Black Hills Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

NYSE:BKH Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Role	Shares	Max Price
10 Nov 25	SellUS$1,025,150	Kimberly Nooney	Individual		14,500	US$70.70

Insider Trading Volume

Insider Buying: BKH insiders have only sold shares in the past 3 months.

Ownership Breakdown

What is the ownership structure of BKH?
Owner Type	Number of Shares	Ownership Percentage
State or Government	23,771	0.0315%
Individual Insiders	347,655	0.461%
General Public	8,633,423	11.4%
Institutions	66,468,541	88.1%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 62.67% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
15%	BlackRock, Inc.	11,335,877	US$821.4m	0.13%	0.01%
11.9%	The Vanguard Group, Inc.	8,990,841	US$651.5m	2.57%	0.01%
5.08%	State Street Global Advisors, Inc.	3,837,014	US$278.0m	-0.12%	0.01%
2.89%	Macquarie Investment Management Business Trust	2,183,875	US$158.2m	-7.32%	0.2%
2.44%	Geode Capital Management, LLC	1,839,307	US$133.3m	0.93%	0.01%
2.17%	Capital Research and Management Company	1,641,122	US$118.9m	0%	no data
1.8%	AQR Capital Management, LLC	1,359,579	US$98.5m	52.4%	0.06%
1.76%	Fuller & Thaler Asset Management, Inc.	1,325,970	US$96.1m	-0.21%	0.33%
1.59%	Charles Schwab Investment Management, Inc.	1,200,635	US$87.0m	-0.44%	0.01%
1.56%	Cohen & Steers Capital Management, Inc.	1,176,624	US$85.3m	0%	0.14%
1.46%	Zimmer Partners, LP	1,100,020	US$79.7m	2,100%	1.98%
1.46%	Dimensional Fund Advisors LP	1,099,293	US$79.7m	2.03%	0.01%
1.46%	Teachers Insurance and Annuity Association-College Retirement Equities Fund	1,099,173	US$79.6m	23.1%	0.02%
1.27%	Northern Trust Global Investments	957,493	US$69.4m	-0.55%	0.01%
1.15%	First Trust Advisors LP	866,284	US$62.8m	-3%	0.04%
1.14%	Goldman Sachs Asset Management, L.P.	856,970	US$62.1m	123%	0.01%
1.12%	BNY Asset Management	847,200	US$61.4m	-1.34%	0.01%
1.09%	Jane Street Global Trading, LLC	826,427	US$59.9m	2,160%	0.17%
0.99%	GAMCO Investors, Inc.	745,673	US$54.0m	-0.02%	0.2%
0.98%	ProShare Advisors LLC	736,014	US$53.3m	10.8%	0.11%
0.97%	Invesco Capital Management LLC	733,380	US$53.1m	4.6%	0.02%
0.96%	Victory Capital Management Inc.	727,443	US$52.7m	2.81%	0.03%
0.88%	Balyasny Asset Management L.P.	664,080	US$48.1m	10,900%	0.1%
0.76%	Franklin Resources, Inc.	575,287	US$41.7m	-44.8%	0.01%
0.76%	Adage Capital Management, L.P.	575,000	US$41.7m	475%	0.06%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/12/02 06:28
End of Day Share Price	2025/12/02 00:00
Earnings	2025/09/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Black Hills Corporation is covered by 14 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
James Thalacker	BMO Capital Markets Equity Research
Edward DeArias	BMO Capital Markets Equity Research
Ross Fowler	BofA Global Research