waste Agency, which includes onsite infrastructure and long-term rights to renewable natural gas (RNG) production. This investment aligns with the company’s emissions reduction strategy and marks its entry into the RNG production as a nonregulated business.
In 2023, Black Hills Corp. reported strong financial results, with earnings per share reaching $3.91, driven by new rates and customer growth. The company demonstrated robust capital and expense management, offsetting inflationary impacts. Furthermore, the company has set a 2024 earnings guidance range of $3.80 to $4.00 per share and plans to increase its capital plan by $800 million to $4.3 billion from 2024 through 2028.
Among its strategic growth initiatives, Black Hills Corp. is advancing several key projects. In Wyoming, it has initiated the Ready Wyoming 260-mile electric transmission project. In South Dakota, the company is finalizing plans to add 100 megawatts of utility-owned renewable wind generation by mid-2026. Additionally, in Colorado, Black Hills Energy is recommending 400 megawatts of new renewable energy resources to meet its greenhouse gas emissions reduction goals by 2030, including 200 megawatts of utility-scale solar, 150 megawatts of wind, and 50 megawatts of battery storage.
Black Hills Energy Renewable Resources LLC (BHERR), a nonregulated subsidiary established in 2022, focuses on developing RNG production and interconnections. This subsidiary aims to align with Black Hills Corp.'s sustainability strategy and drive profitable growth in renewable energy projects.
For more detailed information, visit their website at www.blackhillscorp.com.
Black Hills Corp. (NYSE: BKH) reported a strong third quarter of 2020, achieving net income of $36.3 million, or $0.58 per share, marking a 32% increase year-over-year. The company raised its 2020 EPS guidance range to $3.60-$3.70 and introduced a 2021 guidance of $3.75-$3.95. A $239 million increase in its capital investment forecast to $2.9 billion was also announced. Additionally, the quarterly dividend was raised by 5.6% to $0.565 per share, continuing a streak of annual dividend increases. This robust performance reflects customer growth and favorable weather conditions.
Black Hills Corp (NYSE: BKH) announced that on November 5, it will release new greenhouse gas (GHG) emission reduction goals for its utility operations, along with an updated Corporate Sustainability Report. This follows the company's commitment to advancing its environmental, social, and governance (ESG) disclosures. Additionally, the leadership team, including President and CEO Linn Evans, will present at the Virtual 2020 Edison Electric Institute Financial Conference on November 9 and 10, with a presentation scheduled for November 10 at 3 p.m. EST.
Black Hills Corp. (BKH) has announced a quarterly dividend of 56.5 cents per share, marking a 5.6% increase over the prior quarter.
This declaration celebrates the company's 50th consecutive year of annual dividend increases, reinforcing its commitment to returning value to shareholders.
The dividend will be paid on December 1, 2020, to common shareholders of record as of November 17, 2020. With this, Black Hills has maintained a consistent dividend payout for 78 years.
Black Hills Corp. (NYSE: BKH) announced a significant development with the approval of a 60-megawatt power purchase agreement from the Federal Energy Regulatory Commission. The agreement allows Cheyenne Light to secure base load capacity from the Wygen I power plant, ensuring energy provision until December 31, 2032. This contract addresses a generation shortfall and supports grid stability as Cheyenne Light integrates more renewable resources. The Wygen I plant offers reliable, low-cost energy, benefitting both the utility and local employment.
On Nov. 2, 2020, after market close, Black Hills Corp. (NYSE: BKH) will announce its Q3 2020 earnings. A conference call and webcast is scheduled for Nov. 3, 2020, at 11 a.m. EST to discuss financial results. Black Hills Corp., based in Rapid City, South Dakota, provides natural gas and electric service to approximately 1.28 million customers across eight states. Interested parties can access the live webcast via their investor relations portal. A replay will be available afterward.
Black Hills Corp. (NYSE: BKH) announced the appointment of Barry M. Granger and Scott M. Prochazka to its board of directors, effective October 1, 2020. This decision coincides with a temporary expansion of the board's size from 10 to 12 directors, anticipating future retirements. Chairman Steven Mills expressed confidence that their expertise will enhance board effectiveness. Granger brings over 35 years of experience from DuPont and Dow Chemical, while Prochazka has a strong background in regulated utilities, previously serving as CEO of CenterPoint Energy, emphasizing innovation and customer focus.
Black Hills Corp. (NYSE: BKH) submitted a rate review application to the Colorado Public Utilities Commission on September 11, 2020, seeking $13.5 million in annual revenue to recover investments in natural gas infrastructure. The proposal includes a five-year safety and integrity rider. Since July 2018, Colorado Gas has invested over $105 million in system upgrades, serving 192,000 customers with a 7,000-mile pipeline network. The company aims to implement new rates by Q2 2021, proposing a capital structure of 50% equity and 50% debt with a return on equity of 9.95%.
Black Hills Corp. (NYSE: BKH) reported a Q2 2020 net income of $21 million, translating to earnings per share (EPS) of $0.33, up from $0.24 in Q2 2019. The company has a $669 million capital plan for 2020, remaining on schedule despite COVID-19 challenges. A $400 million debt issuance boosted total liquidity to $770 million. The firm noted improved performance across all business segments and reaffirmed its 2020 EPS guidance of $3.45 to $3.65, with COVID-19 impacts projected between $(0.05) and $(0.10) per share. The Corriedale Wind Project is on track for completion by year-end.
Black Hills Corp. (NYSE: BKH) declared a quarterly dividend of $0.535 per share, payable on Sept. 1, 2020, to shareholders of record by the close of business on Aug. 18, 2020. The company will release its Q2 2020 earnings on Aug. 3, 2020, after market close, followed by a conference call on Aug. 4, 2020, at 11 a.m. EDT. Black Hills Corp. serves approximately 1.28 million utility customers across eight states.
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