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Black Hills Corporation (NYSE:BKH), an energy company based in South Dakota, has announced the upcoming departure of Senior Vice President, General Counsel, and Chief Compliance Officer, Mr. Brian Iverson. Iverson has communicated his intent to leave the company on September 6, 2024, to pursue an opportunity outside of Black Hills Corp .
The announcement, made public through a filing with the Securities and Exchange Commission on Monday, follows Iverson's initial notice of retirement, provided on April 24, 2024. Iverson had indicated his plan to retire no later than October 1, 2024, but will now be departing earlier than expected.
Black Hills Corp has confirmed that the search for Iverson's successor is currently in progress. The company, which operates within the electric services industry, has not yet named a replacement for the outgoing executive.
In other recent news, Black Hills Corporation continues its forward momentum with a significant $800M capital plan and anticipates meeting its earnings guidance range of $3.80 to $4 per share.
The company's involvement in clean energy projects in Colorado and South Dakota, including solar, battery, and wind energy, is also noteworthy. Black Hills further revealed its role in providing power to Meta (NASDAQ:META)'s first data center in Cheyenne, Wyoming, with services expected to commence in 2026.
The company is also making strides in regulatory initiatives, with three active rate reviews currently underway. The Ready Wyoming electric transmission project, another key initiative, is progressing with the first segment expected to be in service later this year and full completion anticipated by the end of 2025.
In addition, Black Hills is actively managing expenses and reducing debt to improve credit metrics and maintain a strong financial position. These recent developments reflect the company's commitment to operational excellence, strategic growth, and the future energy needs of its customers.
InvestingPro Insights
As Black Hills Corporation (NYSE:BKH) navigates through executive transitions, investors may find solace in the company's financial stability and market performance. According to InvestingPro data, Black Hills Corp boasts a market capitalization of approximately $3.96 billion, underscoring its significant presence in the energy sector. The company's P/E ratio stands at 14.02, suggesting a reasonable valuation compared to earnings. Additionally, Black Hills Corp has demonstrated a solid commitment to shareholder returns, with a notable dividend yield of 4.55% as of the last dividend ex-date on May 16, 2024.
InvestingPro Tips further highlight the company's robust track record, with Black Hills Corp having raised its dividend for 53 consecutive years. This consistent performance, coupled with a low price volatility, suggests a potentially attractive opportunity for investors seeking steady income. Furthermore, analysts predict profitability for the company this year, a reassurance of its financial health amidst executive changes.
For those interested in deeper analysis, InvestingPro offers additional tips on Black Hills Corp, which can be explored to inform investment decisions. The platform currently lists 6 more InvestingPro Tips for Black Hills Corp, available at https://www.investing.com/pro/BKH.
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