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To summarize my investment approach, I prefer to buy companies with long histories of dividend increases and historically high yields. Those two traits don't come around all that often, and sometimes I find clusters of stocks in specific sectors. I need to think specifically about diversification, one of the simplest and most effective ways to reduce risk. Here's how I've done it as I've built my portfolio of around 34 investments.

How many stocks do you need to be diversified? The Motley Fool recommends that investors own 50 stocks. That's a perfectly fine number, but also a lot of work. And just owning 50 stocks doesn't actually mean you are diversified. You could own 50 technology stocks, for example, which would leave you with exposure to just a single sector. That's not diversification. Diversification is really about owning a reasonable number of investments across a wide range of sectors and asset classes.

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My first step toward diversification was to take an honest look at what I want to achieve and what I'm capable of. My goal is a mixture of income and capital appreciation. I am fairly confident in my ability to select dividend stocks, though every investor makes mistakes from time to time, and I know I can only juggle so many stocks at once. In other words, 50 stocks are too many for me, so a core part of my diversification strategy is to outsource some of my work.

For example, I own two Baron mutual funds to gain exposure to growth stocks and smaller companies. I own several closed-end funds: one focused on healthcare stocks with an option income overlay, one investing in convertible securities, and one with a broadly diversified dividend portfolio. And I own three exchange-traded funds: one with an option income focus and two that use very different screening approaches to pick dividend stocks.

This collection of investments includes hundreds of stocks across a wide range of sectors (and convertible bonds), materially adding to my diversification. And many of these pooled investments do things I either don't want to do myself because they are time-consuming (such as an option income strategy) or don't think I can reasonably do myself (such as investing in healthcare and small growth stocks). With my foundation spread widely across sectors, investment approaches, and a large number of stocks and convertible bonds, I can comfortably invest in individual stocks knowing I have a diversified foundation to work from.

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Step two is focusing on what I can do: Dividend stocks My preference is to buy companies that have impressive histories of increasing their dividends and yields that are historically high. I dig deeply into the companies I am considering and only buy when I believe the business is worth owning. Some of the stocks that have made the cut include Realty Income (O -0.12%), PepsiCo (PEP -0.24%), Black Hills (BKH -1.36%), and Enbridge (ENB -0.95%).

Stepping back, that's a real estate investment trust, a consumer staples giant, a regulated utility, and a North American pipeline giant. Because of my pooled investments, I don't worry too much about overlaps, but I also make sure to buy stocks across various industries. For example, I own several REITs, several consumer staples companies, and a couple of energy stocks and utilities. These are areas where income opportunities often arise, so I have to go where the dividends are, while still working to keep the portfolio spread across various sectors.

Notably, when I buy a stock, I invest a specific dollar amount. Basically, I have a position size that I want to build. Once I build to a full position, I don't add to it. That may limit my upside, but it also means my downside risk is limited.

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What's also notable here is that I try to buy when a stock has a historically high yield. For example, despite a long and successful history, PepsiCo isn't currently performing very well as a business. I believe the Dividend King, with over 50 annual dividend increases, will get back on track. But Wall Street is downbeat on the stock, pushing the yield above 4%. It was an opportunistic purchase I was prepared to jump on because if I can't find something I want to buy, I'm happy to hold cash. Warren Buffett uses a similar approach, so I'm not going out on a limb here. And cash is the ultimate "safe" investment, though inflation erodes its value over time. Still, I usually have cash on hand because I prefer to be highly selective about which companies receive my capital.

The big takeaway is to know your limitations Diversification is important, and it is fairly easy to do if you take the time to consider how many baskets you are capable of dealing with at one time. I know I can't do everything all at once, so I've outsourced aspects of my portfolio while continuing to do the things that I enjoy and believe I'm good at. This allows me to focus my energy where it is likely to produce the best results. And if I can't "find" an investment, I don't force myself to find one just to say I'm doing something. I only make a move when I have a strong conviction, knowing that cash is a safe-haven investment that provides me with material flexibility in both good markets and bad ones.

Deutsche Bank AG bought a new stake in Black Hills Corporation (NYSE:BKH – Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 78,413 shares of the utilities provider’s stock, valued at approximately $5,834,000. Deutsche Bank AG owned approximately 0.10% of Black Hills at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Clearstead Trust LLC acquired a new position in shares of Black Hills in the second quarter valued at approximately $34,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Black Hills during the 2nd quarter worth approximately $34,000. Advisory Services Network LLC purchased a new position in Black Hills in the 3rd quarter valued at approximately $45,000. Global Retirement Partners LLC purchased a new position in Black Hills in the 2nd quarter valued at approximately $56,000. Finally, Geneos Wealth Management Inc. boosted its position in Black Hills by 44.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,037 shares of the utilities provider’s stock valued at $58,000 after buying an additional 317 shares during the period. 86.71% of the stock is currently owned by hedge funds and other institutional investors.

Black Hills Price Performance BKH stock opened at $72.04 on Tuesday. The company has a market capitalization of $5.49 billion, a P/E ratio of 18.19, a PEG ratio of 2.84 and a beta of 0.71. Black Hills Corporation has a twelve month low of $58.06 and a twelve month high of $78.69. The business has a 50 day simple moving average of $73.66 and a 200-day simple moving average of $73.15. The company has a current ratio of 0.52, a quick ratio of 0.41 and a debt-to-equity ratio of 0.99.

Black Hills (NYSE:BKH – Get Free Report) last announced its earnings results on Wednesday, August 5th. The utilities provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. The business had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $490.89 million. Black Hills had a net margin of 13.01% and a return on equity of 7.98%. The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 EPS. Black Hills has set its FY 2026 guidance at 4.250-4.450 EPS. As a group, equities analysts anticipate that Black Hills Corporation will post 4.34 EPS for the current year. Black Hills Announces Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be given a dividend of $0.703 per share. This represents a $2.81 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Monday, August 17th. Black Hills’s dividend payout ratio (DPR) is presently 70.96%.

Insider Transactions at Black Hills In other Black Hills news, Director Robert P. Otto sold 4,109 shares of Black Hills stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $74.22, for a total value of $304,969.98. Following the transaction, the director directly owned 10,886 shares in the company, valued at approximately $807,958.92. The trade was a 27.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades Several equities research analysts have weighed in on BKH shares. Wall Street Zen upgraded Black Hills from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings upgraded Black Hills from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Bank of America boosted their price objective on Black Hills from $78.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. BMO Capital Markets cut their target price on shares of Black Hills from $86.00 to $85.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 22nd. Finally, Oppenheimer set a $78.00 target price on shares of Black Hills in a report on Thursday, June 11th. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat, Black Hills has a consensus rating of “Buy” and a consensus price target of $81.67.

View Our Latest Analysis on BKH

About Black Hills (Free Report)

Black Hills Corporation is a diversified energy company based in Rapid City, South Dakota, that provides electricity and natural gas distribution services to residential, commercial and industrial customers. Through its regulated utility subsidiaries—Black Hills Power, Cheyenne Light & Power, and Black Hills Energy—the company delivers reliable energy across Colorado, Kansas, Montana, Nebraska, South Dakota and Wyoming.

In addition to its distribution operations, Black Hills owns and operates a generation portfolio that includes natural gas–fired plants, coal-fired units, hydroelectric facilities and wind projects.

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Black Hills (NYSE:BKH – Get Free Report) and Unitil (NYSE:UTL – Get Free Report) are both utilities companies, but which is the superior business? We will compare the two businesses based on the strength of their institutional ownership, earnings, dividends, profitability, valuation, risk and analyst recommendations.

Earnings & Valuation This table compares Black Hills and Unitil”s gross revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Black Hills $2.31 billion 2.40 $291.60 million $3.96 18.37 Unitil $596.50 million 1.63 $50.20 million $3.17 16.81 Black Hills has higher revenue and earnings than Unitil. Unitil is trading at a lower price-to-earnings ratio than Black Hills, indicating that it is currently the more affordable of the two stocks. Dividends Black Hills pays an annual dividend of $2.81 per share and has a dividend yield of 3.9%. Unitil pays an annual dividend of $1.90 per share and has a dividend yield of 3.6%. Black Hills pays out 71.0% of its earnings in the form of a dividend. Unitil pays out 59.9% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years. Black Hills has increased its dividend for 55 consecutive years and Unitil has increased its dividend for 12 consecutive years. Black Hills is clearly the better dividend stock, given its higher yield and longer track record of dividend growth.

Volatility & Risk Black Hills has a beta of 0.71, suggesting that its stock price is 29% less volatile than the S&P 500. Comparatively, Unitil has a beta of 0.31, suggesting that its stock price is 69% less volatile than the S&P 500.

Insider & Institutional Ownership 86.7% of Black Hills shares are held by institutional investors. Comparatively, 76.8% of Unitil shares are held by institutional investors. 0.6% of Black Hills shares are held by company insiders. Comparatively, 2.2% of Unitil shares are held by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company is poised for long-term growth.

Profitability This table compares Black Hills and Unitil’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Black Hills 13.01% 7.98% 2.93% Unitil 9.49% 9.53% 2.80% Analyst Ratings This is a summary of recent ratings and price targets for Black Hills and Unitil, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Black Hills 0 0 6 0 3.00 Unitil 0 4 1 0 2.20 Black Hills currently has a consensus target price of $81.67, indicating a potential upside of 12.26%. Unitil has a consensus target price of $56.50, indicating a potential upside of 6.00%. Given Black Hills’ stronger consensus rating and higher probable upside, equities research analysts clearly believe Black Hills is more favorable than Unitil.

Summary Black Hills beats Unitil on 14 of the 17 factors compared between the two stocks.

About Black Hills (Get Free Report)

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates in two segments: Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 222,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,394 megawatts of generation capacity and 9,106 miles of electric transmission and distribution lines. The Gas Utilities segment distributes natural gas to approximately 1,116,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; owns and operates 4,663 miles of intrastate gas transmission pipelines; 42,514 miles of gas distribution mains and service lines; seven natural gas storage sites; and approximately 50,000 horsepower of compression and 516 miles of gathering lines. It also constructs and maintains customer owned gas infrastructure facilities for gas transportation customers; and provides appliance repair services to residential utility customers, as well as electrical system construction services to large industrial customers. In addition, the company produces electric power through wind, natural gas, and coal-fired generating plants; and coal at its coal mine located near Gillette, Wyoming. Black Hills Corporation was incorporated in 1941 and is headquartered in Rapid City, South Dakota.

About Unitil (Get Free Report)

Unitil Corporation, a public utility holding company, engages in the distribution of electricity and natural gas. It operates through two segments, Utility Electric Operations, Utility Gas Operations. The company distributes electricity in the southeastern seacoast and state capital regions of New Hampshire, and the greater Fitchburg area of north central Massachusetts; and distributes natural gas in southeastern New Hampshire and portions of southern and central Maine, including the city of Portland and the Lewiston-Auburn area, as well as electricity and natural gas in the greater Fitchburg area of north central Massachusetts. It also operates 86 miles of interstate underground natural gas transmission pipeline that provides interstate natural gas pipeline access and transportation services primarily in Maine and New Hampshire. In addition, the company provides real estate management services. It serves approximately 108,100 electric customers and 87,500 natural gas customers. Unitil Corporation was incorporated in 1984 and is headquartered in Hampton, New Hampshire.

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Black Hills (NYSE:BKH – Get Free Report) and NorthWestern (NASDAQ:NWE – Get Free Report) are both mid-cap utilities companies, but which is the superior business? We will contrast the two businesses based on the strength of their earnings, risk, valuation, dividends, institutional ownership, profitability and analyst recommendations.

Institutional and Insider Ownership 86.7% of Black Hills shares are owned by institutional investors. Comparatively, 96.1% of NorthWestern shares are owned by institutional investors. 0.6% of Black Hills shares are owned by company insiders. Comparatively, 0.9% of NorthWestern shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a stock is poised for long-term growth.

Analyst Recommendations This is a summary of recent ratings and target prices for Black Hills and NorthWestern, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Black Hills 0 0 6 0 3.00 NorthWestern 0 3 3 0 2.50 Black Hills presently has a consensus price target of $81.67, indicating a potential upside of 13.88%. NorthWestern has a consensus price target of $73.30, indicating a potential upside of 5.54%. Given Black Hills’ stronger consensus rating and higher probable upside, equities analysts plainly believe Black Hills is more favorable than NorthWestern. Valuation & Earnings This table compares Black Hills and NorthWestern”s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Black Hills $2.31 billion 2.37 $291.60 million $3.96 18.11 NorthWestern $1.61 billion 2.65 $181.09 million $2.77 25.07 Black Hills has higher revenue and earnings than NorthWestern. Black Hills is trading at a lower price-to-earnings ratio than NorthWestern, indicating that it is currently the more affordable of the two stocks.

Dividends Black Hills pays an annual dividend of $2.81 per share and has a dividend yield of 3.9%. NorthWestern pays an annual dividend of $2.68 per share and has a dividend yield of 3.9%. Black Hills pays out 71.0% of its earnings in the form of a dividend. NorthWestern pays out 96.8% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Black Hills has increased its dividend for 55 consecutive years and NorthWestern has increased its dividend for 21 consecutive years. Black Hills is clearly the better dividend stock, given its higher yield and longer track record of dividend growth.

Volatility and Risk Black Hills has a beta of 0.71, indicating that its share price is 29% less volatile than the S&P 500. Comparatively, NorthWestern has a beta of 0.34, indicating that its share price is 66% less volatile than the S&P 500.

Profitability This table compares Black Hills and NorthWestern’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Black Hills 13.01% 7.98% 2.93% NorthWestern 10.13% 8.03% 2.73% Summary Black Hills beats NorthWestern on 12 of the 17 factors compared between the two stocks.

About Black Hills (Get Free Report)

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates in two segments: Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 222,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,394 megawatts of generation capacity and 9,106 miles of electric transmission and distribution lines. The Gas Utilities segment distributes natural gas to approximately 1,116,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; owns and operates 4,663 miles of intrastate gas transmission pipelines; 42,514 miles of gas distribution mains and service lines; seven natural gas storage sites; and approximately 50,000 horsepower of compression and 516 miles of gathering lines. It also constructs and maintains customer owned gas infrastructure facilities for gas transportation customers; and provides appliance repair services to residential utility customers, as well as electrical system construction services to large industrial customers. In addition, the company produces electric power through wind, natural gas, and coal-fired generating plants; and coal at its coal mine located near Gillette, Wyoming. Black Hills Corporation was incorporated in 1941 and is headquartered in Rapid City, South Dakota.

About NorthWestern (Get Free Report)

NorthWestern Energy Group, Inc. provides electricity and natural gas to residential, commercial, and various industrial customers. It generates, purchases, transmits, and distributes electricity; and produces, purchases, stores, transmits, and distributes natural gas, as well as owns municipal franchises to provide natural gas service in the communities. The company operates 6,600 miles of electric transmission and 18,674 miles of electric distribution lines with approximately 395 transmission and distribution substations; and 2,235 miles of natural gas transmission and 5,155 miles of natural gas distribution lines with approximately 133 city gate stations in Montana. It also operates 1,310 miles of electric transmission and 2,365 miles of electric distribution lines in South Dakota with approximately 124 transmission and distribution substations; and 55 miles of natural gas transmission and 2,573 miles of natural gas distribution lines in South Dakota and Nebraska. The company provides electricity and/or natural gas to approximately 775,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. NorthWestern Energy Group, Inc. was founded in 1923 and is based in Sioux Falls, South Dakota.

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The 127-Gigawatt Problem: Why AI Needs Its Own PowerBlack Hills NYSE: BKH said it remains on track to meet its 2026 earnings guidance as new rates and rider recovery, large-load demand growth and ongoing capital investments supported second-quarter results.

The utility reported second-quarter GAAP earnings per share of $0.50, including $0.04 per share of merger-related transaction costs. Adjusted earnings were $0.54 per share, compared with $0.38 per share in the second quarter of 2025.

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3 Under-the-Radar AI Infrastructure Stocks Powering the Next BuildoutFor the first six months of 2026, GAAP earnings were $2.23 per share, including $0.10 per share of merger-related costs. Adjusted earnings totaled $2.33 per share, up from $2.24 per share in the prior-year period.

Chief Financial Officer Kimberly Nooney said the company benefited from $0.21 per share of new rates and rider recovery in the second quarter, which more than offset higher financing and depreciation expenses. The company also held operating and maintenance expenses flat for the quarter after excluding merger costs, while employee-cost reductions contributed $0.04 per share versus the prior year.

Is the AI Boom a Bubble? These 2 Dividend Stocks Say NoBlack Hills reaffirmed adjusted EPS guidance of $4.25 to $4.45 for 2026, representing 6% growth at the midpoint compared with 2025. Nooney said the company expects new rates, capital-project recovery, large-load demand and its financial position to support performance in the upper half of its long-term 4% to 6% growth target.

Data center pipeline expands President and Chief Executive Officer Linn Evans highlighted growing electricity demand in Wyoming, where the company has recorded 20 consecutive years of rising peak system loads. Wyoming Electric’s July peak load reached 439 megawatts, up 16% from the prior-year peak and 183% above the level when Black Hills acquired the utility in 2005.

The company said its data-center opportunity pipeline exceeds 3 gigawatts. About 600 megawatts of that potential demand is included in its financial plan through 2030, primarily tied to Microsoft’s expansion and Meta’s planned artificial-intelligence data center in Cheyenne. Black Hills expects Meta’s customer load to begin ramping later this year.

Marne Jones, senior vice president and chief utility officer, said the company has served Microsoft’s hyperscale data-center growth for more than a decade, primarily through market-energy procurement. Black Hills expects to serve the demand currently included in its plan through a combination of market energy and contracted resources, with minimal incremental capital investment.

Beyond the 600 megawatts included in the plan, the company is negotiating more than 2.5 gigawatts of additional large-load opportunities in Wyoming. That pipeline includes a previously disclosed 1.8-gigawatt project.

Jones said Black Hills is in advanced negotiations for commercial agreements supporting a diversified resource portfolio for the 1.8-gigawatt opportunity. A generation reservation agreement with a prospective customer has been extended through Aug. 31 and includes up to $377 million of refundable customer advances for long-lead generation equipment. The company said it remains optimistic about reaching definitive agreements during the third quarter.

During the question-and-answer session, Evans said the exit of Caruso from the project had not affected negotiations because Black Hills has been negotiating with the hyperscale end user. He said the company is seeking to finalize the related agreements by the end of the third quarter, while emphasizing that it intends to prioritize appropriate risk and reward arrangements for the company, customers and shareholders.

Evans also said a separate 75-megawatt data-center opportunity is progressing and is unrelated to the 1.8-gigawatt project.

Regulatory activity and capital projects Black Hills is executing a nearly $1 billion capital plan in 2026. Its 99-megawatt Lange II generation project, which will serve western South Dakota and northeastern Wyoming, remains on schedule for service in the fourth quarter. The project’s final long-lead component, a generation step-up transformer, was delivered to the site, according to Jones.

The company is advancing rate reviews for Arkansas Gas and South Dakota Electric, while filing a new rate request for Colorado Electric. The Colorado request seeks $26.7 million in annual revenue based on a 10.5% return on equity and a capital structure consisting of 49% debt and 51% equity.

Black Hills also received approval for an abbreviated Kansas rate review, with new rates effective July 1. In South Dakota, interim electric rates are scheduled to take effect Aug. 18, while an Arkansas gas rate-review hearing is set for Aug. 20.

In Wyoming, the company requested a Large Customer Transmission Cost Adjustment Mechanism intended to recover transmission-related investments and expenses directly from large-load customers that benefit from those facilities. Black Hills expects the tariff to become effective in January 2027.

The company’s Wyoming integrated resource plan, submitted June 30, identifies a near-term 95-megawatt capacity need for non-large-load customers. Black Hills recommended meeting that need through a combination of natural gas generation, battery storage and market-energy purchases.

NorthWestern Energy merger awaits Montana decision Black Hills said it has received six of seven approvals required for its planned merger with NorthWestern Energy. The company received approval from the Federal Energy Regulatory Commission during the second quarter, as well as unanimous settlement approvals in Nebraska and South Dakota.

Montana remains the final approval needed to close the transaction. Evans said Black Hills reached settlements with several intervening parties in Montana, while two groups with environmental concerns did not settle. Final briefs were filed July 13, starting a 90-day decision period that could be extended by 30 days.

Evans said the company expects a Montana decision around mid-October or, if extended, by mid-November, keeping the transaction on track for a second-half 2026 closing.

Black Hills ended the quarter with more than $650 million available under its revolving credit facility. The company issued $50 million of equity through its at-the-market program year to date and is evaluating refinancing options ahead of a January 2027 maturity of $400 million in 3.15% notes.

About Black Hills (NYSE:BKH)Black Hills Corporation is a diversified energy company based in Rapid City, South Dakota, that provides electricity and natural gas distribution services to residential, commercial and industrial customers. Through its regulated utility subsidiaries—Black Hills Power, Cheyenne Light & Power, and Black Hills Energy—the company delivers reliable energy across Colorado, Kansas, Montana, Nebraska, South Dakota and Wyoming.

In addition to its distribution operations, Black Hills owns and operates a generation portfolio that includes natural gas–fired plants, coal-fired units, hydroelectric facilities and wind projects.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Reaffirms 2026 adjusted earnings guidance in the range of $4.25 to $4.45 per share, excluding merger-related costsServed new all-time peak load at Wyoming Electric driven primarily by growing large-load demandProgressing toward completion of multiple definitive agreements for a 1.8 GW data center project in WyomingCompleted regulatory requirements to receive new wildfire liability protections in South Dakota and WyomingOn track to close merger with NorthWestern Energy pending approval from Montana as the final condition for closing
RAPID CITY, S.D., Aug. 05, 2026 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced financial results for the second quarter ended June 30, 2026. Net income available for common stock and earnings per share, diluted (EPS) for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, were:

 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions, except per share amounts)GAAP:       Net income available for common stock$38.2 $27.5 $169.2 $161.7Earnings per share, Diluted$0.50 $0.38 $2.23 $2.24        Non-GAAP (a):       Adjusted earnings$41.5 $27.5 $176.6 $161.7Adjusted EPS$0.54 $0.38 $2.33 $2.24 ________________________

(a)During the three and six months ended June 30, 2026, Black Hills incurred costs of $0.04 and $0.10 per share, respectively, related to the pending merger with NorthWestern Energy. See additional details in the GAAP-to-Non-GAAP reconciliation table in the Use of Non-GAAP Financial Measures section below. Minor differences may result due to rounding.   Second-quarter GAAP EPS was $0.50 compared to $0.38 in the same period in 2025. Second-quarter adjusted EPS was $0.54, excluding $0.04 of after-tax merger-related costs, compared to $0.38 in the same period in 2025. Financial results benefited from new rates and rider recovery, which more than offset higher financing and depreciation costs driven by capital investment and new assets in service.

Year-to-date GAAP EPS was $2.23 compared to $2.24 in the same period in 2025. Year-to-date adjusted EPS was $2.33, excluding $0.10 of after-tax merger-related costs, compared to $2.24 in the same period in 2025. Financial results benefited from new rates and rider recovery and cost management activities. These benefits more than offset $0.18 per share of impacts from mild weather and the impacts of higher financing and depreciation costs driven by capital investment and new assets in service.

“I’m extremely proud of our team and all we’ve accomplished in the first half of the year, delivering strong financial results and meaningful progress on our strategic initiatives,” said Linn Evans, president and CEO of Black Hills Corp. “We continued to advance our regulatory requests and execute our customer-focused capital plan, which includes our new 99-MW Lange II generation facility in South Dakota to be in service by year-end.

“We are also focused on serving our large-load demand pipeline of more than 3 GW in Wyoming. Our current financial plan includes 600 MW by 2030 driven by Microsoft’s expansion of existing operations and Meta’s new AI data center. We continue to make progress toward definitive agreements to serve a 1.8 GW data center project in Cheyenne, and other large-load customers, which would be additive to our plan.

“These significant large-load opportunities and the solid performance of our core businesses provide confidence in our ability to deliver in the upper half of our 4% to 6% long-term EPS growth target, and create compelling upside potential. We also look forward to a brighter energy future for all our stakeholders through our merger with NorthWestern Energy with only one regulatory approval remaining,” concluded Evans.

Merger with NorthWestern Energy Group, Inc.

On Aug. 19, 2025, Black Hills Corp. and NorthWestern Energy announced a tax-free, all-stock merger. The transaction is expected to close by year-end 2026, subject to the satisfaction of certain closing conditions and remaining regulatory approval from the Montana Public Service Commission. All other remaining approvals and conditions for closing were received or satisfied, including approvals by shareholders of both companies, the completion of the waiting period on the Hart-Scott-Rodino Act, and approvals by the Federal Energy Regulatory Commission and regulatory commissions in Nebraska and South Dakota.
SECOND-QUARTER 2026 HIGHLIGHTS AND RECENT UPDATES

Electric Utilities

On Aug. 4, South Dakota Electric filed a request with the South Dakota Public Utilities Commission (SDPUC) for recovery of costs related to its 99 MW, $320 million Lange II gas-fired generation project through a rider mechanism available under state law. The new facility under construction in Rapid City, South Dakota, is expected to be completed and in service during the fourth quarter of 2026 to replace generation resources planned for retirement and support updated reserve margin requirements.Year to date, Wyoming Electric recorded four new all-time customer load peaks driven primarily by growth in large-load data center demand. The new peaks advance a track record of 20 consecutive years of increasing electric demand in the Cheyenne, Wyoming region. The most recent peak of 439 MW on July 20, 2026, represents an increase of 16% over the peak of 379 MW on June 20, 2025. In July, South Dakota Electric and Wyoming Electric completed regulatory requirements for wildfire liability protections outlined in legislation enacted in 2025 and early 2026. On July 9, 2026, Wyoming Electric received approval from the Wyoming Public Service Commission (WPSC) of the company’s Wildfire Mitigation Plan. On July 2, 2026, South Dakota Electric submitted the company’s plan to the SDPUC in accordance with the legislation requirements.On June 30, Wyoming Electric submitted its 2026 Integrated Resource Plan to the WPSC based on a 20-year planning period, including a near-term period through 2033, which identified a near-term capacity shortfall of 95 MW beginning in 2027. Based on its forecasts and analysis, Wyoming Electric recommends the addition of 36 MW of new natural gas-fired reciprocating internal combustion engines (RICE), 50 MW of battery storage, and energy market purchases to meet the identified resource need. Wyoming Electric's IRP does not address Large Power Contract Service (LPCS) tariff capacity needs, which are handled separately under customer-specific agreements.On June 19, Wyoming Electric filed a request with the WPSC to establish a new Large Customer Transmission Cost Adjustment Mechanism (LCTCAM) tariff. The LCTCAM provides a framework to directly recover transmission investment costs from LPCS customers who are served by, and benefit from, the transmission facility. The proposed mechanism is designed to ensure that customers not directly served by those facilities are protected from bearing those costs. The filing requests WPSC approval of the tariff by Sept. 1, 2026, with an effective date of Jan. 1, 2027.On June 12, Colorado Electric filed a rate review request with the Colorado Public Utilities Commission seeking approval to recover approximately $184 million of critical investments since its last rate review in 2024. The rate review requested $27 million of new annual revenue based on a capital structure of 51% equity and 49% debt and a return on equity of 10.5%. The company is seeking new rates in the first quarter of 2027.On April 22, Wyoming Electric entered into an agreement to procure long lead-time generation equipment with a prospective data center customer seeking to construct a 1.8 GW data center to be served under Wyoming Electric’s LPCS tariff. The customer provided $285 million in refundable advances through June 30, 2026, in support of milestone payments to secure generation equipment. In July, the parties amended this generation reservation agreement to increase the total refundable advances to $377 million with a new maturity date of Aug. 31, 2026. Wyoming Electric continues to negotiate definitive agreements with the prospective customer.On March 18, South Dakota Electric filed a rate review request with the WPSC seeking approval to recover critical investments since its last rate review in 2014. The rate review requested $5 million of new annual revenue based on a capital structure of 53% equity and 47% debt and a return on equity of 10.5%. The company is seeking new rates in the first quarter of 2027.On Feb. 19, South Dakota Electric filed a rate review request with the SDPUC seeking approval to recover critical investments since its last rate review in 2014. The rate review requested $51 million of new annual revenue based on a capital structure of 53% equity and 47% debt and a return on equity of 10.5%. The company is seeking interim rates to be effective 180 days after filing, with new rates to be finalized in the first quarter of 2027.
Gas Utilities

On June 25, Kansas Gas received approval from the Kansas Corporation Commission of an abbreviated rate review request seeking $2.4 million in new annual revenue for capital placed in service through Dec. 31, 2025, based on authorized returns and capital structure under a black box settlement agreement for the July 2025 rate review. New rates were effective July 1.On Dec. 5, 2025, Arkansas Gas filed a rate review request with the Arkansas Public Service Commission seeking approval to recover approximately $147 million of system investments for its natural gas pipeline infrastructure since its last general rate filing in 2023. The rate review requested $29 million of new annual revenue based on a capital structure of 50% equity and 50% debt and a return on equity of 10.5%. The company is seeking final rates in the second half of 2026.
Corporate and Other

On July 28, Black Hills’ board of directors approved a quarterly dividend of $0.703 per share payable on Sept. 1, 2026, to common shareholders of record at the close of business on Aug. 17, 2026. On an annualized basis, the dividend represents 56 consecutive years of increases, the second-longest track record in the electric and natural gas industry.During the second quarter, the company issued a total of 0.1 million shares of new common stock for net proceeds of $9 million. Year to date, the company issued a total of 0.7 million shares of new common stock under its at-the-market equity offering program for net proceeds of $50 million.During the second quarter, Black Hills published its 2025 Corporate Sustainability Report, highlighting the company's continued progress toward emission reduction goals, strategic infrastructure investments and innovative solutions to deliver safe, reliable and cost-effective energy across the communities it serves. The company’s electric utilities achieved a 43% reduction in emissions intensity compared to 2005, continuing on pace to achieve its 70% by 2040 target. The natural gas utility reduced emissions by 25% since 2022, reflecting strong progress toward its net-zero by 2035 goal.
2026 ADJUSTED EARNINGS GUIDANCE REAFFIRMED

Black Hills reaffirms its guidance for 2026 adjusted EPS* to be in the range of $4.25 to $4.45, based on the following assumptions:

Normal weather conditions within our utility service territories;Constructive and timely outcomes of utility regulatory dockets;Excludes merger-related costs;Excludes mark-to-market adjustments;Increase in operations and maintenance expense (excludes merger-related costs, depreciation and amortization, and taxes other than income taxes) of approximately 3.5% off 2025 of $580 million;Equity issuance between $50 million and $70 million; andAn effective tax rate of approximately 14% for the full year.
This guidance excludes the expected merger with NorthWestern Energy, which is expected to close in the second half of 2026.

* The 2026 Adjusted EPS guidance shown above is a forward-looking, non-GAAP financial measure. The company is not able to provide comparable GAAP EPS guidance due to items that are not considered representative of the company's underlying operating performance that cannot be reasonably quantified for the full-year period. These items include merger-related costs the company expects to incur in 2026, in addition to any other unplanned items that may affect GAAP results in 2026.

USE OF NON-GAAP FINANCIAL MEASURES

As noted in this earnings release, in addition to presenting its earnings information in conformity with Generally Accepted Accounting Principles (GAAP), the company has presented non-GAAP Adjusted earnings and Adjusted EPS, which reflect adjustments for expenses, gains and losses that the company believes do not reflect ongoing core operating performance, such as costs related to the pending merger with NorthWestern. The company’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. Our non-GAAP measures may not be comparable to those of other companies.

Reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures are included below.

 Three Months Ended June 30, Six Months Ended June 30, 2026  2025 2026  2025 (in millions, except per share amounts)Net income available for common stock (GAAP)$38.2  $27.5 $169.2  $161.7Adjustment:         Merger-related costs 4.1   -  8.6   -Less: tax effect of adjustment (0.7)  -  (1.1)  -Adjustment, net of tax 3.3   -  7.5   -Rounding -   -  (0.1)  -Adjusted earnings (non-GAAP)$41.5  $27.5 $176.6  $161.7          Weighted average shares, diluted 76.1   72.4  75.9   72.1          Earnings per share, diluted (GAAP)$0.50  $0.38 $2.23  $2.24Adjustment:         Merger-related costs 0.05   -  0.11   -Less: tax effect of adjustment (0.01)  -  (0.02)  -Adjustment, net of tax 0.04   -  0.10   -Adjusted EPS (non-GAAP)$0.54  $0.38 $2.33  $2.24               BLACK HILLS CORPORATION
CONSOLIDATED FINANCIAL RESULTS

(Minor differences may result due to rounding)

 Three Months Ended June 30,  Six Months Ended June 30,  2026  2025  2026  2025  (in millions, except per share amount) Revenue$452.8  $439.0  $1,233.5  $1,244.2             Operating expenses:           Fuel, purchased power and cost of natural gas sold 113.5   124.0   451.3   483.8 Operations and maintenance 150.5   147.6   298.6   301.3 Depreciation and amortization 75.3   69.8   150.1   139.0 Taxes other than income taxes 16.5   15.1   34.5   32.7 Total operating expenses 355.8   356.5   934.5   956.8             Operating income 97.0   82.5   299.0   287.4             Interest expense, net (51.6)  (48.9)  (103.5)  (100.3)Other income (expense), net 0.2   (0.4)  0.8   0.6 Income tax benefit (expense) (5.2)  (4.4)  (22.8)  (22.5)Net income 40.4   28.8   173.5   165.2 Net income attributable to non-controlling interest (2.2)  (1.3)  (4.3)  (3.5)Net income available for common stock$38.2  $27.5  $169.2  $161.7             Weighted average common shares outstanding:       Basic 75.9   72.4   75.7   72.0 Diluted 76.1   72.4   75.9   72.1             Earnings per share:           Earnings per share, Basic$0.50  $0.38  $2.24  $2.25 Earnings per share, Diluted$0.50  $0.38  $2.23  $2.24                  CONSOLIDATING INCOME STATEMENTS

(Minor differences may result due to rounding)

 Consolidating Income Statement Three Months Ended June 30, 2026Electric Utilities Gas Utilities Corporate and Other  Total  (in millions) Revenue$226.3 $230.5 $(4.0) $452.8           Fuel, purchased power and cost of natural gas sold 49.7  63.9  (0.1)  113.5 Operations and maintenance 65.5  81.7  3.3   150.5 Depreciation and amortization 40.9  34.4  -   75.3 Taxes other than income taxes 9.1  7.4  -   16.5 Operating income$61.1 $43.1 $(7.2) $97.0           Interest expense, net        (51.6)Other income (expense), net        0.2 Income tax benefit (expense)        (5.2)Net income        40.4 Net income attributable to non-controlling interest        (2.2)Net income available for common stock       $38.2              Consolidating Income Statement Three Months Ended June 30, 2025Electric Utilities Gas Utilities Corporate and Other  Total  (in millions) Revenue$219.9 $223.0 $(3.9) $439.0           Fuel, purchased power and cost of natural gas sold 55.3  68.9  (0.2)  124.0 Operations and maintenance 69.2  80.1  (1.7)  147.6 Depreciation and amortization 37.5  32.3  -   69.8 Taxes other than income taxes 8.9  6.2  -   15.1 Operating income$49.0 $35.5 $(2.0) $82.5           Interest expense, net        (48.9)Other income (expense), net        (0.4)Income tax benefit (expense)        (4.4)Net income        28.8 Net income attributable to non-controlling interest        (1.3)Net income available for common stock       $27.5             Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

Electric Utilities’ operating income increased $12.1 million primarily due to new rates and rider recovery driven by the Wyoming Electric's recently completed Ready Wyoming project;Gas Utilities’ operating income increased $7.6 million primarily due to new rates and rider recovery driven by the Nebraska Gas and Kansas Gas rate reviews partially offset by higher operating expenses;Corporate and Other operating loss increased $5.2 million primarily due to costs related to the pending merger with NorthWestern; andNet interest expense increased $2.7 million primarily due to higher rates on increased debt.  Consolidating Income Statement Six Months Ended June 30, 2026Electric Utilities Gas Utilities Corporate and Other  Total  (in millions) Revenue$467.9 $773.6 $(8.0) $1,233.5           Fuel, purchased power and cost of natural gas sold 116.5  335.1  (0.3)  451.3 Operations and maintenance 131.5  165.6  1.5   298.6 Depreciation and amortization 81.4  68.7  -   150.1 Taxes other than income taxes 18.3  16.2  -   34.5 Operating income$120.2 $188.0 $(9.2) $299.0           Interest expense, net        (103.5)Other income (expense), net        0.8 Income tax benefit (expense)        (22.8)Net income        173.5 Net income attributable to non-controlling interest        (4.3)Net income available for common stock       $169.2              Consolidating Income Statement Six Months Ended June 30, 2025Electric Utilities Gas Utilities Corporate and Other  Total  (in millions) Revenue$456.6 $795.4 $(7.8) $1,244.2           Fuel, purchased power and cost of natural gas sold 122.5  361.4  (0.1)  483.8 Operations and maintenance 138.0  168.1  (4.8)  301.3 Depreciation and amortization 74.6  64.4  -   139.0 Taxes other than income taxes 18.2  14.5  -   32.7 Operating income$103.3 $187.0 $(2.9) $287.4           Interest expense, net        (100.3)Other income (expense), net        0.6 Income tax benefit (expense)        (22.5)Net income        165.2 Net income attributable to non-controlling interest        (3.5)Net income available for common stock       $161.7             Six Months Ended June 30, 2026, Compared to the Six Months Ended June 30, 2025

Electric Utilities’ operating income increased $16.9 million primarily due to new rates and rider recovery driven by the Colorado Electric rate review and Wyoming Electric's recently completed Ready Wyoming project partially offset by lower retail customer usage and unfavorable weather;Gas Utilities’ operating income increased $1.0 million primarily due to new rates and rider recovery driven by the Nebraska Gas, Kansas Gas, and Arkansas Gas rate reviews mostly offset by unfavorable weather and higher operating expenses;Corporate and Other operating loss increased $6.3 million primarily due to costs related to the pending merger with NorthWestern; andNet interest expense increased $3.2 million primarily due to higher rates on increased debt partially offset by higher AFUDC debt. OPERATING STATISTICS

Electric Utilities

 Revenue Quantities Sold Three Months
Ended June 30, Six Months
Ended June 30, Three Months
Ended June 30, Six Months
Ended June 30,By Customer Class2026  2025 2026 2025 2026 2025 2026 2025 (in millions) (in GWh)Retail Revenue -                Residential$56.0  $54.1 $119.1 $120.5  327.0  321.0 685.9 727.4Commercial 67.4   66.9  137.4  135.7  499.6  499.7 991.8 1,016.9Industrial (a) 58.2   49.3  114.5  97.5  784.0  663.9 1,491.4 1,273.7Municipal 4.4   4.3  8.7  8.8  35.8  34.1 66.8 68.7Other Retail (1.6)  3.5  1.7  6.9  —  — — —Subtotal Retail Revenue - Electric 184.4   178.1  381.4  369.4  1,646.4  1,518.7 3,235.9 3,086.7Wholesale 5.3   4.2  11.3  11.3  123.5  108.4 263.6 256.2Market - off-system sales 2.5   10.7  13.4  22.0  90.4  220.0 288.7 393.6Transmission 17.5   10.1  29.6  22.2  —  — — —Other (b) 16.6   16.8  32.2  31.7  —  — — —Total Revenue and Quantities Sold$226.3  $219.9 $467.9 $456.6 $1,860.3 $1,847.1 3,788.2 3,736.5Other Uses, Losses, or Generation, net (c)         142.3  125.4 245.5 219.5Total Energy          2,002.6  1,972.5 4,033.7 3,956.0 ________________________

(a)The increase in industrial quantities sold for the three and six months ended June 30, 2026, compared to the same periods in 2025, was primarily driven by Wyoming Electric's large-load customers under the LPSC and BCIS Tariffs.(b)Includes Integrated Generation, inter-segment rent, and non-regulated services to our retail customers under the Service Guard Comfort Plan and Tech Services.(c)Includes company uses and line losses.    Revenue Quantities Sold Three Months
Ended June 30, Six Months
Ended June 30, Three Months
Ended June 30, Six Months
Ended June 30,By Business Unit2026 2025 2026 2025 2026 2025 2026 2025 (in millions) (in GWh)Colorado Electric$64.7 $66.3 $134.0 $138.7 534.9 524.1 1,030.8 1,056.4South Dakota Electric 76.1  78.0  162.8  164.9 527.0 638.9 1,206.7 1,320.9Wyoming Electric 75.5  64.8  150.2  131.4 777.1 665.2 1,503.6 1,311.0Integrated Generation 10.0  10.8  20.9  21.6 21.3 18.9 47.1 48.2Total Revenue and Quantities Sold$226.3 $219.9 $467.9 $456.6 1,860.3 1,847.1 3,788.2 3,736.5                      Three Months Ended June 30,Six Months Ended June 30, 2026202520262025Degree DaysActualVariance from NormalActualVariance from NormalActualVariance from NormalActualVariance from NormalHeating Degree Days:        Colorado Electric539(8)%6235%2,540(18)%3,3568%South Dakota Electric980(4)%908(12)%3,547(18)%4,3461%Wyoming Electric974(14)%1,085(5)%3,299(21)%4,2252%Combined (a)781(8)%815(5)%3,044(19)%3,8754%         Cooling Degree Days:        Colorado Electric34723%235(16)%35827%235(16)%South Dakota Electric102(17)%16241%102(17)%16241%Wyoming Electric47(41)%60(24)%47(41)%60(24)%Combined (a)2019%174(4)%20611%174(4)% ________________________

(a)Degree days are calculated based on a weighted average of total customers by state.   OPERATING STATISTICS (continued)

Gas Utilities

 Revenue Quantities Sold and Transported Three Months
Ended June 30, Six Months
Ended June 30, Three Months
Ended June 30, Six Months
Ended June 30,By Customer Class2026 2025 2026 2025 2026 2025 2026 2025 (in millions) (Dth in millions)Retail Revenue -               Residential$111.6 $113.3 $423.3 $457.4 6.7 7.2 31.9 37.9Commercial 39.8  42.0  165.3  176.3 3.8 4.0 15.9 18.0Industrial 6.9  6.4  13.8  13.0 1.7 1.4 2.7 2.4Other Retail (a) 6.7  6.9  21.4  21.6 — — — —Subtotal Retail Revenue - Gas 165.0  168.6  623.8  668.3 12.2 12.6 50.5 58.3Transportation 44.8  42.1  99.3  99.8 37.9 36.2 84.1 86.7Other (b) 20.7  12.3  50.5  27.3 — — — —Total Revenue and Quantities Sold$230.5 $223.0 $773.6 $795.4 50.1 48.8 134.6 145.0 ________________________

(a)Includes Black Hills Energy Services revenue under the Choice Gas Program.(b)Includes inter-segment rent and non-regulated services under the Service Guard Comfort Plan, Tech Services, and HomeServe.    Revenue Quantities Sold and Transported Three Months
Ended June 30, Six Months
Ended June 30, Three Months
Ended June 30, Six Months
Ended June 30,By Business Unit2026 2025 2026 2025 2026 2025 2026 2025 (in millions) (Dth in millions)Arkansas Gas$41.5 $40.7 $163.6 $165.5 5.6 5.3 17.1 18.5Colorado Gas 36.8  39.0  127.0  154.8 4.9 5.2 15.7 18.4Iowa Gas 33.0  30.1  126.9  116.9 7.1 6.9 21.2 22.1Kansas Gas 25.7  25.1  86.3  91.2 8.9 7.6 19.0 19.3Nebraska Gas 63.6  57.9  194.4  188.1 16.2 16.4 42.5 46.1Wyoming Gas 29.9  30.2  75.4  78.9 7.4 7.4 19.1 20.6Total Revenue and Quantities Sold$230.5 $223.0 $773.6 $795.4 50.1 48.8 134.6 145.0                      Three Months Ended June 30,Six Months Ended June 30, 2026202520262025Heating Degree DaysActualVariance from NormalActualVariance from NormalActualVariance from NormalActualVariance from NormalArkansas Gas (a)155(45)%193(33)%1,727(20)%2,150(2)%Colorado Gas716(16)%822(5)%2,775(24)%3,659---Iowa Gas597(12)%640(5)%3,591(9)%3.928(1)%Kansas Gas (a)274(33)%367(9)%2,308(18)%2.9837%Nebraska Gas (a)532(12)%553(9)%3,077(14)%3.592---Wyoming Gas1,061(10)%1,110(7)%3,525(21)%4.4331%Combined (b)657(31)%658(8)%3,170(21)%3,740--- ________________________

(a)Arkansas Gas and Kansas Gas have weather normalization mechanisms that mitigate the weather impact on Gas Utility margins. Nebraska Gas received NPSC approval to develop a two-year pilot program for a weather normalization mechanism which was effective in August 2025.(b)Heating degree days are calculated based on a weighted average of total customers by state excluding Kansas Gas and Nebraska Gas (effective in August 2025) due to their weather normalization mechanisms. Arkansas Gas is partially excluded based on the weather normalization mechanism in effect from November through April.   CONFERENCE CALL AND WEBCAST

Black Hills will host a live conference call and webcast at 11 a.m. EDT on Thursday, Aug. 6, 2026, to discuss the company's financial results.

To participate by phone and ask a question during the live broadcast, participants can access the event directly at Black Hills Corp. Conference Call. Please allow at least five minutes to register. Upon registration, dial-in information will be provided, including a personal identification number.

To access a listen-only webcast and view presentation slides, please register at Black Hills Corp. Webcast. At the conclusion of the call, a replay of the broadcast will be available at this link and at Black Hills’ investor relations website for up to one year.

ABOUT BLACK HILLS CORP.

Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves more than 1.37 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. This includes, without limitations, our 2026 earnings guidance, long-term growth target and our expectations for regulatory approvals for and the closing of the merger with NorthWestern Energy. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Item 1A of Part I of our 2025 Annual Report on Form 10-K and other reports that we file with the SEC from time to time, and the following:

The accuracy of our assumptions on which our earnings guidance and long-term growth target is based;Our ability to obtain timely and adequate regulatory approvals and cost recovery;Our ability to execute our capital investment program and strategic initiatives;Our ability to access capital markets and successfully execute financing plans;The effects of inflation, interest rates, commodity prices, supply chain constraints and labor availability;Severe weather, wildfire, cybersecurity incidents (including risks associated with the use of artificial intelligence and evolving cyber threats), operational and other business risks;Our ability to serve customer growth opportunities, including large-load customers;Changes in laws, regulations and governmental policies; andThe expected timing and likelihood of completion and our ability to realize the anticipated benefits of the proposed merger with NorthWestern, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed acquisition that could reduce anticipated benefits or give rise to the termination of the merger.
New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations: Sal Diaz [email protected]   Media Contact: 24-hour Media Assistance888-242-3969

Lead, South Dakota--(Newsfile Corp. - July 29, 2026) - Dakota Gold Corp. (NYSE American: DC) ("Dakota Gold" or the "Company") is pleased to announce leadership changes designed to support the Company's next phase of growth as it advances the Richmond Hill Gold Project ("Richmond Hill" or the "Project") through development and toward production. Dr. Robert Quartermain, C.M., will retire as Chief Executive Officer (CEO) on August 18, 2026, after serving in the role since November 2024. Dr. Quartermain will continue to provide leadership and strategic guidance as Co-Chair and Director of Dakota Gold's Board of Directors. Jack Henris, who joined Dakota Gold a year ago as President and Chief Operating Officer (COO), will assume the role of CEO upon Dr. Quartermain's retirement.

"Since assuming the role of CEO in November 2024, Dakota Gold has achieved meaningful progress in advancing Richmond Hill to pre-feasibility stage and has secured the funding required to execute its planned programs through 2028. These were my two primary objectives when I assumed the role as CEO," commented Dr. Quartermain. "As Dakota Gold's largest shareholder, I remain highly supportive of Mr. Henris and the leadership team as they continue to advance Richmond Hill along its development path. I am excited about Dakota Gold's opportunities in the Homestake District, particularly at a time of strong gold prices and increasing investor awareness."

Stephen O'Rourke, Co-Chair of Dakota Gold's Board of Directors, commented, "On behalf of the Board, we thank Dr. Quartermain for stepping into the CEO role and helping position Dakota Gold for its next stage of growth. Under his leadership, the Company strengthened its financial position, reporting $107 million in cash in its March 2026 financial statements, while he worked closely with Mr. Henris to build the team required to execute on our Richmond Hill development plans. We look forward to Dr. Quartermain's continued guidance and insight as Co-Chair and Director, as Mr. Henris and the leadership team advance the Company's strategy."

"I am delighted to assume the role of CEO and to be supported by such a highly capable team at such an important and exciting time for Dakota Gold," said Jack Henris, President and COO. "Having started my career at the Homestake Mine in 1987, I have a deep appreciation for the district and the opportunity in front of us. With Richmond Hill, Dakota Gold has the potential to responsibly develop what could become the largest gold-producing mine in South Dakota. I look forward to continuing to work with Dr. Quartermain in his role on the Board, where his geological insights will be instrumental as we seek to identify additional value across our Maitland Gold Project and broader land position as the largest mineral land holder in the Homestake District."

To further support Mr. Henris in his role as CEO and strengthen Dakota Gold's development-focused leadership structure, Shawn Campbell will be appointed Chief Development Officer, with responsibility for ongoing shareholder engagement and sourcing construction financing for the development of Richmond Hill. Amy Koenig will continue in her role as SVP, Chief Legal Officer and Corporate Secretary. Drawing on her previous regulatory and litigation experience at Black Hills Energy (NYSE: BKH), Ms. Koenig will also manage the Company's permitting processes as Dakota Gold prepares to file its large-scale mine permit later this year.

About Dakota Gold Corp.

Dakota Gold is a responsible exploration and development company advancing the Richmond Hill Gold Project toward production as soon as 2029, while continuing to define and expand the high-grade underground gold resource potential at the Maitland Gold Project. Both projects are located on private land within the historic Homestake District of South Dakota, one of the most prolific gold mining regions in the United States.

Subscribe to Dakota Gold's e-mail list at www.dakotagoldcorp.com to receive the latest news and other Company updates.

Shareholder and Investor Inquiries

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this communication, the words "plan," "target," "anticipate," "believe," "estimate," "intend," "potential," "will" and "expect" and similar expressions are intended to identify such forward-looking statements. Any express or implied statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation: our expectations regarding additional drilling, metallurgy and modeling; our expectations for the improvement and growth of the mineral resources and potential for conversion of mineral resources into reserves; completion of a pre-feasibility study, a feasibility study, and/or permitting; and our overall expectation for the possibility of near-term production at the Richmond Hill project. These forward-looking statements are based on assumptions and expectations that may not be realized and are inherently subject to numerous risks and uncertainties, which could cause actual results to differ materially from these statements. These risks and uncertainties include, among others: the execution and timing of our planned exploration activities; our use and evaluation of historic data; our ability to achieve our strategic goals; the state of the economy and financial markets generally and the effect on our industry; and the market for our common stock. The foregoing list is not exhaustive. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by annual, quarterly and current reports that we file with the SEC, which are available at www.sec.gov. We caution investors not to place undue reliance on the forward-looking statements contained in this communication. These statements speak only as of the date of this communication, and we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law. We do not give any assurance that we will achieve our expectations.

All references to "$" in this communication are to U.S. dollars unless otherwise stated.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307167

Source: Dakota Gold Corp.

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Retirees and near-retirees are quietly rotating cash into a specific corner of the market: Dividend Kings, and long-tenured dividend growers, that still yield meaningfully more than the S&P 500 and even the 4.55% 10-year Treasury. The five names below are all sitting on multi-decade payout streaks, they cover four different sectors, and every one of them raised the dividend within the last twelve months. That combination of income, growth, and defensiveness is exactly what boomer portfolios are engineered to hold.

Altria Group Altria Group (NYSE:MO | MO Price Prediction) is the highest yielder in this group and the closest thing to a bond substitute in consumer staples. The current dividend yield sits at 5.96%, backed by a quarterly payout of $1.06 and a trailing 12-month total of $4.24 per share. Altria technically falls short of the classic 50-year Dividend King threshold, but the payout has been raised in every calendar year from 2000 through 2026, and management describes the latest hike as the 60th increase in the past 56 years.

Coverage looks solid on paper. Trailing EPS of $4.96 comfortably covers the $4.24 annual payout, and 2026 guidance calls for adjusted diluted EPS of $5.56 to $5.72. Altria paid out $7.0 billion in dividends in 2025 and still funded $1 billion in buybacks. The bull case for income is simple: pricing power on Marlboro, a shrinking share count, and one of the lowest betas in the market at 0.494. The caveat is real, though. Cigarette volumes fell roughly 10% in 2025, and the NJOY acquisition just absorbed a $2.2 billion impairment, so the dividend is riding on price hikes, not unit growth.

Universal Corporation Universal Corporation (NYSE:UVV) is the ultra-high-yield name in the bundle, offering a 6.47% dividend yield and confirmed Dividend King status. The company just raised its quarterly payout to $0.83 per share, marking its 56th consecutive year of increases. Universal is the world’s largest leaf-tobacco merchant, a boring, cash-generative middleman business that has funded that streak through commodity cycles most investors would rather forget.

Safety here is more nuanced than the streak suggests. Fiscal 2026 was ugly: adjusted diluted EPS of negative $0.46 in Q4, a $41.06 million goodwill impairment at Shank’s, and $52 million of inventory write-downs on dark air-cured tobacco. Full-year operating cash flow still came in at $129.1 million against capex of $48.8 million, so the dividend was covered on a cash basis, and the balance sheet still carries $1.46 billion in shareholders’ equity. The bull case for income investors: a 56-year track record that survived 2008, 2020, and 2025, plus a valuation at just 0.892 times book. The risk is that trailing EPS of $1.36 does not currently cover the $3.28 annual dividend, so investors are trusting management to work through the tobacco oversupply cycle without touching the payout.

Black Hills Corporation Black Hills Corporation (NYSE:BKH) is a regulated electric and natural gas utility with a 3.68% dividend yield and 56 consecutive years of annual dividend increases. The current quarterly payout of $0.703 was declared April 28, 2026, and the annualized dividend of $2.731 is covered by trailing EPS of $3.84.

Dividend safety here is grounded in a rate-regulated cash flow profile and a reaffirmed 2026 adjusted EPS guidance range of $4.25 to $4.45, implying roughly 6% growth off the 2025 base of $4.10. Management is running a $4.7 billion capital plan through 2030 with a targeted 4% to 6% long-term EPS growth rate, and it has a data center pipeline exceeding 3 gigawatts, including committed capacity with Microsoft and Meta. The pending all-stock merger with NorthWestern Energy would create an $11 billion combined rate base, expanding the regulated moat that supports the payout. One caveat: a mild winter reduced Q1 by $0.18 per share, and closing the merger in the second half of 2026 still faces regulatory approval risk that boomers should not ignore.

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Northwest Natural Holding Company Northwest Natural Holding Company (NYSE:NWN) owns the longest dividend streak in this group at 70 consecutive years of increases, the longest in the natural gas utility industry. The stock yields 3.9%, paying a quarterly dividend of $0.4925 that annualizes to $1.97 per share.

Coverage is comfortable on an EPS basis. Trailing earnings of $2.92 per share back the $1.97 payout, and 2026 EPS guidance of $2.95 to $3.15 was reaffirmed after Q1 net income rose 10.89% to $97.5 million. Long-term targets call for 4% to 6% EPS growth and 6% to 8% rate base growth through 2030, driven partly by the roughly $300 million MX3 Mist gas storage expansion locked in at a fixed 12.5% ROE on 25-year contracts. The income thesis is defensive cash flow with an inflation-beating raise every single year, backed by roughly 985,000 customer meters that grew 2.8% over the last twelve months. The one caveat: heavy growth capex has pushed the common equity ratio down to 36.2% from 42.4%, and further equity issuance to fund the buildout is likely to weigh on per-share growth.

Federal Realty Investment Trust Federal Realty Investment Trust (NYSE:FRT) is the only REIT in the bundle and the only Dividend King in the entire REIT universe, with 58 consecutive years of dividend increases. The current quarterly dividend of $1.13 was paid on July 15, 2026, producing a 3.67% dividend yield on an annualized $4.52 per share.

Dividend safety looks strong when viewed against FFO rather than GAAP EPS. Q1 2026 Nareit FFO and Core FFO came in at $1.88 per diluted share, up 10.6% year over year, and management raised full-year Core FFO guidance to $7.46 to $7.55, implying 5.7% to 6.9% growth. Portfolio fundamentals are running hot: 93.8% occupancy, a 96.1% leased rate, and Q1 comparable leases signed at 13% cash rent spreads across 649,078 square feet. The revolving credit facility was extended to April 2030 at $1.4 billion, so refinancing risk is manageable. The caveat: Federal Realty trades at a forward P/E near 42 and a stretched premium to peers, so today’s buyer is paying up for that unmatched REIT streak.

The Bottom Line for Income Portfolios These five names give boomers something the broader market cannot: dividend streaks measured in decades, spread across tobacco, regulated utilities, and retail real estate. Universal delivers the ultra-high-yield leg at 6.47%, Altria adds a near-6% payout with the strongest earnings coverage in the group, and Black Hills, Northwest Natural, and Federal Realty combine mid-3% yields with reaffirmed 2026 guidance and multi-year growth plans. For a retirement portfolio built to spend the dividend rather than the principal, this is the profile that keeps the checks coming through cycles.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Altria didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Lead, South Dakota--(Newsfile Corp. - July 6, 2026) - Dakota Gold Corp. (NYSE American: DC) ("Dakota Gold" or the "Company") is pleased to report additional assay results from its 2026 Drill Campaign at the Richmond Hill Oxide Heap Leach Gold Project ("Richmond Hill" or the "Project"). The 2026 Drill Campaign is now complete, and totalled 17,273 meters of infill, expansion, and geotechnical drilling across 112 holes. Results from the 2025 and 2026 drill campaigns at Richmond Hill are being incorporated into a Pre-Feasibility Study ("PFS") in the fourth quarter of 2026. This data will support an updated mineral resource estimate, refine the geo-metallurgical model, and deliver a single optimized mine plan with sequencing.

Highlights from this update include:

Expansion drill hole RH26C-432 intersected 11.36 grams per tonne gold (g/t Au) and 14.92 g/t silver (g/t Ag) over 26.3 meters (298 gram-meters Au), including 77.19 g/t Au and 63.12 g/t Ag over 3.2 meters (247 gram-meters Au) and RH26C-437 intersected 2.89 g/t Au and 8.18 g/t Ag over 38.0 meters (110 gram-meters Au) including 14.20 g/t Au and 12.90 g/t Ag over 1.5 meters (21 gram-meters Au). These results are another example of higher grades within the Deadwood Formation in the Northern Expansion area of Richmond Hill, where these trends have continued north from Chism Gulch, with highest grades continuous along structures.

Expansion drilling in the northeast Project area remains open in all directions and continues to return grades exceeding the 0.566 g/t Au average grade in the July 2025 Initial Assessment with Cash Flow ("IACF") measured and indicated mine plan. High-grade gold intercepts in RH26C-432 and RH26C-437 are located approximately 365 meters (1,170 feet) and 361 meters (1,185 feet), respectively, north of the current measured and indicated resource boundary ("M&I boundary") and represent meaningful step-outs. The 2025-2026 northeast expansion drill programs covered an area of 580 meters (1,903 feet) north - south and 730 meters (2,395 feet) east - west beyond the current M&I boundary.

The Company has advanced the Richmond Hill PFS sufficiently to identify critical long lead time items. The longest lead time item is an electrical substation, which the Company has successfully obtained a build slot through Black Hills Energy (NYSE: BKH), a South Dakota based company that provides electrical and natural gas power to customers across north central United States. The Company expects to secure further long lead time items ordered in 2027 and 2028 as the Company leverages the over $100 million dollars in treasury to maintain its construction schedule and reduce production startup risks.

Jack Henris, President and COO of Dakota Gold, said, "We are encouraged by the results of the northeast expansion drilling, which continues to identify higher-grade zones that complement the large heap-leachable resource at Richmond Hill outlined in the IACF. With the 2026 Drill Campaign complete, our focus is on integrating these new results into the resource model and advancing comprehensive metallurgical work and trade-off studies in support of our Pre-Feasibility Study. We commend our team and contractors for safely delivering the drill campaign on time and on budget. Supported by our $107 million cash position as of March 31, 2026, we are also pleased to announce we have secured the electrical substation build slot and are advancing engineering, site layout, and operational readiness along the project's critical path. This reflects the depth of our team's experience and reinforces our commitment to advancing Richmond Hill as the next gold mine in the Homestake District."

Figure 1. Plan Map showing location of Dakota Gold Corp. Richmond Hill drill results reported today in Table 1. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8218/303879_2b576e4e040b8bb8_002full.jpg

Figure 2. Plan Map showing northeast location of Dakota Gold Corp. Richmond Hill drill results beyond the current measured and indicated resource boundary. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8218/303879_2b576e4e040b8bb8_003full.jpg

Figure 3. 1,050-East-West field of view section map of Richmond Hill looking East. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8218/303879_2b576e4e040b8bb8_004full.jpg

Table 1. Richmond Hill drill results (Metric / Imperial)1,2,3,4

Hole #From (m)To
(m)Interval
(m)Grade Au (g/t)g x m
AuGrade Ag (g/t)g x m AgFrom
(ft)To
(ft)Interval (ft)Grade Au (oz/ton)RH26C-43274.7101.026.311.3629814.92392245.1331.386.20.331inc.79.182.33.277.1924763.12202259.5270.010.52.251RH26C-43414.119.14.91.1561.59846.462.516.10.034
69.473.23.81.90713.8953227.7240.312.60.056
78.689.010.40.7585.3956258.0292.134.10.022RH26C-435No significant interceptsRH26C-43615.119.03.90.7732.35949.562.212.70.022
119.7127.57.81.351019.33150392.7418.225.50.039RH26C-437144.9182.938.02.891108.18311475.5600.2124.70.084inc.164.5166.01.514.202112.9019539.7544.64.90.414RH26C-44096.3100.94.51.1053.8117316.0330.914.90.032
115.9128.212.31.151415.02185380.1420.640.50.033RH26C-441130.2135.14.90.5134.0220427.1443.316.20.015RH26C-44285.198.113.00.851125.99338279.2321.942.70.025
116.3143.627.20.77216.56179381.6471.089.40.023RH26C-443153.8157.03.21.6453.2410504.6515.210.60.048RH26C-4454.914.910.01.541561.2161416.149.032.90.045RH26C-4468.321.313.00.911253.9970427.270.042.80.026
30.833.93.00.94316.6751101.2111.210.00.027RH26C-4475.825.619.81.032025.4750519.084.065.00.030
50.659.38.71.66149.7084166.0194.428.40.049
68.973.24.34.882128.52122226.0240.014.00.142RH26C-44811.433.321.90.611355.85122637.3109.372.00.018RH26C-44966.776.29.51.461422.97218218.8250.031.20.042RH26C-45138.660.421.81.06235.86128126.5198.071.50.031RH26C-45279.295.516.31.632712.03196259.8313.253.40.048RH26C-45383.789.55.80.51320.43119274.6293.719.10.015The table may contain rounding errors.Abbreviations in the table include ounces per ton ("oz/ton"); grams per tonne ("g/t"); feet ("ft"); meter ("m"); gram meters ("g x m").True thickness unknown.Intervals calculated based on 0.5 g/t Au cut-off and maximum dilution of 3.05 meters.The July 7, 2025 Initial Assessment with Cash Flow has an open pit designed with 12.2m (40 ft) benches. The average grade for the Measured and Indicated mine plan is 0.566 g/t Au (0.017 oz/ton). A gram-meter of 7 and above has been highlighted in Table 1 based on the bench height and average grade. About Dakota Gold Corp.

Dakota Gold is expanding the legacy of the 145-year-old Homestake Gold Mining District by advancing the Richmond Hill Oxide Heap Leach Gold Project to commercial production as soon as 2029, and outlining a Tertiary maiden resource as well as a high-grade underground gold resource at the Maitland Gold Project, both located on private land in South Dakota.

Subscribe to Dakota Gold's e-mail list at www.dakotagoldcorp.com to receive the latest news and other Company updates.

Shareholder and Investor Inquiries

Qualified Person and S-K 1300 Disclosure

William Gehlen, a Certified Professional Geologist (CPG-10626) with the AIPG, American Institute of Professional Geologists, a Senior Fellow with the SEG, and Senior Manager - Geology of Dakota Gold Corp., is the Company's designated qualified person (as defined in Subpart 1300 of Regulation S-K) for this news release and has reviewed and approved its scientific and technical content.

Quality Assurance/Quality Control consists of regular insertion of certified reference materials, duplicate samples, and blanks into the sample stream. Samples are submitted to the ALS Geochemistry sample preparation facility in Winnipeg, Manitoba. Gold and multi-element analyses are performed at the ALS Geochemistry laboratory in Vancouver, British Columbia. ALS Minerals is an ISO/IEC 17025:2017 accredited lab. Check samples are submitted to Bureau Veritas, Vancouver B.C. as an umpire laboratory. Assay results are reviewed, and discrepancies are investigated prior to incorporation into the Company database.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this communication, the words "plan," "target," "anticipate," "believe," "estimate," "intend," "potential," "will" and "expect" and similar expressions are intended to identify such forward-looking statements. Any express or implied statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation: our expectations regarding additional drilling, metallurgy and modeling; our expectations for the improvement and growth of the mineral resources and potential for conversion of mineral resources into reserves; completion of a pre-feasibility study, a feasibility study, and/or permitting; and our overall expectation for the possibility of near-term production at the Richmond Hill project. These forward-looking statements are based on assumptions and expectations that may not be realized and are inherently subject to numerous risks and uncertainties, which could cause actual results to differ materially from these statements. These risks and uncertainties include, among others: the execution and timing of our planned exploration activities; our use and evaluation of historic data; our ability to achieve our strategic goals; the state of the economy and financial markets generally and the effect on our industry; and the market for our common stock. The foregoing list is not exhaustive. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by annual, quarterly and current reports that we file with the SEC, which are available at www.sec.gov. We caution investors not to place undue reliance on the forward-looking statements contained in this communication. These statements speak only as of the date of this communication, and we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law. We do not give any assurance that we will achieve our expectations.

All references to "$" in this communication are to U.S. dollars unless otherwise stated.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303879

Source: Dakota Gold Corp.

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SummaryBlack Hills Corporation is reaffirmed as a Buy, trading at a 12% discount to a $82 fair value estimate.The merger with NorthWestern Energy is on track for 2026, enhancing BKH’s growth profile and asset footprint.BKH projects robust adjusted EPS growth of 6.3% annually, supported by secular demand drivers and a $4.7B capex plan.Dividend safety is strong, with a 3.9% yield, a 56-year growth streak, and a payout ratio in the mid-60% range.Looking for a portfolio of ideas like this one? Members of The Dividend Kings get exclusive access to our subscriber-only portfolios. Learn More »Sitewide Sale 2026: Get 20% Off AKart Design/iStock via Getty Images

Co-authored by Kody's Dividends

When a slow-and-steady utility transforms itself into a dynamic regional power player, alert income investors should take notice. A major all-stock utility combination recently cleared a hurdle, securing overwhelming approval from shareholders. In the

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of BKH either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Kody's Dividends, Justin Law, and Rachel Kaufman are part of the Dividend Kings team.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

RAPID CITY, S.D. and BUTTE, Mont. and SIOUX FALLS, S.D., April 02, 2026 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) and NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) announced today that shareholders of each company voted to approve the proposed all-stock merger and other related shareholder proposals at their Special Shareholder Meetings held earlier today. The shareholder approvals represent a significant milestone toward the completion of the transaction, which was announced on Aug. 19, 2025. Upon closing of the merger, the two companies will combine to form Bright Horizon Energy Corporation, a premier regional regulated energy company serving customers across eight states.

“Shareholder approval underscores the compelling strategic rationale of this merger,” said Linn Evans, president and CEO of Black Hills Corp. “Together, we will have enhanced scale, financial strength, and growth opportunities to support safe, reliable, and affordable energy service.”

Brian Bird, president and CEO of NorthWestern Energy, added, “We appreciate the overwhelming support of our shareholders. This transaction will bring together two highly complementary utilities and positions the combined company to deliver long‑term value to customers, shareholders, and the communities we serve.”

The merger remains subject to the receipt of required federal (Hart-Scott-Rodino and FERC) and state (Montana, Nebraska, and South Dakota) regulatory approvals and the satisfaction of other customary closing conditions. The companies continue to expect the transaction to close in the second half of 2026.

Additional information regarding the transaction is available in the joint proxy statement/prospectus filed with the U.S. Securities and Exchange Commission (SEC). Detailed shareholder voting results will be disclosed in Form 8-K filings with the SEC by each company.

About Black Hills Corp.
Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.35 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.

About NorthWestern Energy
NorthWestern Energy Group, Inc., doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We work to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. We do this by providing low-cost and reliable service performed by highly adaptable and skilled employees. We provide electricity and / or natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. Our operations in Montana and Yellowstone National Park are conducted through our subsidiary, NW Corp, and our operations in South Dakota and Nebraska are conducted through our subsidiary, NWE Public Service. We have provided service in South Dakota and Nebraska since 1923 and in Montana since 2002.

Forward Looking Statements
Information in this communication, other than statements of historical facts, may constitute forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements about the benefits of the proposed transaction between Black Hills and NorthWestern Energy, including future financial and operating results (including the anticipated impact of the transaction on Black Hills’ and NorthWestern Energy’s respective earnings), statements related to the expected timing of the completion of the transaction, the plans, objectives, expectations and intentions of either company or of the combined company following the merger, anticipated future results of either company or of the combined company following the merger, the anticipated benefits and strategic and financial rationale of the merger, including estimated rate bases, investment opportunities, cash flows and capital expenditure rates and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “targets,” “scheduled,” “plans,” “intends,” “goal,” “anticipates,” “expects,” “believes,” “forecasts,” “outlook,” “estimates,” “potential,” or “continue” or negatives of such terms or other comparable terminology. The forward-looking statements are based on Black Hills and NorthWestern Energy’s current expectations, plans and estimates. Black Hills and NorthWestern Energy believe these assumptions to be reasonable, but there is no assurance that they will prove to be accurate. All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of Black Hills or NorthWestern Energy to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) the risk of delays in consummating the potential transaction, including as a result of required regulatory approvals, which may not be obtained on the expected timeline, or at all, (2) the risk of any event, change or other circumstance that could give rise to the termination of the merger agreement, (3) the risk that required regulatory approvals are subject to conditions not anticipated by Black Hills and NorthWestern Energy, (4) the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period, (5) disruption to the parties’ businesses as a result of the announcement and pendency of the transaction, including potential distraction of management from current plans and operations of Black Hills or NorthWestern Energy and the ability of Black Hills or NorthWestern Energy to retain and hire key personnel, (6) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the transaction, (7) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (8) the outcome of any legal or regulatory proceedings that may be instituted against Black Hills or NorthWestern Energy related to the merger agreement or the transaction, (9) the risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction, (10) legislative, regulatory, political, market, economic and other conditions, developments and uncertainties affecting Black Hills’ or NorthWestern Energy’s businesses; (11) the evolving legal, regulatory and tax regimes under which Black Hills and NorthWestern Energy operate; (12) restrictions during the pendency of the proposed transaction that may impact Black Hills’ or NorthWestern Energy’s ability to pursue certain business opportunities or strategic transactions; and (13) unpredictability and severity of catastrophic events, including, but not limited to, extreme weather, natural disasters, acts of terrorism or outbreak of war or hostilities, as well as Black Hills’ and NorthWestern Energy’s response to any of the aforementioned factors.

Additional factors which could affect future results of Black Hills and NorthWestern Energy can be found in Black Hills’ Registration Statement on Form S-4 as well as its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and NorthWestern Energy’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, in each case filed with the SEC and available on the SEC’s website at http://www.sec.gov. Black Hills and NorthWestern Energy disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by federal securities laws.

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This document is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Black Hills Corp. ContactsNorthWestern Energy Contacts  InvestorsInvestorsSal DiazTravis Meyer605-399-5079605-978-2967investorrelations@[email protected]  MediaMedia24-Hour Media Relations LineJo Dee Black888-242-3969866-622-8081 [email protected]

Most investors considering artificial intelligence (AI) stocks are looking for growth rather than income. Nevertheless, people looking for a new AI holding are coming across a surprising number of solid dividend payers. Here's a closer look at three of these names that can handle this double duty quite nicely.

Qualcomm Yes, Qualcomm (QCOM +4.28%) is in the artificial intelligence business. While it's not nearly the AI hardware powerhouse that Nvidia or Broadcom are, Qualcomm's newest Snapdragon mobile processors are purpose-built to make smartphones and laptops stand-alone, AI-capable devices. Interest has been tepid. A survey performed by CNET in the middle of last year indicates only 11% of smartphone owners living in the United States are upgrading their devices to gain access to new AI features, down from 2024's figure of 18%.

Give it time, though, just as you should give time to Qualcomm's move into the data center processor space with Snapdragon's power-efficient architecture. It won't easily push its way onto Nvidia's turf, but the industry is always looking for ways to lower its costs.

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And this is no minor initiative. Continued penetration of the nascent mobile AI processor market, along with its move into the AI data center business, puts Qualcomm into an AI processor industry that Precedence Research expects to grow an average of more than 26% per year through 2034.

This tailwind should extend Qualcomm's near streak of 23 consecutive years of dividend growth. (Although it didn't stop paying it then, the company didn't raise its dividend payment in 2019.) Newcomers will be plugging into a trailing dividend yield of 2.9%.

Oracle It's been a miserable past few months for Oracle (ORCL 0.05%) shareholders. The stock's now down more than 50% from its September peak.

Some of that sell-off is the response to the company's plan to spend $50 billion on capital expenditures this year, versus expected revenue of $67 billion. Much of this weakness, however, just reflects the malaise that most artificial intelligence stocks have suffered of late, now that once-euphoric investors are starting to question the actual marketable value of AI solutions.

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There's an ultimate upside to this pullback, though. That is, it's pumped Oracle stock's forward-looking dividend yield up to 1.4%. That's not huge. It's significant by technology stock standards though, and even more significant given that the company's quarterly per-share dividend payment has grown more than 130% over the course of the past 10 years.

Given the company's expectation that its annual top line will grow from $67 billion this fiscal year to $225 billion by fiscal 2030 -- with most of that growth being driven by its AI cloud infrastructure business -- the stock's previous red-hot dividend growth streak should remain similarly hot for the foreseeable future.

Image source: Getty Images.

Yes, Oracle is spending a fortune on infrastructure this year, with no guarantee it will achieve an adequate return on its investment -- particularly if the appeal of AI continues to lose its luster; it's not the panacea it was once believed to be.

Have some faith in the industry's designers and developers, though. Over time, they'll figure out how to best utilize its potential, and get more meaningful performance out of its underlying platforms.

Black Hills Last but not least, add Black Hills (BKH +2.40%) to your list of dividend stocks that have moved into the spotlight specifically because of the advent of artificial intelligence. It's a utility name, like Constellation Energy and Vistra, both of which have taken center stage because they're positioned to meet the rapidly growing electricity demand of AI data centers.

Black Hills is different in one key respect, though. That is, this stock hasn't soared -- at least not yet – in anticipation of uncharacteristically strong growth due to the rapid proliferation of data centers. This ultimately means its yield is still surprisingly high, currently near 4% on a forward-looking basis.

What gives? Much of this lack of investor interest can be chalked up to a sheer lack of awareness. With a market value of only a little over $5 billion, this small-cap name just doesn't get much attention.

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Don't be deterred by its small size, though. This company's got what it needs to be a reliable dividend stock for a somewhat unusual reason: its location. Its strong regional presence in Wyoming, Colorado, Nebraska, and a handful of surrounding states means it's ideally positioned geographically speaking.

The area has access to plenty of fiber-optic connectivity, energy sources, and relatively cool ambient air that makes the massive amount of heat artificial intelligence data centers produce not quite so much of a problem. That's why so many data center owners and operators are now choosing to establish sites served by Black Hills. This should certainly help the company extend its 56-year streak of uninterrupted annual dividend increases.

Just a heads-up here -- Black Hills and rival utility name NorthWestern Energy are going to be merging soon. This won't change the investment thesis, except perhaps to improve it by creating more scale, which tends to improve fiscal efficiency.

RAPID CITY, S.D., April 28, 2026 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced that its board of directors declared a quarterly dividend on the common stock at a meeting held April 28, 2026. Common shareholders of record at the close of business on May 15, 2026, will receive $0.703 per share, payable June 1, 2026.

The company also confirms that it will release its 2026 first-quarter earnings after the market closes Wednesday, May 6, 2026, and will host a live conference call and webcast at 11 a.m. EDT on Thursday, May 7, 2026, to discuss the company’s financial results.

To participate by phone and ask a question during the live broadcast, participants can access the event directly at Black Hills Corp. Conference Call. Please allow at least five minutes to register. Upon registration, dial-in information will be provided, including a personal identification number.

To access a listen-only webcast and view presentation slides, please register at Black Hills Corp. Webcast. At the conclusion of the call, a replay of the broadcast will be available at this link and at Black Hills’ investor relations website for up to one year.

Black Hills Corporation
Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.37 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.

Investor Relations
Sal Diaz
[email protected]

24-Hour Media Relations Line
888-242-3969

The utility sector is changing. An increase in electricity demand is expected to drive faster growth for a sector traditionally seen as a slow-and-steady tortoise. That said, there are different ways to invest in the sector. Some might like historically growth-oriented companies like NextEra Energy (NEE +1.27%), while others may prefer a less exciting business like Black Hills (BKH +2.40%). Here's a comparison of both to help you decide.

NextEra Energy is two businesses in one NextEra Energy owns one of the largest regulated utilities in the United States. Its Florida Power & Light operation has long benefited from in-migration to the state. Still, it is a slow and steadily growing business. The utility's real growth engine is its unregulated clean energy business. NextEra Energy has built this division into one of the world's largest producers of solar and wind power.

Image source: Getty Images.

That growth engine has supported impressive dividend growth of around 10% a year over the past decade. Management believes that growth rate will slow down over the next few years to settle at roughly 6%, which is still an attractive number. Add in a well above market 2.6% yield, and more conservative dividend growth investors should probably take a deep dive.

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Black Hills is a more boring business If you are a conservative investor, however, the unregulated clean energy side of NextEra Energy might worry you. That's where a utility like Black Hills comes in, since it is just a boring regulated utility. What sets it apart is its status as a Dividend King, one of just six utilities to have achieved it. And it has a relatively attractive 3.7% dividend yield, compared with the average utility's yield of around 2.6%.

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Black Hills does actually come with its own risk, however, given that it is in the middle of a merger with NorthWestern Energy (NWE +2.29%). Shareholders have approved the deal, but it still requires regulatory approval. The merger, however, won't change the basic nature of the business, as both companies are fairly simple regulated utilities. It will just increase the scale and diversification of the combined company. It is still a worthwhile option for conservative investors looking for a high-yield utility stock.

What type of investor are you? NextEra Energy and Black Hills are both well-run companies, but they are appropriate for very different investors. If you are looking for a dividend growth stock, NextEra Energy is likely a better fit. If you are simply looking for a reliable dividend-paying utility, Dividend King Black Hills is probably the one you should consider.

Black Hills Corporation (BKH) Q1 2026 Earnings Call Transcript

With stubborn inflation, uncertainty around what will happen next with interest rates, and higher gas prices, some investors aren't buying into the recent stock market rally. That's understandable as no one wants to get caught flatfooted if momentum stalls and portfolios are left without any defensive positions.

To be clear, a defensive position doesn't mean market crash-proof, as all companies feel ripples from downturns in some shape or form. But there are companies that have proven they can bend but not break during severe market pullbacks and crashes.

Companies that fit that criteria are Dividend Kings, meaning they have increased their dividend payouts for 50 or more consecutive years, which is a sign of a strong business. No matter what's been happening in the economy and the broader world, those companies have always managed to keep boosting their dividend payouts.

Three companies that have hit that elite status are PepsiCo (PEP +0.38%), Black Hills (BKH +2.40%), and Colgate-Palmolive (CL +0.07%).

Image source: Getty Images.

1. Drinks and snacks help hike dividend payouts PepsiCo's rival, Coca-Cola, is also a Dividend King, with 63 years of consecutive dividend increases, and it leads Pepsi, which has increased its dividend payouts for 54 years. Coca-Cola is another quality dividend-paying stock, but I've included Pepsi on this list because it has its rival beat in terms of dividend payout, as many people will want to generate more income during a market downturn. Coca-Cola's dividend currently yields 2.6%, while PepsiCo's yields 3.9%.

Unlike Coca-Cola, PepsiCo also has a broader portfolio of products, including drinks and snacks; its snack division could experience meaningful revenue growth in the years ahead. Grand View Research forecasts the global snack market will climb in value from roughly $719 billion in 2024 to over $922 billion by 2030.

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During an economic downturn, people tend to cut back on expenses like vacations and big-ticket purchases, but snacks and drinks remain an affordable luxury. That helps PepsiCo keep its edge. That said, this isn't an investment to own for stock price appreciation, but it will pay you a dividend with a respectable yield, no matter what's happening in the economy.

2. The utility Dividend King This list primarily consists of consumer goods stocks, but I added Black Hills to offer some variety, as utility providers have critical services people will always need.

The company's subsidiary, Black Hills Energy, provides electric utilities and natural gas to over 1 million customers. It also has a utility partnership with Microsoft in Wyoming, and its energy assets and customer base could also soon expand, as it's in a definitive agreement to merge with NorthWestern Energy Group. Together, the combined company would have over 2 million customers across eight states.

To earn the Dividend King title, Black Hills has increased its payout for 56 consecutive years, with that dividend yielding 3.7%. If the NorthWestern merger is approved, the combined company plans to continue paying dividends.

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3. From toothpaste to dog food Rounding out this list is Colgate-Palmolive, which has a huge portfolio of products that people will always buy. It makes Colgate toothpaste, Irish Spring soap, and Palmolive dishwashing liquid, and it owns the pet prescription food company, Hill's Pet Nutrition.

The company recently posted strong 2026 first-quarter results, with $5.3 billion in net sales, marking the fourth consecutive quarter of record net sales for Colgate-Palmolive. However, the company issued some warnings for the rest of the year. It expects packaging and material costs to rise and shared a few scenarios in which it could incur additional costs.

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Still, the company has been around long enough to handle plenty of uncertainty and has still increased its dividend payout for 63 consecutive years. That dividend payout currently yields 2.3%.

Continues to advance the project and is working directly with the hyperscaler customer Continues to advance the project and is working directly with the hyperscaler customer

RAPID CITY, S.D., June 12, 2026 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced that its Colorado electric utility has filed a rate review application with the Colorado Public Utilities Commission requesting recovery of the necessary capital infrastructure and operational costs required to deliver safe, reliable electric service to over 102,000 customers in Southern Colorado.

The company is seeking $26.7 million in new annual revenue for recovery of approximately $184 million of critical investments since its last rate review and including additions in 2024 to improve reliability, strengthen the electric grid, and extend the life of key generation infrastructure.

“As we deliver on our responsibility to provide safe and reliable energy to improve the lives and livelihoods of our customers and communities, this request supports our ability to make the required investments to maintain our electric system,” said Linn Evans, president and CEO of Black Hills Corp. “As a result of investments to replace aging infrastructure and enhance our system, our customers in Colorado are experiencing fewer interruptions and less disruption to homes and businesses.”

The request is based on a capital structure of 51.02% equity and 48.98% debt and a return on equity of 10.5%. The company is seeking to implement new rates in the first quarter of 2027.

About Black Hills Corp.
Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.37 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.

Investor Relations
Sal Diaz
605-399-5079
[email protected]

24-Hour Media Relations Line
888-242-3969