Black Hills runs regulated electric and natural gas utilities across several Western states, along with a small non-regulated power and gas business, so most of its earnings come from rate-base investment that regulators approve. That regulated model is the structural advantage: returns are set on a guaranteed basis and the company can keep funding transmission, distribution and generation spend that compounds the asset base. Revenue grew 3.1% and the stock trades at 15.0x forward earnings against 19.5x trailing, which implies the market expects earnings to step up as capital projects come into service. ROE of 8.0% and a 21.4% operating margin are modest, so the case rests on whether the rate-base growth and regulatory outcomes hold rather than on margin expansion. At a $5.8B market cap with no index memberships, it is a small regulated utility whose forward multiple is the obvious thing to test against its allowed returns and capital plan.
Plain-English pros, cons, and what to watch. Pro feature.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
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Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.
| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 10 Oct 2026, 00:00 CEST | ACCE price target | $79.00 | first publication | $76.52 |
| 9 Oct 2026, 00:00 CEST | Fair value | $67.64 | $64.99 | $75.84 |
| 29 Sept 2026, 00:00 CEST | Fair value | $64.99 | $65.90 | $70.46 |
| 26 Sept 2026, 00:00 CEST | Fair value | $65.90 | $66.80 | $69.93 |
| 21 Sept 2026, 00:00 CEST | Fair value | $66.80 | $67.67 | $70.45 |
| 15 Sept 2026, 00:00 CEST | Fair value | $67.67 | $68.80 | $71.30 |
| 5 Sept 2026, 00:00 CEST | Fair value | $68.80 | $70.38 | $72.59 |
| 30 Aug 2026, 00:00 CEST | Fair value | $70.38 | $66.59 | $72.80 |
| 25 Aug 2026, 00:00 CEST | Fair value | $66.59 | $65.30 | $71.99 |
| 20 Aug 2026, 00:00 CEST | Fair value | $65.30 | $67.62 | $73.46 |
Answered from Black Hills Corporation Common Stock fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| BKH Black Hills Corporation Common Stock | $79.41 | - | - | 20.0x | 8.0% | 61 | 63 |
| ATGL.NS Adani Total Gas Limited | ₹552.85 | - | - | 94.9x | 13.3% | 65 | 40 |
| SWX Southwest Gas Holdings Inc. Common Stock (DE) | $91.08 | $86 | 6% above | 22.8x | 6.8% | 68 | 55 |
| 2688.HK ENN Energy Holdings Limited | HK$48.02 | HK$112 | 57% below | 7.8x | 13.4% | 49 | 50 |
| NJR NewJersey Resources Corporation Common Stock | $53.63 | $41 | 32% above | 14.7x | 14.4% | 57 | 60 |
| ENG.MC Enagas | €17.46 | €14 | 22% above | 14.3x | 11.9% | 68 | 53 |
| SR Spire Inc. Common Stock | $85.56 | - | - | 23.8x | 8.1% | 55 | 63 |
Where BKH ranks against its sector peers on each metric.