Black Hills merger timing tightens: Black Hills stock sits 10.43 percent below its high

Published on 10/06/2026 at 10:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fair value fell from USD 84.80 to USD 83.17 on October 4, 2026. Black Hills stock costs EUR 63.08 on October 6, 2026 versus EUR 62.80, plus 0.45 percent.

BKH, US0921131092, Illustration mit AI erstellt.

Black Hills stock (ISIN US0921131092) was trading at EUR 63.08 at Lang & Schwarz on October 6, 2026 at 9:58 a.m. CEST. In an October 4, 2026 update, Simply Wall St said the pending NorthWestern Energy merger now has a narrower Montana approval window between mid-October and mid-November 2026. The primary-exchange quote of USD 70.48 was 10.43 percent below the USD 78.69 52-week high.

Merger timing moves closer

The regulatory timetable is becoming the central variable in the Black Hills investment case. Simply Wall St said most approvals were in place and that the final Montana decision window had narrowed, giving the transaction a more defined path while leaving approval and integration risk in view.

The same October 4 update reduced its fair value estimate from USD 84.80 to USD 83.17. That is a USD 1.63 reduction, or 1.92 percent, calculated against the previous estimate, even as the analysis placed greater weight on the Cheyenne data center project and the planned combination with NorthWestern Energy.

Earnings show a split picture

Black Hills reported USD 452.80 million of revenue in the second quarter of 2026, up 3.10 percent from the second quarter of 2025, according to MarketBeat. Adjusted earnings per share reached USD 0.54, compared with USD 0.38 in the year-earlier quarter, while revenue was below the USD 490.89 million analyst estimate.

Management's fiscal 2026 earnings guidance stands at USD 4.25 to USD 4.45 per share. The contrast matters: earnings per share exceeded the USD 0.41 consensus estimate by USD 0.13, but revenue missed its estimate by USD 38.09 million, leaving execution and regulatory progress as important offsets to the utility's growth projects.

Analysts disagree on valuation

MarketBeat reported on September 30, 2026 that Freedom Broker began coverage with a Hold rating and a USD 69.00 price target. The same report said six analysts rated the stock Buy and one rated it Hold, producing a consensus Moderate Buy rating with an average target of USD 81.29.

That spread shows why the merger timetable matters more than a single valuation measure. A successful approval could support the larger regulated utility platform, while delays would keep the data center buildout, capital plan and integration assumptions under scrutiny.

Stock trades above prior close

Black Hills was trading at EUR 63.08 at Lang & Schwarz on October 6, 2026 at 9:58 a.m. CEST, up 0.45 percent versus the prior close of EUR 62.80 at Lang & Schwarz on October 5, 2026. The price is an intraday euro indication for German investors, while the NYSE reference quote was last at USD 70.48 on October 5, 2026 at 4:00 p.m. ET.