Intrinsic value of Black Hills - BKH

Previous Close

$60.44

  Intrinsic Value

$48.10

stock screener

  Rating & Target

sell

-20%

Previous close

$60.44

 
Intrinsic value

$48.10

 
Up/down potential

-20%

 
Rating

sell

We calculate the intrinsic value of BKH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
  5.22
  5.20
Revenue, $m
  1,835
  1,996
  2,163
  2,338
  2,519
  2,707
  2,903
  3,107
  3,318
  3,538
  3,767
  4,005
  4,253
  4,511
  4,779
  5,060
  5,352
  5,657
  5,976
  6,308
  6,656
  7,020
  7,400
  7,797
  8,213
  8,648
  9,104
  9,582
  10,082
  10,606
Variable operating expenses, $m
  777
  834
  893
  954
  1,018
  1,084
  1,153
  1,225
  1,299
  1,377
  1,327
  1,411
  1,498
  1,589
  1,683
  1,782
  1,885
  1,993
  2,105
  2,222
  2,344
  2,472
  2,606
  2,746
  2,893
  3,046
  3,207
  3,375
  3,551
  3,735
Fixed operating expenses, $m
  565
  578
  590
  603
  617
  630
  644
  658
  673
  687
  703
  718
  734
  750
  766
  783
  801
  818
  836
  855
  873
  893
  912
  932
  953
  974
  995
  1,017
  1,039
  1,062
Total operating expenses, $m
  1,342
  1,412
  1,483
  1,557
  1,635
  1,714
  1,797
  1,883
  1,972
  2,064
  2,030
  2,129
  2,232
  2,339
  2,449
  2,565
  2,686
  2,811
  2,941
  3,077
  3,217
  3,365
  3,518
  3,678
  3,846
  4,020
  4,202
  4,392
  4,590
  4,797
Operating income, $m
  493
  584
  680
  780
  885
  993
  1,106
  1,224
  1,346
  1,474
  1,738
  1,876
  2,021
  2,172
  2,330
  2,494
  2,667
  2,847
  3,035
  3,232
  3,438
  3,655
  3,881
  4,119
  4,368
  4,629
  4,903
  5,190
  5,492
  5,808
EBITDA, $m
  1,253
  1,401
  1,554
  1,714
  1,881
  2,054
  2,234
  2,422
  2,617
  2,820
  3,032
  3,252
  3,482
  3,721
  3,971
  4,232
  4,505
  4,790
  5,088
  5,399
  5,725
  6,066
  6,423
  6,797
  7,189
  7,599
  8,030
  8,481
  8,955
  9,451
Interest expense (income), $m
  113
  180
  204
  230
  257
  285
  313
  343
  375
  407
  441
  476
  512
  550
  589
  630
  673
  718
  764
  813
  864
  917
  972
  1,030
  1,090
  1,154
  1,220
  1,289
  1,362
  1,438
  1,518
Earnings before tax, $m
  313
  380
  450
  524
  600
  680
  763
  849
  939
  1,033
  1,262
  1,364
  1,471
  1,583
  1,699
  1,821
  1,949
  2,082
  2,222
  2,368
  2,522
  2,683
  2,851
  3,028
  3,214
  3,409
  3,613
  3,828
  4,054
  4,291
Tax expense, $m
  84
  103
  122
  141
  162
  184
  206
  229
  254
  279
  341
  368
  397
  427
  459
  492
  526
  562
  600
  639
  681
  724
  770
  818
  868
  920
  976
  1,034
  1,095
  1,158
Net income, $m
  228
  277
  329
  382
  438
  496
  557
  620
  686
  754
  921
  996
  1,074
  1,155
  1,240
  1,329
  1,423
  1,520
  1,622
  1,729
  1,841
  1,958
  2,081
  2,211
  2,346
  2,488
  2,638
  2,795
  2,959
  3,132

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,280
  7,919
  8,585
  9,277
  9,996
  10,744
  11,521
  12,328
  13,168
  14,040
  14,948
  15,892
  16,875
  17,899
  18,966
  20,079
  21,239
  22,449
  23,713
  25,034
  26,413
  27,855
  29,363
  30,941
  32,591
  34,319
  36,128
  38,023
  40,008
  42,087
Adjusted assets (=assets-cash), $m
  7,280
  7,919
  8,585
  9,277
  9,996
  10,744
  11,521
  12,328
  13,168
  14,040
  14,948
  15,892
  16,875
  17,899
  18,966
  20,079
  21,239
  22,449
  23,713
  25,034
  26,413
  27,855
  29,363
  30,941
  32,591
  34,319
  36,128
  38,023
  40,008
  42,087
Revenue / Adjusted assets
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
Average production assets, $m
  6,302
  6,855
  7,431
  8,030
  8,653
  9,300
  9,973
  10,672
  11,398
  12,153
  12,939
  13,757
  14,608
  15,494
  16,418
  17,380
  18,385
  19,433
  20,527
  21,670
  22,864
  24,112
  25,417
  26,783
  28,212
  29,707
  31,273
  32,913
  34,631
  36,431
Working capital, $m
  -51
  -56
  -61
  -65
  -71
  -76
  -81
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -134
  -142
  -150
  -158
  -167
  -177
  -186
  -197
  -207
  -218
  -230
  -242
  -255
  -268
  -282
  -297
Total debt, $m
  3,786
  4,260
  4,755
  5,269
  5,804
  6,359
  6,936
  7,536
  8,160
  8,808
  9,483
  10,184
  10,915
  11,676
  12,468
  13,295
  14,157
  15,056
  15,996
  16,977
  18,002
  19,073
  20,193
  21,365
  22,592
  23,876
  25,220
  26,628
  28,102
  29,647
Total liabilities, $m
  5,409
  5,884
  6,378
  6,893
  7,427
  7,983
  8,560
  9,160
  9,784
  10,432
  11,106
  11,808
  12,538
  13,299
  14,092
  14,918
  15,780
  16,680
  17,619
  18,600
  19,625
  20,696
  21,817
  22,989
  24,215
  25,499
  26,843
  28,251
  29,726
  31,271
Total equity, $m
  1,871
  2,035
  2,206
  2,384
  2,569
  2,761
  2,961
  3,168
  3,384
  3,608
  3,842
  4,084
  4,337
  4,600
  4,874
  5,160
  5,458
  5,770
  6,094
  6,434
  6,788
  7,159
  7,546
  7,952
  8,376
  8,820
  9,285
  9,772
  10,282
  10,816
Total liabilities and equity, $m
  7,280
  7,919
  8,584
  9,277
  9,996
  10,744
  11,521
  12,328
  13,168
  14,040
  14,948
  15,892
  16,875
  17,899
  18,966
  20,078
  21,238
  22,450
  23,713
  25,034
  26,413
  27,855
  29,363
  30,941
  32,591
  34,319
  36,128
  38,023
  40,008
  42,087
Debt-to-equity ratio
  2.020
  2.090
  2.160
  2.210
  2.260
  2.300
  2.340
  2.380
  2.410
  2.440
  2.470
  2.490
  2.520
  2.540
  2.560
  2.580
  2.590
  2.610
  2.620
  2.640
  2.650
  2.660
  2.680
  2.690
  2.700
  2.710
  2.720
  2.720
  2.730
  2.740
Adjusted equity ratio
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  228
  277
  329
  382
  438
  496
  557
  620
  686
  754
  921
  996
  1,074
  1,155
  1,240
  1,329
  1,423
  1,520
  1,622
  1,729
  1,841
  1,958
  2,081
  2,211
  2,346
  2,488
  2,638
  2,795
  2,959
  3,132
Depreciation, amort., depletion, $m
  761
  816
  874
  934
  996
  1,061
  1,128
  1,198
  1,271
  1,346
  1,294
  1,376
  1,461
  1,549
  1,642
  1,738
  1,838
  1,943
  2,053
  2,167
  2,286
  2,411
  2,542
  2,678
  2,821
  2,971
  3,127
  3,291
  3,463
  3,643
Funds from operations, $m
  989
  1,094
  1,203
  1,316
  1,434
  1,557
  1,685
  1,818
  1,956
  2,100
  2,215
  2,372
  2,535
  2,705
  2,882
  3,067
  3,261
  3,463
  3,675
  3,896
  4,127
  4,369
  4,623
  4,889
  5,167
  5,459
  5,765
  6,086
  6,422
  6,775
Change in working capital, $m
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
Cash from operations, $m
  994
  1,098
  1,207
  1,321
  1,439
  1,562
  1,690
  1,823
  1,962
  2,106
  2,222
  2,378
  2,542
  2,712
  2,890
  3,075
  3,269
  3,472
  3,684
  3,905
  4,137
  4,380
  4,634
  4,900
  5,179
  5,471
  5,778
  6,099
  6,436
  6,790
Maintenance CAPEX, $m
  -577
  -630
  -686
  -743
  -803
  -865
  -930
  -997
  -1,067
  -1,140
  -1,215
  -1,294
  -1,376
  -1,461
  -1,549
  -1,642
  -1,738
  -1,838
  -1,943
  -2,053
  -2,167
  -2,286
  -2,411
  -2,542
  -2,678
  -2,821
  -2,971
  -3,127
  -3,291
  -3,463
New CAPEX, $m
  -530
  -553
  -576
  -599
  -623
  -647
  -673
  -699
  -727
  -755
  -786
  -817
  -851
  -886
  -924
  -963
  -1,004
  -1,048
  -1,094
  -1,143
  -1,194
  -1,248
  -1,305
  -1,365
  -1,429
  -1,496
  -1,566
  -1,640
  -1,718
  -1,800
Cash from investing activities, $m
  -1,107
  -1,183
  -1,262
  -1,342
  -1,426
  -1,512
  -1,603
  -1,696
  -1,794
  -1,895
  -2,001
  -2,111
  -2,227
  -2,347
  -2,473
  -2,605
  -2,742
  -2,886
  -3,037
  -3,196
  -3,361
  -3,534
  -3,716
  -3,907
  -4,107
  -4,317
  -4,537
  -4,767
  -5,009
  -5,263
Free cash flow, $m
  -114
  -85
  -54
  -21
  13
  50
  88
  127
  168
  211
  221
  267
  315
  365
  417
  471
  527
  585
  646
  710
  776
  845
  917
  993
  1,072
  1,154
  1,241
  1,332
  1,427
  1,527
Issuance/(repayment) of debt, $m
  459
  475
  494
  514
  535
  556
  577
  600
  624
  648
  674
  702
  730
  761
  793
  826
  862
  900
  939
  981
  1,025
  1,071
  1,120
  1,172
  1,226
  1,284
  1,344
  1,408
  1,475
  1,545
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  459
  475
  494
  514
  535
  556
  577
  600
  624
  648
  674
  702
  730
  761
  793
  826
  862
  900
  939
  981
  1,025
  1,071
  1,120
  1,172
  1,226
  1,284
  1,344
  1,408
  1,475
  1,545
Total cash flow (excl. dividends), $m
  345
  390
  440
  493
  548
  605
  665
  727
  792
  860
  895
  969
  1,045
  1,126
  1,209
  1,297
  1,389
  1,485
  1,585
  1,691
  1,801
  1,916
  2,038
  2,165
  2,298
  2,438
  2,585
  2,740
  2,902
  3,072
Retained Cash Flow (-), $m
  -162
  -164
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -224
  -233
  -243
  -253
  -263
  -274
  -286
  -298
  -311
  -325
  -339
  -355
  -371
  -388
  -405
  -424
  -444
  -465
  -487
  -510
  -534
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  50
Cash available for distribution, $m
  183
  225
  269
  315
  363
  413
  465
  520
  576
  635
  662
  726
  793
  862
  935
  1,011
  1,091
  1,174
  1,260
  1,351
  1,446
  1,546
  1,650
  1,759
  1,874
  1,994
  2,120
  2,253
  2,392
  2,537
Discount rate, %
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
  167
  185
  198
  205
  207
  204
  196
  185
  171
  154
  130
  113
  96
  80
  65
  52
  40
  31
  23
  16
  11
  8
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Black Hills Corporation is a holding company. The Company is an integrated energy company, which is focused primarily on regulated utilities. The Company operates through segments, including Electric Utilities, Gas Utilities, Power Generation, Mining, Oil and Gas, and Corporate. As of December 31, 2016, the Electric Utilities segment generated, transmitted and distributed electricity to approximately 208,500 customers in South Dakota, Wyoming, Colorado and Montana. The Gas Utilities Segment includes the natural gas operations of Cheyenne Light. The Power Generation segment produces electric power from its generating plants and sells the electric capacity and energy principally to its utilities under long-term contracts. The Mining segment operates through its Wyodak Resources Development Corp. (WRDC) subsidiary. The Company's Oil and Gas segment acquires, explores for, develops and produces natural gas and crude oil in the United States primarily in the Rocky Mountain region.

FINANCIAL RATIOS  of  Black Hills (BKH)

Valuation Ratios
P/E Ratio 44.2
Price to Sales 2.1
Price to Book 2
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow -20.8
Growth Rates
Sales Growth Rate 20.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.4%
Cap. Spend. - 3 Yr. Gr. Rate 6%
Financial Strength
Quick Ratio 0
Current Ratio 0.4
LT Debt to Equity 198.8%
Total Debt to Equity 205.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity 4.7%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 25.1%
EBITDA Margin - 3 Yr. Avg. 22.8%
Operating Margin 14.2%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 5.9%
Pre-Tax Margin - 3 Yr. Avg. 5.3%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 10.8%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 120.5%

BKH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BKH stock intrinsic value calculation we used $1680 million for the last fiscal year's total revenue generated by Black Hills. The default revenue input number comes from 2017 income statement of Black Hills. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BKH stock valuation model: a) initial revenue growth rate of 9.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.8%, whose default value for BKH is calculated based on our internal credit rating of Black Hills, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Black Hills.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BKH stock the variable cost ratio is equal to 43%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $553 million in the base year in the intrinsic value calculation for BKH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Black Hills.

Corporate tax rate of 27% is the nominal tax rate for Black Hills. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BKH stock is equal to 0.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BKH are equal to 343.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Black Hills operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BKH is equal to -2.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1709 million for Black Hills - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 53 million for Black Hills is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Black Hills at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

▶ Best NYSE Dividend Payers   [09:02AM  Simply Wall St.]
▶ Black Hills: 1Q Earnings Snapshot   [May-04-18 05:04AM  Associated Press]
▶ Black Hills Corp. Reports Solid First Quarter 2018 Results   [May-03-18 05:37PM  GlobeNewswire]
▶ Black Hills Corp. Announces Quarterly Dividend   [Apr-23-18 05:37PM  GlobeNewswire]
▶ April Top Dividend Stock   [Apr-12-18 09:02AM  Simply Wall St.]
▶ Best Dividend Stocks This Month   [Mar-12-18 09:02AM  Simply Wall St.]
▶ Top Dividend Stocks For The Week   [Feb-09-18 08:02AM  Simply Wall St.]
▶ Black Hills Corporation to Host Earnings Call   [Feb-02-18 07:40AM  ACCESSWIRE]
▶ Black Hills misses 4Q profit forecasts   [05:01AM  Associated Press]
▶ New Strong Sell Stocks for January 3rd   [Jan-03-18 05:01AM  Zacks]
▶ New Strong Sell Stocks for December 28th   [Dec-28-17 09:30AM  Zacks]
▶ Black Hills misses 3Q profit forecasts   [Nov-06-17 05:38AM  Associated Press]
▶ Black Hills Corp. Announces Analyst Day Presentation Topics   [Oct-04-17 04:31PM  GlobeNewswire]
▶ Four Utility Buys In A High-Priced Sector   [Sep-18-17 03:53PM  Forbes]
▶ ETFs with exposure to Black Hills Corp. : August 31, 2017   [Aug-31-17 05:31PM  Capital Cube]
▶ Black Hills posts 2Q profit   [Aug-05-17 01:10AM  Associated Press]
▶ Black Hills Corp. Reports Second Quarter 2017 Results   [Aug-03-17 04:15PM  GlobeNewswire]
▶ Black Hills Corp. Announces Quarterly Dividend   [Jul-26-17 05:32PM  GlobeNewswire]
▶ The Best Stock in South Dakota: Black Hills Corp.   [Jul-21-17 12:20PM  Kiplinger]
▶ ETFs with exposure to Black Hills Corp. : July 13, 2017   [Jul-13-17 03:39PM  Capital Cube]
▶ How Are ETF Inflows Affecting Small Cap Stocks?   [Jun-08-17 03:29PM  Barrons.com]
▶ ETFs with exposure to Black Hills Corp. : May 9, 2017   [May-09-17 04:22PM  Capital Cube]
▶ Black Hills posts 1Q profit   [May-04-17 05:02AM  Associated Press]
▶ Black Hills Corp. Reports First Quarter 2017 Results   [May-03-17 04:15PM  GlobeNewswire]
▶ Kansas City Southern: Coal Led the Pack in Week 16   [May-01-17 07:40AM  Market Realist]
▶ Kansas City Southern: Coal Growth Story Is Intact in Week 15   [Apr-21-17 02:35PM  Market Realist]
▶ Kansas City Southern: Coal Pushed Volumes Up in Week 14   [Apr-18-17 05:35PM  Market Realist]
▶ A Revival In The Rockies For Natural Gas   [Feb-15-17 11:12AM  at Forbes]
▶ Hickenlooper's picks for Colorado PUC sail through Senate confirmation   [05:11PM  American City Business Journals]
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