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Black Hills Corporation - BKH STOCK NEWS

Welcome to our dedicated page for Black Hills Corporation news (Ticker: BKH), a resource for investors and traders seeking the latest updates and insights on Black Hills Corporation 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.

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Black Hills Corp. (NYSE: BKH) announced a partnership with Meta to power its new data center in Cheyenne, Wyoming. Black Hills Energy, operating through Cheyenne Light, Fuel & Power, will provide customized energy solutions and high reliability. This partnership leverages the Large Power Contract Service tariff, enabling efficient energy procurement for industrial clients since 2016. The initiative supports Wyoming's economic diversification and is expected to boost Black Hills' earnings per share from 5% to 10% over the next five years. Black Hills Corp. serves 1.34 million customers across eight states.

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Black Hills Corp. (NYSE: BKH) will release its 2024 second quarter earnings on July 31, 2024, after market close, with a live conference call and webcast scheduled for 11 a.m. EDT on August 1, 2024. Investors can access the webcast via the company's website under the 'Investor Relations' section. Registration for the event is required, providing access details and a personal identification number upon completion. A replay will be available online for up to one year. Black Hills Corp. is a utility company serving 1.34 million customers across eight states, focusing on natural gas and electric utility services.

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Black Hills Corp. (NYSE: BKH) has appointed Salvador (Sal) Diaz as the new director of investor relations. He takes over from Jerome Nichols, who will retire on August 5, 2024, after two decades with the company. Diaz brings over 20 years of experience in investor relations and capital markets, including roles in investment banking and equity research. He has worked with companies across various industries and most recently led investor relations at a pre-IPO digital identity firm. Diaz holds an MBA from Wharton, a graduate diploma from Cambridge, and an industrial engineering degree from the University of the Philippines. Black Hills Corp. serves 1.34 million customers in eight states and aims to be the preferred energy partner.

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Black Hills Corp. (NYSE: BKH) has released its 2023 Corporate Sustainability Report, underscoring significant environmental, social, and governance achievements. Since 2022, the company reduced greenhouse gas emissions from its natural gas distribution system by 27%. Additionally, electric utility emissions have been reduced by nearly one-third since 2005, with a goal to cut electric emissions intensity by 40% by 2030 and 70% by 2040. The Colorado Clean Energy Plan aims to add 400 MW of renewable energy and battery storage, targeting an 89% emissions reduction by 2030. The company is enhancing its renewable natural gas (RNG) infrastructure and expanding its Green Forward program. In 2023, Black Hills Corp. received a Wyoming Energy Authority grant to develop a pilot hydrogen plant at its Neil Simpson energy complex. The company's community support amounted to $6.1 million, with employees contributing $495,000 to United Way organizations. Black Hills Corp.'s 2023 direct economic impact was $1.35 billion.

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Black Hills Corp. (NYSE: BKH) announced on June 18, 2024, that Todd Jacobs, senior vice president of growth and strategy, will leave the company, with his last day set for July 8. Jacobs joined Black Hills Corp. in 2014 and has served in various leadership roles, including overseeing operations in Kansas and Arkansas, and as vice president of natural gas utilities. CEO Linn Evans praised Jacobs for his contributions over the past decade. The company assured a smooth transition of Jacobs' duties but did not specify immediate plans for his replacement. Black Hills Corp. serves 1.34 million customers across eight states, focusing on natural gas and electric utilities.

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On June 14, 2024, Black Hills Corp. (NYSE: BKH) announced that its Colorado electric utility, Black Hills Colorado Electric, (Black Hills Energy), filed a request with the Colorado Public Utilities Commission to update its electric rates, marking the first rate review in eight years. This request aims to address the rising costs of operations, maintenance, and upgrades of the electric system serving over 100,000 customers in Southern Colorado. Since 2016, Black Hills Energy has invested approximately $371 million in capital and plans an additional $98 million in 2024. The proposed rate review seeks an additional annual revenue of $36.7 million, with a capital structure comprising 52.75% equity and 47.25% long-term debt, and a return on equity of 10.5%. The new rates are expected to be effective in the first quarter of 2025.

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On May 13, 2024, Black Hills Corp. (NYSE: BKH) announced the pricing of a $450 million debt offering in the form of 6.00% senior unsecured notes due on January 15, 2035. The offering is expected to close on May 16, 2024, pending customary conditions. Net proceeds will be used to repay $600 million of outstanding notes maturing on August 23, 2024, with any surplus funds allocated for general corporate purposes. The offering is conducted via a prospectus supplement filed with the SEC, and copies are available through EDGAR or from Wells Fargo Securities and BofA Securities. This announcement does not constitute an offer to sell these securities in any unauthorized jurisdiction.

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Oklo Inc. starts trading on the New York Stock Exchange with the ticker symbol 'OKLO' after completing a merger with AltC Acquisition Corp. The company received $306 million in gross transaction proceeds to support its business plan of providing clean, reliable, affordable energy to various markets. Oklo's newly appointed board of directors comprises industry leaders with Sam Altman as chairman. The company aims to drive growth through strategic partnerships and its unique owner-operator model.

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Black Hills Corp. reported an 8% increase in earnings per share for the first quarter of 2024 compared to the same period in 2023. The financial results were driven by new rates, rider recovery, and lower operating expenses. The company reaffirmed its 2024 earnings guidance of $3.80 to $4.00 per share. They also highlighted progress in regulatory schedules, resource plans, and utility acquisitions. Electric and gas utility margins improved, and the company issued new common stock. Black Hills' board approved a quarterly dividend, and Fitch Ratings affirmed its issuer default rating. Overall, the company showed strong financial performance and operational efficiency.

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AltC Acquisition Corp. stockholders approved a business combination with Oklo, a clean power technology company, resulting in over $306 million of gross proceeds for Oklo. The business combination is expected to close on May 9, 2024. Sam Altman will serve as the chairman of the newly appointed board of directors for Oklo.

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FAQ

What services does Black Hills Corporation provide?

Black Hills Corporation provides natural gas and electric utility services to residential, commercial, industrial, and municipal customers across eight states.

How many customers does Black Hills Corporation serve?

Black Hills Corporation serves approximately 1.34 million natural gas and electric utility customers in eight states.

What are the core business segments of Black Hills Corporation?

Black Hills Corporation operates through three core segments: Electric Utilities, Gas Utilities, and Corporate and Other.

What recent achievements has Black Hills Corporation accomplished?

Recent achievements include acquiring a production facility at the Dubuque Metropolitan Area Solid Waste Agency for RNG production and reporting strong financial results for 2023.

What are Black Hills Corporation’s goals for renewable energy?

Black Hills Corporation aims to integrate renewable resources into its operations. The company is working on several projects, including a 260-mile electric transmission project in Wyoming and new renewable energy resources in Colorado to reduce greenhouse gas emissions.

What is Black Hills Energy Renewable Resources LLC (BHERR)?

BHERR is a nonregulated subsidiary of Black Hills Corporation focused on developing renewable natural gas production, interconnections, and sustainable lower-carbon fuel growth.

How did Black Hills Corporation perform financially in 2023?

In 2023, Black Hills Corporation reported earnings of $3.91 per share, driven by new rates, customer growth, and effective capital and expense management.

What is the company's earnings guidance for 2024?

Black Hills Corporation has set its earnings guidance for 2024 at $3.80 to $4.00 per share.

What strategic projects is Black Hills Corporation currently pursuing?

Current projects include the Ready Wyoming 260-mile electric transmission project, adding 100 megawatts of renewable wind generation in South Dakota, and recommending 400 megawatts of new renewable energy resources in Colorado.

Where can investors find more information about Black Hills Corporation?

Investors can visit the company's website at www.blackhillscorp.com for detailed information and updates.

Black Hills Corporation

NYSE:BKH

BKH Rankings

BKH Stock Data

3.95B
68.93M
0.57%
87.78%
3.81%
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