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Black Hills Corp

Black Hills Corp

BKH
$74.61USD↓-1.58%-1.20 today

MARKET CAP

5.7B

P/E (TTM)

19.0x

FWD P/E

15.7x

DAY RANGE

$74 – $77

52W RANGE

$56
$79

AI Summary

Stalk
StalkMedium

BKH remains in a Stage 2 advance within a long-term uptrend, currently in a corrective pullback after an exhaustion signal at marginal highs. Price is probing the rising 9/21 EMA support cluster, and while the medium-term bullish bias stays intact on higher highs and higher lows, we defer execution until clear acceptance off the EMAs for a higher-probability entry.

  • ↑2025 adjusted EPS guidance of $4.25–$4.45 implies 6% growth
  • ↑$4.7 billion capex plan over five years to modernize infrastructure
  • ↓Pending Northwestern Energy merger risks regulatory delays
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The case for & against

Bull & Bear analysis

Bullish

Black Hills Corporation (NYSE: BKH) operates as a diversified energy company, delivering electric and natural gas utility services across eight states in the Midwest and Western United States. The company is strategically positioned in the energy transition theme, actively investing in growth initiatives related to data centers and renewable sources. Its ongoing merger with Northwestern Energy is intended to enhance its scale and operational efficiency, allowing it to meet the growing energy demands from large-load customers.

Bull says

  • ↑2025 adjusted EPS guidance of $4.25–$4.45 implies 6% growth
  • ↑$4.7 billion capex plan over five years to modernize infrastructure
  • ↑Data center demand represents over 10% of EPS by 2028
  • ↑Regulatory approvals recover $1.3 billion, supporting rate-based returns
  • ↑56 consecutive years of dividend increases underscore income stability
  • ↑Valuation metrics attractive with high earnings yield and low volatility

Bear says

  • ↓Pending Northwestern Energy merger risks regulatory delays
  • ↓$4.7 billion capex plan vulnerable to higher construction costs
  • ↓Negative profitability factors highlight inefficient operations
  • ↓Data center dependence exposes EPS to tech-sector demand swings
  • ↓Weather variability cut EPS by $0.13 in Q1 2026
  • ↓Weak growth and low institutional interest suggest upside limits

Investment themes with BKH

High Dividend Yield↑ +0.32%

Companies paying above-average dividends

AVGO · JPM · XOM

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-10-2026neutral

Transcript signals

Bull points

  • We had a successful first quarter executing our strategy and delivering results within our expectations, even with the impact of very warm weather.
  • We are on track to achieve our earnings guidance as we maintained our solid investment grade credit ratings and strong liquidity.
  • We delivered 24 cents per share of new rates and rider recovery margin and 10 cents of lower O&M, excluding merger costs.

Bear points

  • One of our warmest winters in history included record warm temperatures in Wyoming and Colorado weighed on demand by 18 cents per share compared to Q1 2025.
  • Financing costs increased 10 cents per share, including 9 cents per share from the impact of new shares and 1 cent of higher interest expense net of AFUDC.
  • Depreciation expenses increased by 6 cents per share, driven by new assets placed in service, including our $350 million Ready Wyoming Transmission Project placed in service at the end of 2025.
Read full transcript analysis ›