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BKH

Black Hills

$51.85 /

+0.36 (+0.70%)

07:05
03/23/20
03/23
07:05
03/23/20
07:05

Black Hills says has not experienced 'significant' reductions in sales volumes

Black Hills announced an update regarding the actions it is taking in response to COVID-19 and the related impacts on the company's business. The company said, "The company is executing its business continuity plan and remains focused on prioritizing the health and safety of its customers, employees, business partners and communities. Black Hills continues to monitor its operations and believes the fundamentals of its utility-focused business remain sound. Operations and delivery of energy to its 1.3 million customers have not been materially impacted. To date, Black Hills has not experienced significant reductions in sales volumes across its business and is closely monitoring potential impacts due to the states' and the nation's COVID-19 pandemic responses. The company continues to maintain adequate liquidity to operate its businesses and fund its capital program. The company is shifting its short-term funding from its commercial paper program to its $750M revolving credit facility, which expires July 30, 2023. The credit facility has two one-year renewal options and contains an accordion feature that allows Black Hills to increase total commitments up to $1B under certain conditions. Black Hills is well positioned to execute its financing strategy and recently completed a $100M equity issuance as part of its plan for 2020. The company previously announced plans to issue at least $300M of long-term debt this year to term out short-term debt. The company does not have any material long-term debt maturities until late 2023. The company is monitoring supply chains and large capital projects. Supply chains are so far operating normally with limited impact to availability of supplies and materials. Recent conversations with suppliers and contractors indicate no significant changes to schedules for delivery of parts and components and contractors. The company's pension plan was approximately 85% funded at year-end 2019 and has remained near this funded status throughout the ongoing market volatility resulting from the COVID-19 pandemic. Black Hills has substantially de-risked its pension plan assets with nearly 70% of the portfolio invested in long-dated bonds. As a result, we do not anticipate additional funding requirements beyond planned contributions for the year. Recognizing the fluid nature of the COVID-19 pandemic, Black Hills is continually monitoring its business and will adjust as necessary to safely and effectively serve customers and communities and keep employees safe and well."

BKH Black Hills
$51.85 /

+0.36 (+0.70%)

11/22/19 Mizuho
Black Hills initiated with a Buy at Mizuho
10/10/19 BofA
BofA/Merrill upgrades Black Hills to Buy, sees regulatory worries as overdone
10/10/19 BofA
Black Hills upgraded to Buy from Neutral at BofA/Merrill
05/08/19 Scotiabank
Black Hills upgraded to Sector Perform from Underperform at Scotiabank

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