BLACK HILLS CORP BKH
COM · Common Stock · CUSIP 092113109 · ISIN US0921131092
Energy company in based in Rapid City, South Dakota, United States
- SectorUtilities
- IndustryElectric Services
- HeadquartersRapid City, SD
- Founded1941
- Websiteir.blackhillscorp.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.5m this quarter). Holder counts are more reliable. Shares outstanding: 72.5m as of 2025-05-05, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $60.57. Options: 5 managers hold calls ($3.4m notional), 4 hold puts ($2.1m).
Trends to Q1 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 328 |
| Q4 2022 | 322 |
| Q1 2023 | 331 |
| Q2 2023 | 332 |
| Q3 2023 | 344 |
| Q4 2023 | 365 |
| Q1 2024 | 395 |
| Q2 2024 | 375 |
| Q3 2024 | 394 |
| Q4 2024 | 400 |
| Q1 2025 | 415 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2023 | 165 | 142 |
| Q3 2023 | 160 | 157 |
| Q4 2023 | 187 | 152 |
| Q1 2024 | 220 | 147 |
| Q2 2024 | 195 | 163 |
| Q3 2024 | 197 | 155 |
| Q4 2024 | 190 | 159 |
| Q1 2025 | 217 | 166 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $3.8m | $3.5m | 0.92 |
| Q3 2024 | $3.0m | $2.4m | 0.81 |
| Q4 2024 | $3.2m | $1.4m | 0.43 |
| Q1 2025 | $3.4m | $2.1m | 0.62 |
Biggest buyers
| VOYA INVESTMENT MANAGEMENT LLC | Added | +302.2k |
| BESSEMER GROUP INC | Added | +218.3k |
| Cubist Systematic Strategies, LLC | Added | +205.4k |
| JANE STREET GROUP, LLC | New | +172.4k |
| Qube Research & Technologies Ltd | Added | +146.8k |
| WELLINGTON MANAGEMENT GROUP LLP | New | +131.2k |
| TWO SIGMA INVESTMENTS, LP | Added | +129.7k |
| MILLENNIUM MANAGEMENT LLC | Added | +116.3k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | New | +110.0k |
| VICTORY CAPITAL MANAGEMENT INC | Added | +100.4k |
Biggest sellers
| MACKENZIE FINANCIAL CORP | Reduced | -248.0k |
| FRANKLIN RESOURCES INC | Reduced | -241.0k |
| BlackRock, Inc. | Reduced | -192.3k |
| GOLDMAN SACHS GROUP INC | Reduced | -188.3k |
| Zimmer Partners, LP | Reduced | -150.9k |
| Invenomic Capital Management LP | Sold out | -146.2k |
| JPMORGAN CHASE & CO | Reduced | -130.8k |
| KENNEDY CAPITAL MANAGEMENT LLC | Reduced | -116.5k |
| TUDOR INVESTMENT CORP ET AL | Reduced | -91.5k |
| HSBC HOLDINGS PLC | Reduced | -82.0k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $1.9m31.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.1m18.4k shares |
| JANE STREET GROUP, LLC | Added | $303.2k5.0k shares |
| SIMPLEX TRADING, LLC | Added | $103.0k1.7k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| CITADEL ADVISORS LLC | Added | $964.3k15.9k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $964.3k15.9k shares |
| SIMPLEX TRADING, LLC | Added | $194.0k3.2k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution -1.5 pts · filed 2025-04-30 | 14.6% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 6.7% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.2% |
| STATE STREET CORP 13G · institution +0.2 pts · filed 2026-08-07 | 5.0% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q1 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2023 | 0 | — | 1 | $657.1k | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 1 | $169.7k | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
None reported in Q1 2025.
Holders, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 11.3m $685.8m | Reduced -192.3k |
| VANGUARD GROUP INC 0.01% of their portfolio | 8.6m $523.7m | Added +31.9k |
| STATE STREET CORP 0.01% of their portfolio | 3.8m $231.1m | Reduced -44.0k |
| MACQUARIE GROUP LTD 0.18% of their portfolio | 2.4m $143.2m | Added +2.4k |
| Capital Research Global Investors 0.02% of their portfolio | 1.9m $113.0m | Added +18.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 1.8m $108.3m | Added +87.3k |
| FULLER & THALER ASSET MANAGEMENT, INC. 0.31% of their portfolio | 1.3m $80.2m | Reduced -6.9k |
| Zimmer Partners, LP 1.63% of their portfolio | 1.3m $80.1m | Reduced -150.9k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.2m $74.4m | Added +1.1k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 1.1m $65.6m | Added +44.3k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.0m $60.9m | Reduced -13.2k |
| FIRST TRUST ADVISORS LP 0.05% of their portfolio | 936.0k $56.8m | Reduced -17.4k |
| AQR CAPITAL MANAGEMENT LLC 0.06% of their portfolio | 888.4k $53.8m | Added +14.4k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 824.2k $50.0m | Reduced -13.7k |
| Invesco Ltd. 0.01% of their portfolio | 802.5k $48.7m | Reduced -28.6k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 774.5k $47.0m | Reduced -188.3k |
| Nuveen, LLC 0.01% of their portfolio | 769.5k $43.7m | First filing |
| ProShare Advisors LLC 0.09% of their portfolio | 664.4k $40.3m | Reduced -34.5k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 656.2k $39.8m | Reduced -241.0k |
| MORGAN STANLEY 0.00% of their portfolio | 652.7k $39.6m | Reduced -24.4k |
| VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio | 652.0k $39.5m | Added +100.4k |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 579.8k $35.2m | Added +116.3k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 579.5k $35.1m | Reduced -14.0k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 564.1k $34.2m | Added +56.2k |
| Qube Research & Technologies Ltd 0.05% of their portfolio | 506.6k $30.7m | Added +146.8k |
| VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 472.2k $28.6m | Added +302.2k |
| GABELLI FUNDS LLC 0.21% of their portfolio | 455.1k $27.6m | Reduced -1.5k |
| JANUS HENDERSON GROUP PLC 0.01% of their portfolio | 435.7k $26.2m | Added +22.3k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 420.6k $25.5m | Reduced -130.8k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.08% of their portfolio | 416.7k $25.3m | Reduced -4.3k |
| OLD REPUBLIC INTERNATIONAL CORP 0.98% of their portfolio | 416.0k $25.2m | Added +2.0k |
| UBS Group AG 0.01% of their portfolio | 408.6k $24.8m | Added +96.5k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 400.6k $24.3m | Added +160 |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.28% of their portfolio | 389.7k $23.6m | Unchanged |
| Legal & General Group Plc 0.01% of their portfolio | 381.7k $23.1m | Added +1.6k |
| California Public Employees Retirement System 0.01% of their portfolio | 345.9k $21.0m | Reduced -1.9k |
| PRUDENTIAL FINANCIAL INC 0.02% of their portfolio | 260.1k $15.8m | Added +24.1k |
| Brandywine Global Investment Management, LLC 0.11% of their portfolio | 257.9k $15.6m | Added +13.5k |
| Cubist Systematic Strategies, LLC 0.19% of their portfolio | 242.7k $14.7m | Added +205.4k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 239.0k $14.5m | Reduced -1.4k |
| GLENMEDE TRUST CO NA 0.07% of their portfolio | 223.5k $13.6m | Reduced -6.8k |
| Hunter Perkins Capital Management, LLC 3.09% of their portfolio | 219.2k $13.3m | Reduced -5.8k |
| BESSEMER GROUP INC 0.02% of their portfolio | 218.8k $13.3m | Added +218.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 215.4k $13.1m | Added +4.1k |
| GAMCO INVESTORS, INC. ET AL 0.13% of their portfolio | 192.9k $11.7m | Added +1.5k |
| HighTower Advisors, LLC 0.02% of their portfolio | 188.5k $11.4m | Added +43.1k |
| Thrivent Financial for Lutherans 0.02% of their portfolio | 181.3k $11.0m | Added +2.4k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 172.4k $10.5m | New |
| BARCLAYS PLC 0.00% of their portfolio | 171.7k $10.4m | Reduced -41.8k |
| Phocas Financial Corp. 1.59% of their portfolio | 171.1k $10.4m | Reduced -9.9k |
| GREAT LAKES ADVISORS, LLC 0.09% of their portfolio | 167.5k $10.2m | Reduced -11.7k |
| First Eagle Investment Management, LLC 0.02% of their portfolio | 162.2k $9.8m | Reduced -69.2k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 157.6k $9.6m | Reduced -22.6k |
| Leeward Investments, LLC - MA 0.49% of their portfolio | 152.0k $9.2m | Reduced -5.7k |
| TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio | 151.6k $9.2m | Added +129.7k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 146.6k $8.9m | Added +2.8k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 146.4k $8.9m | Added +3.7k |
| Swiss National Bank 0.01% of their portfolio | 138.7k $8.4m | Added +1.4k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.05% of their portfolio | 137.0k $8.3m | Added +4.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 134.7k $8.2m | Added +7.3k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 134.6k $8.2m | Reduced -487 |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.09% of their portfolio | 134.0k $8.1m | Added +3.9k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 131.2k $8.0m | New |
| CRAWFORD INVESTMENT COUNSEL INC 0.14% of their portfolio | 130.5k $7.9m | Added +1.3k |
| MAIRS & POWER INC 0.08% of their portfolio | 125.0k $7.6m | Reduced -15.4k |
| Corebridge Financial, Inc. 0.04% of their portfolio | 113.8k $6.9m | Reduced -1.5k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio | 110.0k $6.7m | New |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 105.1k $6.4m | Added +80.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 102.3k $6.2m | Added +69.0k |
| CITIGROUP INC 0.00% of their portfolio | 101.6k $6.2m | Added +3.3k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.02% of their portfolio | 101.0k $6.1m | Added +79.6k |
| Keeley-Teton Advisors, LLC 0.73% of their portfolio | 99.9k $6.1m | Reduced -1.5k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 99.7k $6.0m | Reduced -3.6k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.10% of their portfolio | 98.4k $6.0m | Added +83.3k |
| Campbell & CO Investment Adviser LLC 0.45% of their portfolio | 96.2k $5.8m | New |
| CONGRESS ASSET MANAGEMENT CO 0.04% of their portfolio | 94.1k $5.7m | Reduced -4.3k |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 93.8k $5.7m | Added +3.8k |
| Retirement Systems of Alabama 0.02% of their portfolio | 87.2k $5.3m | Added +141 |
| MetLife Investment Management, LLC 0.03% of their portfolio | 80.3k $4.9m | Reduced -621 |
| BURNEY CO/ 0.17% of their portfolio | 78.0k $4.7m | Reduced -446 |
| South Dakota Investment Council 0.10% of their portfolio | 77.2k $4.7m | Added +5.4k |
| MARTINGALE ASSET MANAGEMENT L P 0.12% of their portfolio | 75.3k $4.6m | Added +4.8k |
| MERITAGE PORTFOLIO MANAGEMENT 0.30% of their portfolio | 73.8k $4.5m | Added +22.8k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 73.4k $4.5m | Reduced -14.0k |
| WCM INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio | 70.4k $4.2m | Reduced -346 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 70.4k $4.3m | Added +5.1k |
| Clark Capital Management Group, Inc. 0.03% of their portfolio | 69.7k $4.2m | Added +8.6k |
| Engineers Gate Manager LP 0.07% of their portfolio | 69.4k $4.2m | Added +65.9k |
| MEEDER ASSET MANAGEMENT INC 0.28% of their portfolio | 67.7k $4.1m | New |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 67.3k $4.1m | Added +13.2k |
| SG Americas Securities, LLC 0.01% of their portfolio | 66.4k $4.0m | Reduced -18.3k |
| Quantbot Technologies LP 0.12% of their portfolio | 63.8k $3.9m | New |
| Squarepoint Ops LLC 0.01% of their portfolio | 60.1k $3.6m | Added +55.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 59.7k $3.6m | Added +6.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 59.2k $3.6m | Added +5.1k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 58.8k $3.6m | New |
| ALTA CAPITAL MANAGEMENT LLC/ 0.22% of their portfolio | 55.7k $3.4m | Added +4.9k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 55.6k $3.4m | Reduced -1.3k |
| Kingsview Wealth Management, LLC 0.06% of their portfolio | 55.3k $3.4m | Reduced -3.6k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio | 54.9k $3.3m | New |