Summary
Unlocking Growth Through A Merger: Black Hills Corporation
Black Hills Corporation is reaffirmed as a Buy, trading at a 12% discount to a $82 fair value estimate. The merger with NorthWestern Energy is on track for 2026, enhancing BKH's growth profile and asset footprint. BKH projects robust adjusted EPS growth of 6.3% annually, supported by secular demand drivers and a $4.7B capex plan.
The 127-Gigawatt Problem: Why AI Needs Its Own Power
As hyperscalers race to deploy massive data centers to train the next generation of large language models, they are hitting a physical wall. Artificial intelligence is no longer constrained by the supply of advanced semiconductors, but it is fundamentally bottlenecked by the availability of raw electricity.
Black Hills Q1 Earnings Call Highlights
Black Hills NYSE: BKH executives said the utility remained on track to meet its 2026 earnings targets despite unusually warm winter weather that weighed on first-quarter demand, while also outlining progress on its pending merger with NorthWestern Energy and a growing pipeline of large-load data center opportunities.
Black Hills Corporation Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| CE Curtis Ellergodt Rothschild Investment LLC | 1,688 | $105,358.55 | $127,131.72 | $21,773.17 | 20.67% |
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 1,320 | $92,445.46 | $99,316.8 | $6,871.34 | 7.43% |
| SN Stephanie Nee HARBOR CAPITAL ADVISORS Inc. | 19,478 | $1.3M | $1.47M | $171,546.67 | 13.24% |
| BG Bart Gancher Intech Investment Management LLC | 20,450 | $1.2M | $1.54M | $336,147.08 | 27.95% |
 Point72 Asset Management LP Point72 Asset Management LP | 1.94M | $134.78M | $146.44M | $11.66M | 8.65% |
Black Hills Corporation Analysts
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
 Ross Fowler B of A Securities | 1,897.36 | $136,192.28 | $141,542.82 | $5,350.54 | 3.93% |
| ED Edward DeArias BMO Capital | 1,634.07 | $120,795.84 | $123,323.51 | $2,527.67 | 2.09% |
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Black Hills Corporation Profile
| Electric Utilities Industry | Utilities Sector | Linden R. Evans CEO | NYSE Exchange | 092113109 CUSIP |
| US Country | 2,795 Employees | 15 May 2026 Last Dividend | 11 Mar 1998 Last Split | - IPO Date |
Overview
Founded in 1941 and based in Rapid City, South Dakota, Black Hills Corporation is a prominent utility company in the United States. Serving a broad spectrum of customers through its subsidiaries, the company operates primarily through two segments: Electric Utilities and Gas Utilities. The Electric Utilities segment caters to approximately 222,000 electric utility customers across Colorado, Montana, South Dakota, and Wyoming. It boasts a significant infrastructure, including 1,394 megawatts of generation capacity and 9,106 miles of electric transmission and distribution lines. On the other hand, the Gas Utilities segment provides natural gas to around 1,116,000 customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. This segment's extensive assets include intrastate gas transmission pipelines, gas distribution mains, service lines, natural gas storage sites, and gathering lines. Black Hills Corporation's sustained commitment to reliability and service quality underscores its position as a key player in the American utility industry.
Products and Services
- Electric Utilities:
This segment involves the generation, transmission, and distribution of electricity to hundreds of thousands of customers in four states. Black Hills Corporation ensures consistent power supply through its own generation facilities and a widespread network of transmission and distribution lines.
- Gas Utilities:
Serving over a million natural gas utility customers across six states, this segment includes the distribution of natural gas through an extensive network of pipelines and storage facilities. It emphasises safety, efficiency, and reliable supply.
- Gas Infrastructure Facilities Construction:
Black Hills Corporation constructs and maintains gas infrastructure facilities for transportation customers. This service is tailored for clients requiring specialized gas delivery systems, showcasing the company's versatility in utility infrastructure.
- Appliance Repair Services:
Offering more than just utility provision, the company also provides appliance repair services to residential utility customers. This value-added service enhances customer satisfaction and loyalty.
- Electric System Construction Services:
Focused on large industrial customers, these construction services cater to the electrical infrastructure needs of big businesses, demonstrating Black Hills Corporation's capacity to handle expansive and complex projects.
- Power Generation:
Black Hills Corporation produces electric power through various sources including wind, natural gas, and coal-fired generating plants. This diversification in power generation methods allows for a more sustainable and balanced energy portfolio.
- Coal Mining:
The company owns and operates a coal mine in Wyoming, supporting its coal-fired power generation with a consistent coal supply. This vertical integration ensures reliability and control over one of its primary fuel sources.
