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 ($9.8m this quarter). Holder counts are more reliable. Shares outstanding: 75.5m as of 2025-11-04, 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 ≈ $61.58. Options: 5 managers hold calls ($5.8m notional), 6 hold puts ($2.2m).
Trends to Q3 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 |
| Q2 2025 | 415 |
| Q3 2025 | 432 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 187 | 152 |
| Q1 2024 | 220 | 147 |
| Q2 2024 | 195 | 163 |
| Q3 2024 | 197 | 155 |
| Q4 2024 | 190 | 159 |
| Q1 2025 | 217 | 166 |
| Q2 2025 | 217 | 176 |
| Q3 2025 | 224 | 171 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $3.2m | $1.4m | 0.43 |
| Q1 2025 | $3.4m | $2.1m | 0.62 |
| Q2 2025 | $2.8m | $1.5m | 0.52 |
| Q3 2025 | $5.8m | $2.2m | 0.38 |
Biggest buyers
| COHEN & STEERS, INC. | New | +1.2m |
| Zimmer Partners, LP | Added | +1.1m |
| JPMORGAN CHASE & CO | Added | +867.8k |
| JANE STREET GROUP, LLC | Added | +823.6k |
| Balyasny Asset Management L.P. | Added | +658.0k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | Added | +475.0k |
| AQR CAPITAL MANAGEMENT LLC | Added | +474.9k |
| CITADEL ADVISORS LLC | Added | +427.1k |
| TWO SIGMA INVESTMENTS, LP | Added | +361.8k |
| GOLDMAN SACHS GROUP INC | Added | +344.2k |
Biggest sellers
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Sold out | -552.0k |
| Qube Research & Technologies Ltd | Reduced | -502.1k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -458.2k |
| FRANKLIN RESOURCES INC | Reduced | -455.9k |
| ROYAL BANK OF CANADA | Reduced | -307.1k |
| Cubist Systematic Strategies, LLC | Reduced | -271.8k |
| SG Americas Securities, LLC | Reduced | -258.4k |
| BESSEMER GROUP INC | Reduced | -232.4k |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | Sold out | -220.4k |
| PRUDENTIAL FINANCIAL INC | Reduced | -178.3k |
Biggest calls
| PEAK6 LLC | New | $3.1m50.0k shares |
| CITADEL ADVISORS LLC | Reduced | $1.4m23.4k shares |
| JANE STREET GROUP, LLC | Added | $591.3k9.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $412.7k6.7k shares |
| SIMPLEX TRADING, LLC | Added | $301.0k4.9k shares |
Biggest puts
| CITADEL ADVISORS LLC | Added | $714.4k11.6k shares |
| CenterStar Asset Management, LLC | New | $535.8k8.7k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $252.5k4.1k shares |
| WOLVERINE TRADING, LLC | New | $250.6k4.1k shares |
| JANE STREET GROUP, LLC | Unchanged | $221.7k3.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $215.0k3.5k 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 Q3 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 11.3m $698.2m | Added +14.2k |
| VANGUARD GROUP INC 0.01% of their portfolio | 9.0m $553.7m | Added +225.6k |
| STATE STREET CORP 0.01% of their portfolio | 3.8m $236.3m | Reduced -4.6k |
| MACQUARIE GROUP LTD 0.16% of their portfolio | 2.2m $137.0m | Reduced -173.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 1.8m $113.3m | Added +17.0k |
| Capital Research Global Investors 0.02% of their portfolio | 1.6m $101.1m | Unchanged |
| AQR CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 1.4m $84.6m | Added +474.9k |
| FULLER & THALER ASSET MANAGEMENT, INC. 0.28% of their portfolio | 1.3m $81.7m | Reduced -2.8k |
| Nuveen, LLC 0.02% of their portfolio | 1.3m $78.2m | Added +244.5k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 1.2m $76.1m | Added +867.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.2m $73.9m | Reduced -5.3k |
| COHEN & STEERS, INC. 0.13% of their portfolio | 1.2m $72.5m | New |
| Zimmer Partners, LP 1.66% of their portfolio | 1.1m $67.8m | Added +1.1m |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 1.1m $67.7m | Added +21.9k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 957.5k $59.0m | Reduced -5.3k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 937.4k $57.7m | Added +344.2k |
| JANE STREET GROUP, LLC 0.07% of their portfolio | 925.7k $57.0m | Added +823.6k |
| FIRST TRUST ADVISORS LP 0.04% of their portfolio | 871.0k $53.6m | Reduced -22.1k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 853.8k $52.6m | Reduced -13.9k |
| Invesco Ltd. 0.01% of their portfolio | 818.3k $50.4m | Added +34.6k |
| ProShare Advisors LLC 0.09% of their portfolio | 736.0k $45.3m | Added +72.0k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 727.4k $44.8m | Added +19.9k |
| Balyasny Asset Management L.P. 0.08% of their portfolio | 664.1k $40.9m | Added +658.0k |
| MORGAN STANLEY 0.00% of their portfolio | 618.7k $38.1m | Reduced -18.5k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 589.3k $35.6m | Reduced -455.9k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.06% of their portfolio | 575.0k $35.4m | Added +475.0k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 539.8k $33.2m | Added +427.1k |
| GABELLI FUNDS LLC 0.22% of their portfolio | 538.2k $33.2m | Added +372 |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 530.7k $32.7m | Added +19.1k |
| TWO SIGMA INVESTMENTS, LP 0.05% of their portfolio | 525.7k $32.4m | Added +361.8k |
| JANUS HENDERSON GROUP PLC 0.01% of their portfolio | 453.4k $27.9m | Reduced -3.8k |
| CRAWFORD INVESTMENT COUNSEL INC 0.46% of their portfolio | 447.7k $27.6m | Added +324.9k |
| OLD REPUBLIC INTERNATIONAL CORP 0.95% of their portfolio | 416.0k $25.6m | Unchanged |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.08% of their portfolio | 404.1k $24.9m | Added +16.0k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 394.5k $24.3m | Reduced -4.2k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.27% of their portfolio | 389.7k $24.0m | Unchanged |
| Legal & General Group Plc 0.01% of their portfolio | 376.2k $23.2m | Reduced -17.6k |
| Invenomic Capital Management LP 1.03% of their portfolio | 318.4k $19.6m | New |
| UBS Group AG 0.00% of their portfolio | 306.8k $18.9m | Added +36.5k |
| VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 270.0k $16.6m | Reduced -4.3k |
| California Public Employees Retirement System 0.01% of their portfolio | 254.4k $15.7m | Reduced -41.4k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 241.6k $14.9m | Reduced -3.6k |
| Brandywine Global Investment Management, LLC 0.10% of their portfolio | 239.5k $14.8m | Reduced -8.8k |
| Paradiem, LLC 3.37% of their portfolio | 234.8k $14.5m | Added +210.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio | 232.5k $14.3m | Added +60.4k |
| Glenmede Investment Management, LP 0.06% of their portfolio | 209.0k $12.9m | Reduced -8.3k |
| GAMCO INVESTORS, INC. ET AL 0.12% of their portfolio | 207.4k $12.8m | Reduced -554 |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 188.9k $11.6m | Reduced -178.3k |
| HighTower Advisors, LLC 0.01% of their portfolio | 187.5k $11.6m | Added +14.1k |
| Phocas Financial Corp. 1.39% of their portfolio | 174.7k $10.8m | Added +3.6k |
| BARCLAYS PLC 0.00% of their portfolio | 166.4k $10.2m | Reduced -26.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 164.2k $10.1m | Reduced -54.7k |
| Hunter Perkins Capital Management, LLC 2.08% of their portfolio | 152.5k $9.4m | Reduced -41.0k |
| Freestone Grove Partners LP 0.07% of their portfolio | 148.4k $9.1m | New |
| FMR LLC 0.00% of their portfolio | 148.3k $9.1m | Added +753 |
| Squarepoint Ops LLC 0.02% of their portfolio | 146.4k $9.0m | Added +113.1k |
| Leeward Investments, LLC - MA 0.45% of their portfolio | 142.4k $8.8m | Reduced -3.2k |
| Swiss National Bank 0.01% of their portfolio | 140.6k $8.7m | Added +2.9k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 138.5k $8.5m | Reduced -6.7k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.04% of their portfolio | 137.1k $8.4m | Reduced -2.4k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.09% of their portfolio | 131.2k $8.1m | Reduced -6.8k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 125.8k $7.7m | New |
| Martin Capital Partners, LLC 2.97% of their portfolio | 124.5k $7.7m | Added +18.5k |
| First Eagle Investment Management, LLC 0.01% of their portfolio | 123.7k $7.6m | Reduced -18.8k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 122.4k $7.5m | Reduced -16.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 121.6k $7.5m | Reduced -84.0k |
| ALGERT GLOBAL LLC 0.12% of their portfolio | 120.6k $7.4m | Added +85.8k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 118.8k $7.3m | Reduced -458.2k |
| Verition Fund Management LLC 0.04% of their portfolio | 117.6k $7.2m | Added +70.3k |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 116.5k $7.2m | Added +298 |
| Thrivent Financial for Lutherans 0.01% of their portfolio | 113.5k $7.0m | Reduced -25.2k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 110.9k $6.8m | Added +52.2k |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 107.8k $6.6m | Added +8.2k |
| Connor, Clark & Lunn Investment Management Ltd. 0.02% of their portfolio | 101.3k $6.2m | Added +23.9k |
| DARK FOREST CAPITAL MANAGEMENT LP 0.23% of their portfolio | 100.0k $6.2m | Reduced -6.3k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 100.0k $6.2m | Added +77.3k |
| MAIRS & POWER INC 0.06% of their portfolio | 97.6k $6.0m | Reduced -11.7k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 94.0k $5.8m | Added +7.3k |
| CONGRESS ASSET MANAGEMENT CO 0.04% of their portfolio | 93.4k $5.8m | Reduced -308 |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 91.4k $5.6m | Reduced -307.1k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 90.9k $5.6m | Reduced -251 |
| Retirement Systems of Alabama 0.02% of their portfolio | 88.1k $5.4m | Reduced -540 |
| Schonfeld Strategic Advisors LLC 0.04% of their portfolio | 85.1k $5.2m | Added +81.5k |
| MERITAGE PORTFOLIO MANAGEMENT 0.35% of their portfolio | 84.4k $5.2m | Reduced -1.2k |
| MARTINGALE ASSET MANAGEMENT L P 0.13% of their portfolio | 82.3k $5.1m | Added +511 |
| MEEDER ASSET MANAGEMENT INC 0.29% of their portfolio | 82.0k $5.0m | Added +20.8k |
| BURNEY CO/ 0.15% of their portfolio | 79.1k $4.9m | Added +1.7k |
| Benson Investment Management Company, Inc. 1.66% of their portfolio | 78.7k $4.8m | Added +530 |
| MetLife Investment Management, LLC 0.02% of their portfolio | 78.7k $4.8m | New |
| South Dakota Investment Council 0.09% of their portfolio | 75.1k $4.6m | Reduced -2.1k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio | 73.5k $4.5m | Added +16.6k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 73.4k $4.5m | Unchanged |
| ONTARIO TEACHERS PENSION PLAN BOARD 0.10% of their portfolio | 71.6k $4.4m | Reduced -22.5k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 70.6k $4.3m | Added +4 |
| Cerity Partners LLC 0.01% of their portfolio | 69.9k $4.3m | Added +29.4k |
| IEQ CAPITAL, LLC 0.01% of their portfolio | 68.9k $4.2m | Added +58.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 68.7k $4.2m | Added +3.5k |
| Cubist Systematic Strategies, LLC 0.06% of their portfolio | 65.9k $4.1m | Reduced -271.8k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 65.3k $4.0m | Reduced -89.1k |
| ALTA CAPITAL MANAGEMENT LLC/ 0.22% of their portfolio | 63.3k $3.9m | Added +4.3k |