Black Hills Stock Price, News & Analysis

Black Hills Corp. (NYSE: BKH) has successfully completed its equity capital raising through its "at-the-market" equity offering program for 2021. The company sold $119.9 million worth of shares, totaling 1,812,197 shares at an average price of $66.18, resulting in net proceeds of $118.8 million. The funds will support capital investments, reduce short-term debt, and cover general corporate expenses. The company retains the ability to issue an additional $400 million in shares under their Equity Sales Distribution Agreement.

Black Hills Corp. (NYSE: BKH) announced a settlement agreement to recover $87.9 million in fuel costs incurred during Winter Storm Uri, affecting 117,000 customers in Kansas. The recovery will take place over five years, starting February 1, 2022, pending approval from the Kansas Corporation Commission. This settlement includes carrying costs associated with financing the fuel costs. CEO Linn Evans highlighted the importance of this agreement for continuing reliable service in extreme weather conditions, underlining the company’s commitment to its customers.

Black Hills Corp. (NYSE: BKH) announced a settlement in its rate review for its Iowa natural gas utility, allowing for a general rate increase aimed at enhancing service to 161,000 customers. The agreement, pending Iowa Utilities Board approval, will adjust rider revenue to base rates, generating an estimated additional $3.7 million annually. The company has significantly increased its infrastructure investments in Iowa, triple since its last rate filing, thereby reducing greenhouse gas emissions by over one-third since 2005. New rates are set to take effect on January 1, 2022.

Black Hills Corp. (BKH) reported a strong third quarter for 2021, with net income of $44.1 million ($0.70 per share), up 21% from the previous year. The company raised its 2021 EPS guidance to a range of $3.85 to $4.00 and reaffirmed its 2022 guidance at $3.95 to $4.15. A $149 million increase in the capital investment forecast brings it to $3.2 billion for 2021-2025. The quarterly dividend was increased by 5.3%, marking 51 years of consecutive dividend increases.

Black Hills Corp. (NYSE: BKH) has announced a quarterly dividend of $0.595 per share, reflecting a 5.3% increase over the previous quarter. This dividend, payable on December 1, 2021, is for shareholders on record as of November 17, 2021. With this announcement, the company continues its impressive track record, marking 51 consecutive years of dividend increases and 79 consecutive years of annual dividends. The firm emphasizes its commitment to sustainable growth and increasing long-term value for its customers and shareholders.

Black Hills Corp. (NYSE: BKH) will release its third quarter 2021 earnings on November 2, 2021, post-market close. A live conference call to discuss financial results will follow on November 3, 2021, at 11 a.m. EDT. The event can be accessed via their website under Investor Relations, with replays available afterward. Serving 1.3 million customers across eight states, Black Hills aims to be the energy partner of choice. For inquiries, contact Jerome E. Nichols at 605-721-1171.

Black Hills Corp. (NYSE: BKH) announced an agreement for a general rate increase via its Colorado utility, Black Hills Energy, aimed at enhancing safe and reliable natural gas services. The plan, awaiting final approval, could yield $6.49 million in additional annual revenues starting January 1, 2022. This follows over $150 million in investments since 2018 in its 7,000-mile pipeline system, which serves over 194,000 customers. These upgrades have improved resilience during extreme weather and reduced greenhouse gas emissions by a third since 2005.

Black Hills Corp. (NYSE: BKH) announced a public debt offering of $600 million in senior unsecured notes with an interest rate of 1.037%, maturing on August 23, 2024. The offering includes an optional redemption provision effective from February 23, 2022. The company intends to utilize the proceeds to pay off a term loan related to costs from Winter Storm Uri, with any remaining funds allocated for general corporate purposes. Closing of the offering is expected on August 26, 2021.