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Black Hills Corporation (NYSE:BKH), an energy company headquartered in Rapid City, South Dakota, with a market capitalization of $4.2 billion and a current stock price of $58.87, announced on Thursday that it has amended its existing Equity Distribution Sales Agreement, effectively resetting its "at-the-market" (ATM) equity offering program to a new aggregate gross sales price limit of $400 million. According to InvestingPro data, the company currently operates with a significant debt burden, with total debt of $4.38 billion.
The original agreement, established on June 16, 2023, allowed for the sale of common stock through an ATM program under the company’s shelf registration statement. The First Amendment to the Sales Agreement, dated May 8, 2025, supersedes the prior aggregate gross sales price limitation, continuing the program under the same shelf registration.
The sales are to be conducted through various financial institutions acting as sales agents or forward sellers. These institutions may have provided, and in the future might provide, various banking services to Black Hills Corporation and receive customary compensation.
The proceeds from the sales may be used to repay amounts borrowed under existing credit facilities, including those where affiliates of the financial institutions involved in the ATM program are lenders. This move could help improve the company’s debt-to-equity ratio, which InvestingPro reports currently stands at 1.25.
The company filed the First Amendment to the Equity Distribution Sales Agreement as Exhibit 1.1 and a legal opinion regarding the validity of the shares as Exhibit 5.1 with the Securities and Exchange Commission (SEC).
This report is based on a press release statement and does not include any speculative or forward-looking statements. Notably, Black Hills Corporation maintains a strong dividend profile, having raised its dividend for 54 consecutive years, with a current yield of 4.38%. For deeper insights into BKH’s financial health and more exclusive ProTips, visit InvestingPro, where you’ll find comprehensive analysis in our Pro Research Report.
In other recent news, Black Hills Corporation reported its Q1 2025 earnings, surpassing expectations with an earnings per share (EPS) of $1.87, slightly above the forecast of $1.86. The company’s revenue reached $805.2 million, exceeding the anticipated $733.38 million. Despite these positive results, the company noted increased operational and maintenance expenses, which impacted net profits. Black Hills reaffirmed its 2025 earnings guidance, projecting EPS between $4.00 and $4.20, with expectations of significant growth in its data center business. The company is advancing several renewable energy projects, including the Colorado Clean Energy Plan. Furthermore, Black Hills is strategically expanding its infrastructure, with projects like the Ready Wyoming Transmission Expansion Project, aiming to enhance system resiliency. Analyst firms have yet to issue any upgrades or downgrades following these announcements. The company’s ongoing efforts to manage costs and pursue growth opportunities reflect a commitment to achieving its financial targets.
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