Black Hills

BKH · NYSE

$77.53+$1.13 (+1.48%)TodayMarket closed · Oct 20, 7:31 PM ET

Prev close $76.40

BKH analyst rating

BuyConsensus of 7 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy7
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $84.83 (+9.4% upside)

Low: $69.69
Now: $77.53
High: $101.85

Upgrades and downgrades

The latest rating actions, newest first

BKH analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Jefferies	Oct 15, 2026	Initiates	Buy	$87.00	58%
BMO Capital	Oct 8, 2026	Maintains	Outperform	$83.00 → $86.00	59%
Freedom Broker	Oct 7, 2026	Upgrade	Hold → Buy	$69.00 → $78.00	60%
Freedom Broker	Sep 30, 2026	Initiates	Hold	$69.00	60%
B of A Securities	Sep 21, 2026	Maintains	Buy	$87.00 → $97.00	57%
BMO Capital	Jul 22, 2026	Maintains	Outperform	$86.00 → $85.00	59%
B of A Securities	Jul 10, 2026	Maintains	Buy	$78.00 → $87.00	57%
B of A Securities	Jun 11, 2026	Upgrade	Neutral → Buy	$76.00 → $78.00	57%
BMO Capital	Apr 15, 2026	Maintains	Outperform	$84.00 → $91.00	88%
B of A Securities	Apr 9, 2026	Maintains	Neutral	$72.00 → $76.00	57%

The case for and against

Updated Aug 7, 2024

Bull case

Black Hills is exhibiting positive financial growth indicators, like the increase in its 5-year capital plan by $800 million which forecasts a budget of $4.3 billion for the year 2024-2028 that will boost its operations. Despite a slower increase in the company's dividend compared to last year, the improvement in regulatory outcomes and robust underlying demand growth have led to increased EPS estimates, hinting at a promising financial outlook. The company strategically capitalizes on its capital-light data center and blockchain opportunities, which positions it to achieve its projected EPS growth that reaccelerates toward the peer average of approximately 6% from the year 2026 onwards.

Bear case

Black Hills is facing a number of financial challenges including a sluggish earnings growth profile, which has seen compound annual growth rate (CAGR) lowered to 4%-6% from the previous 5%-7%, and resulting in an average actual EPS growth of only 2% over the past five years. Rising interest rates and volatility in the natural gas market are potential risk factors putting added pressure on interest costs and leading to a higher deferred fuel balance. Additionally, ongoing inflationary pressures and higher commodity and financing costs in recent years have added to the regulatory lag issues prevalent within Black Hills's utilities segment, further straining the company's balance sheet.

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