Black Hills Corporation (BKH)
NYSEUtilitiesRegulated GasSnapshot 2026-09-04
$73.21-0.12%
Close 2026-09-04 · 1-day change
NYSEUtilitiesRegulated GasSnapshot 2026-09-04
QuarterlyIQ Insights · BKH
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How this business ranks within utilities on a research-validated quality screen. As of 2026-09-04.
The screen ranks BKH against its sector on four durable signals: share dilution, return on capital, free-cash-flow yield, and FCF margin. Historically the highest-quality names tended toward better typical outcomes and fewer bad years over multi-year holds (strongest at three years, modest at one), and that pattern showed up even before the price moved. It characterizes business quality, not price direction.
Each leg is a sector-relative percentile (higher is better); 4 of 4 legs were available for this name. The composite is built from these four; the raw value follows each percentile for context.
A forward quality tilt, not a price prediction, and context for your own research rather than a recommendation. Not investment advice.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Utilities names rated strong grew net income 70% of the time over the next year (vs 63% for the rest of the cohort, n=1106).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
A guidance track record builds as the company issues and delivers on guidance.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Reaffirm and deliver 2026 adjusted earnings per share guidance excluding merger-related costs, targeting upper half of 4% to 6% long-term EPS growth.
Stated as a priority in 3 of last 3 quarters. Black Hills reaffirmed 2026 adjusted EPS guidance range of $4.25 to $4.45 each quarter. Year-to-date adjusted EPS was $2.33 in 2026-Q2 excluding merger costs. The trajectory is consistent with management's guidance and delivering on the EPS target.
“Black Hills reaffirms its guidance for 2026 adjusted EPS to be in the range of $4.25 to $4.45”
“Black Hills reaffirms its guidance for 2026 adjusted EPS to be in the range of $4.25 to $4.45”
“Black Hills initiates 2026 adjusted EPS guidance in the range of $4.25 to $4.45”
Complete regulatory approvals and close the tax-free, all-stock merger with NorthWestern Energy by year-end 2026.
Stated as a priority in 3 of last 3 quarters. The merger with NorthWestern Energy has received all approvals except Montana regulatory approval, which is pending. Management expects to close the merger by year-end 2026. The trajectory is delivering as regulatory milestones are being met.
“On track to close merger with NorthWestern Energy pending approval from Montana as the final condition for closing”
Advance definitive agreements and serve a large-load data center pipeline of more than 3 GW, including 600 MW by 2030 in Wyoming.
Stated as a priority in 3 of last 3 quarters. Management reports a data center pipeline exceeding 3 GW, including 600 MW planned by 2030 in Wyoming. Progress includes refundable advances of $377 million for generation equipment and ongoing negotiations. The trajectory shows steady progress toward definitive agreements.
“Progressing toward completion of multiple definitive agreements for a 1.8 GW data center project in Wyoming”
Finish construction and place in service the Lange II 99 MW gas-fired generation facility in South Dakota by the fourth quarter of 2026.
Stated as a priority in 3 of last 3 quarters. Construction of the 99 MW Lange II gas-fired generation project is ongoing with expected in-service date in Q4 2026. Management has consistently reaffirmed this timeline. The trajectory is delivering as planned.
“Executing customer-focused capital plan including 99-MW Lange II generation facility to be in service by year-end”
Maintain stable operating income and control costs amid capital investments and regulatory changes.
Stated as a priority in 3 of last 3 quarters. Operating income increased from $82.5M in 2025-Q2 to $97.0M in 2026-Q2, reflecting benefits from new rates, rider recovery, and cost management offsetting higher financing and depreciation costs. The trajectory shows delivering on operating income stability and cost control.
Over the trailing year it converted 1.75x of net income into operating cash flow. Historically, Utilities names rated neutral grew net income 68% of the time over the next year (vs 64% for the rest of the cohort, n=1211).
Most sensitive to real (inflation-adjusted) rates.
Not enough signal to read sensitivity to the US dollar, the broad stock market, long-term interest rates, Fed net liquidity (low R² over the window).
12 material management or governance events in the past 24 months, led by legal/regulatory items. Historically, Utilities names rated neutral grew net income 71% of the time over the next year (vs 64% for the rest of the cohort, n=224).
Not investment advice. As of 2026-09-04.
“The transaction is expected to close in the second half of 2026, subject to regulatory approvals”
“The transaction is expected to close in the second half of 2026, subject to regulatory approvals”
“Our data center pipeline of more than 3 GW includes 600 MW by 2030 in our five-year financial plan”
“Advancing plans to serve data center pipeline of more than 3 GW, including 600 MW in five-year plan”
“Continued construction of 99 MW Lange II gas-fired generation project expected to begin serving customers in Q4 2026”
“Continued construction of 99 MW Lange II gas-fired generation project expected to be completed and in service during Q4 2026”
“Financial results benefited from new rates and rider recovery and cost management activities”
“Lower operations and maintenance expenses partially offset higher financing and depreciation costs”
“Financial results benefited primarily from new rates and rider recovery which more than offset higher operating expenses”