Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

BLACK HILLS CORP (BKH)

440 + Investors. Track Smart Money conviction in BKH. See who's accumulating, reducing, or initiating positions.

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Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +31
Streak
2Q ▲
Buyers last Q
57%

Smart Money Signals — BKH

Based on 431 hedge funds · latest filing: 2025 Q4 · updated quarterly

📈

Buying streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds added BKH than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
431 hedge funds hold BKH right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶

Steady growth — +15% more funds vs a year ago

fund count last 6Q
+55 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡

Slight buying edge — 57% buying

242 buying181 selling
Last quarter: 242 funds bought or added vs 181 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
📈

More new buyers each quarter (+19 vs last Q)

new funds entering per quarter
Funds opening a new BKH position: 57 → 44 → 63 → 82. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒

61% of holders stayed for 2+ years

61% conviction (2yr+) 20% medium 19% new
264 out of 431 hedge funds have held BKH for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
📈

Growing discovery — still being found

48 → 57 → 44 → 63 → 82 new funds/Q
New funds entering each quarter: 57 → 44 → 63 → 82. A growing number of institutions are discovering BKH each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Deep conviction — 67% of holders stayed 2+ years

67% veterans 13% 1-2yr 20% new
Of 440 current holders: 294 (67%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆

Elite ownership — 41% AUM from top-100 funds

41% from top-100 AUM funds
39 of 431 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in BKH. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.6
out of 10
Low Exit Risk
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Hedge Fund Ownership: BKH

How many hedge funds hold BKH — quarterly history vs. share price
Quarterly hedge fund ownership of BKH vs. share price

Market Analysis: BKH

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: BKH

-- --
Smart Money Signal ?
Broad Consensus, Selective Conviction

Many quality funds hold this stock, but top-tier positions remain relatively small.

63 top-rated funds 2 high-conviction
Consensus
7.8
/ 10
breadth
×
Elite
3.1
/ 10
conviction
Hedge Fund Positioning: BKH
2026 Q1 Stats Unlock in 22 days 440 + Investors

Track Smart Money conviction in BKH. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 440 405 8.64%
13F Shares 74M 65M 13.53%
Total Value $5.09B $3.99B 27.53%
New Positions 84 63 +21
Increased Positions 171 159 +12
Closed Positions 51 50 +1
Reduced Positions 139 133 +6
Total Calls 6 4 50.0%
Total Puts 4 4 -
PUT/CALL Ratio 0.67 1.0 Bullish

Statistics: BKH

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Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

440 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in BKH. Verified SEC 13F-HR filings.

Top 25 institutional holders of BKH — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Martin Capital Partners, LLC 3.18% 123,329 $9K
2 Lesa Sroufe & Co 2.21% 46,831 $3K
3 OLD REPUBLIC INTERNATIONAL CORP 1.15% 416,000 $29K
4 CAPITAL FINANCIAL GROUP INC\CO\ /ADV 0.84% 22,121 $1.5M
5 Leeward Investments, LLC - MA 0.47% 137,775 $9.6M
6 Burford Brothers, Inc. 0.43% 15,120 $1.0M
7 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.33% 459,540 $31.9M
8 BW Gestao de Investimentos Ltda. 0.30% 130,738 $9.1M
9 First PREMIER Bank 0.29% 18,371 $1K
10 REXFORD CAPITAL INC 0.20% 3,962 $275K
11 Polaris Capital Management, LLC 0.19% 33,700 $2.3M
12 Uncommon Cents Investing LLC 0.18% 11,355 $788K
13 O'Domhnaill Enterprises, Inc. 0.17% 3,065 $213K
14 FIRST NATIONAL BANK SIOUX FALLS 0.12% 5,483 $421K
15 HENNESSY ADVISORS INC 0.11% 45,147 $3.1M
16 HARBOR CAPITAL ADVISORS, INC. 0.11% 19,478 $1K
17 MONARCH CAPITAL MANAGEMENT INC 0.09% 5,485 $381K
18 FARMERS & MERCHANTS INVESTMENTS INC 0.09% 45,712 $3.2M
19 AdvisorNet Financial, Inc 0.07% 20,211 $1.4M
20 Bayforest Capital Ltd 0.07% 924 $64K
21 Asset Planning,Inc 0.07% 1,453 $101K
22 Platform Technology Partners 0.07% 4,945 $343K
23 Bill Few Associates, Inc. 0.06% 3,829 $266K
24 Cornerstone Wealth Management, LLC 0.06% 17,437 $1.2M
25 Inspire Investing, LLC 0.06% 9,865 $685K
Investor Ownership
History
% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — BLACK HILLS CORP (BKH)

What does the Smart Money Trend signal show for BKH?

Buying streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds added BKH than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for BKH?

Slight buying edge — 57% buying: Last quarter: 242 funds bought or added vs 181 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for BKH holders?

Elite ownership — 41% AUM from top-100 funds: 39 of 431 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in BKH. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held BKH?

61% of holders stayed for 2+ years: 264 out of 431 hedge funds have held BKH for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.