Black Hills Corp falls on 2023 profit forecast cut
08/02/2023 13:56
** Shares of electric utilities firm Black Hills Corp
BKH.N down 8.7% at $64.85 in premarket trading
** Stock on track to hit near three-month low, if losses
persist
** Company lowers 2023 EPS forecast to $3.65-$3.85 from
$4-$4.20 projected earlier due to natural gas price volatility,
higher interest rates, inflationary pressures on expenses
** Company's EPS of $1.11 in Q4 and $3.97 in 2022 miss est
$1.16 and $4.02, respectively - Refinitiv
** BKH reports Q4 revenue of $791.40 mln, vs est $427.46 mln
- Refinitiv
** Of 7 brokerages covering stock, 2 rate "strong buy", 1
"buy", 4 "hold"; median PT is $79 - Refinitiv
** Stock muted so far in 2023 vs ~3% fall in Dow Jones US
Utilities Sector index .DJUSUT during same period
(Reporting by Ankika Biswas in Bengaluru)
((Ankika.Biswas@thomsonreuters.com))