Black Hills reported higher second quarter 2026 sales and net income compared with the same period a year earlier, moving the stock back onto investor watchlists. The company affirmed its dividend, and analysts following Black Hills see a fair value of about $83.40 per share, above the latest close of $74.65, underpinned by regulated growth projects and a pending merger with NorthWestern Energy. Large-scale capital investments including the Ready Wyoming transmission expansion, Lange II natural gas generation, and Colorado Clean Energy Plan renewables projects are expected to materially expand the regulated rate base. The current price-to-earnings ratio of 19 times sits slightly above the global Integrated Utilities average of 18.7 times yet below the peer average of 21.2 times and an estimated fair ratio of 25.1 times.
Black Hills CorporationHigher Q2 sales and net income, affirmed dividend, and analyst fair value above current price.
NorthWestern CorporationPending merger with Black Hills is mentioned as underpinning fair value, implying positive outlook.
