Black Hills Stock Up 22% This Past Year as One Fund Makes $37 Million Utility Bet
Key Points
Think Investments acquired 537,637 shares of Black Hills Corporation in the fourth quarter.
The quarter-end stake value rose by $37.32 million as a result.
This marked a new position in Black Hills Corporation.
Think Investments initiated a new position in Black Hills Corporation (NYSE:BKH), acquiring 537,637 shares in the fourth quarter, according to a February 17, 2026, SEC filing.
What happened
In its February 17, 2026, SEC filing, Think Investments disclosed a new position in Black Hills Corporation, buying 537,637 shares during the fourth quarter. The quarter-end value of the stake increased by $37.32 million.
What else to know
- This is a new holding for the fund, accounting for 4.16% of 13F reportable AUM at quarter-end.
- Top holdings after the filing:
- NASDAQ: AMZN: $75.08 million (9.6% of AUM)
- NASDAQ: MRVL: $63.55 million (8.1% of AUM)
- NASDAQ: SMTC: $49.11 million (6.3% of AUM)
- NYSE: BABA: $46.98 million (6.0% of AUM)
- NYSE: RDDT: $45.60 million (5.8% of AUM)
- As of February 17, 2026, Black Hills Corporation shares were priced at $73.66, up 22% over the past year and outperforming the S&P 500’s roughly 17% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Market Capitalization | $5.55 billion |
| Revenue (TTM) | $2.31 billion |
| Net Income (TTM) | $291.60 million |
| Dividend Yield | 4% |
Company snapshot
- Black Hills Corporation provides electric and natural gas utility services, including electricity generation, transmission, distribution, and natural gas distribution across multiple U.S. states.
- The firm operates a regulated utility business model, generating revenue primarily through the delivery of essential energy services and infrastructure to residential, commercial, and industrial customers.
Black Hills Corporation is a diversified utility company with a significant presence in both electric and natural gas markets across the central United States. The company leverages regulated operations to provide stable, recurring revenue streams and consistent cash flow. Its integrated approach to energy delivery and infrastructure positions it as a reliable provider of essential services within its regional footprint.
What this transaction means for investors
Adding a meaningful utility stake alongside large positions in Amazon and semiconductor names suggests a deliberate effort to temper volatility without abandoning growth. For its part, Black Hills finished 2025 with solid operating momentum. The company reported full year GAAP earnings of $3.98 per share and adjusted earnings of $4.10 per share, roughly in line with the midpoint of guidance and supported by customer growth and new rate recovery across its electric and gas businesses. Management introduced 2026 earnings guidance of $4.25 to $4.45 per share and reaffirmed a long term EPS growth target of 4% to 6%. Meanwhile, the dividend was increased for the 56th consecutive year, extending one of the longer payout streaks in the utility space.
Unlike cyclical industrial or high beta technology names, regulated utilities rely on approved rate bases and predictable capital investment. Within a portfolio tilted toward large cap tech and select growth plays, a 4% allocation to a steady Midwest energy provider stands out.
For long term investors, this is less about chasing a 22% one year gain and more about owning a business with visible cash flow, guided earnings growth, and a proven dividend record in a market that still swings hard on macro headlines.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon and Marvell Technology. The Motley Fool recommends Alibaba Group and Reddit. The Motley Fool has a disclosure policy.