Black Hills Corp (NYSE: BKH) stock lost over 3.9% on October 6th, 2017 (as of 11:30AM EDT; Source: Google finance) as Williams Capital Group downgraded the stock to “Hold” from “Buy” rating. They lowered the target price to $70.00 price target as compared to their earlier price target of $75.00. Black Hills stock lost over 5.1% in the last four weeks (as of 12:03PM EDT on October 6th, 2017; Source: Google finance). Meanwhile, PNC Financial Services Group Inc enhanced their stake in the group by 162.3% during the second quarter as per their recent SEC filing. Even Macquarie Group Ltd. enhanced their stake in the group by 19.1% during the second quarter.
The group’s Colorado Electric reported the availability of a 500 kW direct current (DC) Community Solar Garden (CSG) standard offering to solar developers. The capacity would be available on a first-come, first-served basis.
Community Solar Gardens enables clients alternative access to solar as a renewable energy resource, including those customers who otherwise could not own a solar energy system because they rent their home or do not have a suitable site or location. The 500 kW DC CSG Standard Offer complements their current 120 kW CSG in as well as supports their broader efforts to launch more choices in renewable energy for its 95,000 Colorado electric customers.
Net income reached $22 million or $0.40 per diluted share during the second quarter of 2017 from the net income of $0.7 million, or $0.01 per diluted share in pcp. Their electric utilities benefited from the new generation and transmission investments and strong industrial sales while gas utilities performed as expected during the off-peak second quarter when heating demand typically falls due to warmer weather. But the Power generation earnings fell during the second quarter hurt by full quarter impact of the partial-interest sale of their Colorado IPP power plant in April 2016.
The group finished the final segment of their 144-mile electric transmission line from northeast Wyoming to Rapid City, South Dakota. Colorado electric utility requested to add 60 megawatts of renewable energy resources by 2019 to meet the state’s renewable energy requirements.
The group also decreased the range of 2017 full-year earnings outlook to $3.45 to $3.60 per share, hurt by unfavorable weather during the first half of the year and further diluted shares from their equity units issued in November 2015