BKH · Black Hills Corp /Sd/
Market Cap
$5.47B
Shares
76.25M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$71.68
Open$72.25
Day$71.22–72.33
52W close$58.34–76.83
Avg vol 30d748K
Short int9.5M · 12.4% float · 11.0d
Short vol51%
Last earningsAug 6, 2026
DataJan 2020–Aug 2026
Filing10-Q · Aug 6
Up next
Next earnings call
Nov 5, 2026
Est · unconfirmed
· in 9 wks
FQ3-26 quarter ends
~Sep 30, 2026
Est
filed Aug 6, 2026
AI Brief
Q1 FY26 earnings call · May 7, 2026
Q1 FY26
TL;DR. Black Hills reported Q1 2026 adjusted EPS of $1.79 (GAAP $1.73) versus $1.87 a year ago, impacted by record warm winter weather, while reaffirming full-year 2026 adjusted EPS guidance of $4.25 to $4.45 and advancing its pending NorthWestern Energy merger and large-load data center pipeline.
Bullish
- + Reaffirmed 2026 adjusted EPS guidance of $4.25–$4.45, excluding merger-related costs new
- + Adjusted Q1 EPS of $1.79 delivered within expectations despite an 18¢ per share weather headwind new
- + Lower O&M by 10¢ per share year-over-year (excluding merger costs), with 4¢ from lower employee costs new
- + $4.7 billion five-year capital plan plus 600 MW of large-load demand already in the financial plan new
- + Executed reservation agreement to hold generation equipment for a potential 1.8 GW data center in Cheyenne, Wyoming new
- + Set new all-time Wyoming Electric peak load of 393 MW, up 4% versus 2025 peak new
Bearish
- − Adjusted Q1 EPS of $1.79 declined from $1.87 in Q1 2025, a year-over-year decline new
- − Q1 results included a 5¢ per share drag from merger-related transaction costs new
- − Weather reduced demand by 18¢ per share versus Q1 2025, including 13¢ versus normal weather assumptions new
- − Financing costs increased 10¢ per share (9¢ from new shares, 1¢ from higher net interest) and depreciation rose 6¢ per share new
- − Large-load growth beyond the 600 MW already in plan is not yet covered by definitive agreements, with June 30 highlighted as a working milestone new
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Buy
SellHoldBuy
Technical
Sell
Momentum
Neutral
Sentiment
Neutral
Fundamentals
Strong
Quant / Vol
Very Low
Market backdrop
VIX 14.9 · calm
Equity put/call 0.70
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
−1%
below
Price vs 50-day avg
−3%
below
RSI (14)
42
neutral
MACD trend
Negative
52-week position
72%
mid-range
Momentum
relative strength
1-month return
+1%
trailing
6-month return
+1%
trailing
YTD return
+3%
this year
Relative strength
−13%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $74 › 200d $73 — 50d above 200d
Institutional flow
Accumulating
+0% holders QoQ · +60 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Rising
12.45% of float · ▲ +2.7% MoM · 11.0 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
477 holders — near 3-yr high, broad support
Squeeze score
68
elevated · 0–100
Fundamentals
Revenue growth
+9%
Y/Y
Gross margin
33%
expanding
EPS growth
+2%
Y/Y
Free cash flow
$-146.4M
Valuation
P/E 18.1
below peers
Balance sheet
$1.4B
net debt
Quant / Vol
risk profile
Volatility
23%
annualized · 1-yr
Max drawdown
−12%
past year
ATR
2.1%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the 8-K filed Aug 5, 2026
Adjusted EPS
· 2026
Non-GAAP
$4.25 – $4.45
Prior guidance
period ended
· from the 8-K filed Nov 5, 2025
Equity issuance
· 2025
$215M – $235M
Effective tax rate
· 2025
13%
O&M expense CAGR off 2023 base
· 2025
3.5%
Guided vs delivered
· last 2 settled
Earnings per share
2023
guided $3.65 – $3.85
$3.91
Beat +4.3%
EPS
2022
guided $3.95 – $4.15
$3.97
In line
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Sell
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
−1%
Neutral
Price vs 50-day avg
−3%
Neutral
RSI (14)
42
Neutral
MACD trend
Negative
Bearish
52-week position
72%
Neutral
Market signals — smart money & positioning
Bullish · 2 of 6
Trend (MA cross)
No cross
50d $74 › 200d $73 — 50d above 200d
Institutional flow
Accumulating
+0% holders QoQ · +60 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Rising
12.45% of float · ▲ +2.7% MoM · 11.0 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
477 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low $58
Now $72 · 72%
Range high $77
vs 200-day avg -1%
vs 50-day avg -3%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Electric Utility margin (non-GAAP) non-GAAP | $176.6M | Three Months Ended June 30, 2026 filing | — |
| Gas Utility margin (non-GAAP) non-GAAP | $166.6M | Three Months Ended June 30, 2026 filing | — |
| Other Uses, Losses, or Generation, net | 142.3 | Three Months Ended June 30, 2026 filing | — |
|
|
|||
| Total Generated | 1,248.2 | Three Months Ended June 30, 2026 filing | — |
| Total Purchased | 754.4 | Three Months Ended June 30, 2026 filing | — |
| Adjusted earnings non-GAAP | 41.5M | Three Months Ended June 30, 2026 | — |
|
|
|||
| Adjusted EPS (non-GAAP) non-GAAP | $2.33 | Six Months Ended June 30, 2026 | — |
|
|
|||
| All-time peak load | 439 | Year to date through July 20, 2026 | — |
| Arkansas Gas | 11.5M | Three Months Ended March 31 | — |
| Colorado Electric | 495.9 | Three Months Ended March 31 | — |
| Colorado Gas | 10.8M | Three Months Ended March 31 | — |
| Commercial | 12.2M | Three Months Ended March 31 | — |
| Cooling Degree Days | 5 | Three Months Ended March 31 | — |
| Industrial | 0.9M | Three Months Ended March 31 | — |
| Integrated Generation | 25.8 | Three Months Ended March 31 | — |
| Iowa Gas | 14.1M | Three Months Ended March 31 | — |
| Kansas Gas | 10.2M | Three Months Ended March 31 | — |
| natural gas and electric utility customers | 1.37M | current | — |
| Nebraska Gas | 26.2M | Three Months Ended March 31 | — |
| Residential | 25.2M | Three Months Ended March 31 | — |
| South Dakota Electric | 679.7 | Three Months Ended March 31 | — |
| Subtotal Retail Revenue - Gas | 38.3M | Three Months Ended March 31 | — |
| Total Revenue and Quantities Sold | 84.5M | Three Months Ended March 31 | — |
| Transportation | 46.2M | Three Months Ended March 31 | — |
| Wyoming Electric | 726.6 | Three Months Ended March 31 | — |
| Wyoming Electric new winter and all-time customer peak load | 393 | Three Months Ended March 31, 2026 | — |
| Wyoming Gas | 11.7M | Three Months Ended March 31 | — |
| Data center capacity in five-year plan by 2030 | 600 | Twelve Months Ended Dec. 31, 2025 | — |
| Lange II gas-fired generation project capacity | 99 | Twelve Months Ended Dec. 31, 2025 | — |
| Lange II gas-fired generation project cost | $280M | Twelve Months Ended Dec. 31, 2025 | — |
| Net proceeds from common stock issuance | $220M | Twelve Months Ended Dec. 31, 2025 | — |
| Quarterly dividend per share | $0.7 | Twelve Months Ended Dec. 31, 2025 | — |
| Ready Wyoming electric transmission expansion project cost | $350M | Twelve Months Ended Dec. 31, 2025 | — |
| Ready Wyoming electric transmission expansion project length | 260 | Twelve Months Ended Dec. 31, 2025 | — |
| Senior unsecured notes issued | $450M | Twelve Months Ended Dec. 31, 2025 | — |
| Wyoming electric all-time peak load | 379 | June 20, 2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Utilities - Regulated Gas — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
BKH
this stock
Black Hills Corp /Sd/
|
$5.47B | +3.3% | +8.6% | 18.1 | 12.4% |
|
ATO
Atmos Energy Corp
|
$28.07B | -0.9% | +12.9% | 19.8 | 2.1% |
|
NI
Nisource Inc.
|
$19.46B | -2.0% | +8.5% | 21.6 | 2.8% |
|
UGI
Ugi Corp /Pa/
|
$8.15B | +2.7% | +1.1% | — | 5.0% |
|
SWX
Southwest Gas Holdings, Inc.
|
$6.45B | +10.4% | +9.6% | 11.8 | 3.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| BKH | -0.5% | +0.6% | +0.7% | +0.7% | +3.3% |
| SPY | +0.5% | +1.2% | +13.3% | +2.7% | +12.5% |
| vs SPY | -1.0% | -0.6% | -12.6% | -2.0% | -9.2% |
Capital returns
Latest dividend
$0.703
/ share · ex Aug 17, 2026
Paid (TTM)
$2.785
/ share · 4 payouts
Dividend yield (TTM, derived)
3.89%
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
Key facts
CIK
1130464
CUSIP
092113109
13F (30d)
363 filings
326 filers
Visit website
Investor relations