Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Black Hills Corp (BKH)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +13
Streak
3Q ▲
Buyers last Q
56%

Smart Money Signals — BKH

Based on 467 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 3 quarters in a row

last 6Q
For 3 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
467 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 — +14% more funds vs a year ago

fund count last 6Q
+57 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡

Slight buying edge — 56% buying

247 buying191 selling
Last quarter: 247 funds bought or added vs 191 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.
⚠️

Fewer new buyers each quarter (-20 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 50 → 64 → 85 → 65. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

59% of holders stayed for 2+ years

■ 59% conviction (2yr+) ■ 21% medium ■ 19% new
277 out of 467 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

61 → 50 → 64 → 85 → 65 new funds/Q
New funds entering each quarter: 50 → 64 → 85 → 65. A growing number of institutions are discovering BKH each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 67% veterans vs 22% newcomers

■ 67% veterans ■ 11% 1-2yr ■ 22% new
Entry-cohort mix of 475 holders: 318 (67%) are 2+ year veterans, 53 entered 1–2 years ago, and 104 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 35% AUM from major funds

35% from top-100 AUM funds
52 of 467 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.7
out of 10
Low Exit Risk
Exit risk score 3.7/10 — 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.

Institutional Sentiment Summary — BKH

In 2026 Q1, 247 hedge funds were net buyers of BKH (65 opened a new position, 182 added to an existing one), while 191 reduced or exited (139 trimmed, 52 sold completely) — a 56% buyer ratio, indicating a slight buying edge. This marks 3 consecutive quarters of net institutional buying — a persistent conviction signal. 35% of total institutional value in BKH is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: +13 funds (more new holders than closures). Total institutional holders: 467.

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

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Black Hills Corp (BKH) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much BKH has moved relative to its sector benchmark (XLU) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 79d ago
BKH
+3.8%
XLU
-3.1%

BKH outperformed XLU by +6.9% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 34d ago
BKH
-1.1%
XLU
+89.7%

Since the filing became public, BKH outperformed XLU by -90.8% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

33 top-rated funds 2 high-conviction
Consensus
6.6
/ 10
breadth
×
Elite
2.9
/ 10
conviction
Hedge Fund Positioning: BKH
463 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 463 454 1.98%
13F Shares 78M 74M 4.86%
Total Value $5.20B $5.11B 1.74%
New Positions 64 85 -21
Increased Positions 180 168 +12
Closed Positions 55 53 +2
Reduced Positions 135 135 -
Total Calls 5 6 -16.67%
Total Puts 3 4 -25.0%
PUT/CALL Ratio 0.6 0.67 Bullish

Statistics: BKH

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Valuation Measures Data as of: --

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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

463 + investors

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

QUARTER:
Top 25 BKH holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Covalis Capital LLP 7.48% 1,752,846 $121.7M
2 Paradiem, LLC 3.44% 224,868 $15.6M
3 Think Investments LP 2.73% 300,000 $20.8M
4 Think Investments LP 2.16% 237,500 $16.5M
5 Barnett & Company, Inc. 1.58% 29,200 $2.0M
6 Phocas Financial Corp. 1.31% 119,835 $8.3M
7 Zimmer Partners, LP 1.24% 741,034 $51.4M
8 Engineers Gate Manager LP 0.92% 1,062,853 $73.8M
9 Capital Financial Group Inc\co\ /Adv 0.84% 22,121 $1.5M
10 DC Investments Management, LLC 0.79% 29,900 $2.1M
11 Riverwater Partners LLC 0.65% 28,047 $1.9M
12 Crawford Investment Counsel Inc 0.61% 516,756 $35.9M
13 Yaupon Capital Management LP 0.53% 246,649 $17.1M
14 Leeward Investments, LLC - MA 0.47% 137,775 $9.6M
15 John G Ullman & Associates Inc 0.47% 50,924 $3.5M
16 Buckley Wealth Management, LLC 0.45% 25,531 $1.8M
17 Burford Brothers, Inc. 0.43% 15,120 $1.0M
18 HITE Hedge Asset Management LLC 0.43% 108,500 $7.5M
19 Alta Capital Management LLC/ 0.40% 75,098 $5.2M
20 Dynamic Technology Lab Private Ltd 0.36% 32,250 $2.2M
21 Synergy Asset Management, LLC 0.34% 46,277 $3.2M
22 Neo Ivy Capital Management 0.33% 18,234 $1.3M
23 Duff & Phelps Investment Management Co 0.33% 459,540 $31.9M
24 Roehl & Yi Investment Advisors, LLC 0.32% 12,435 $863K
25 Nomura Asset Management International INC. 0.32% 2,679,192 $186.0M
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 — 3 quarters in a row: For 3 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 — 56% buying: Last quarter: 247 funds bought or added vs 191 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?

Strong quality — 35% AUM from major funds: 52 of 467 holders rank in the top 100 by AUM, accounting for 35% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held BKH?

59% of holders stayed for 2+ years: 277 out of 467 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.

Is it too late to buy Black Hills Corp (BKH) following the 2026 Q1 hedge fund 13F filings?

As of today, BKH has moved -1.1% since the 2026 Q1 13F filing date (May 15, 2026), compared to +89.7% for the XLU sector ETF — an outperformance of -90.8%. Since the quarter end (March 31, 2026), BKH has gained +3.8% vs -3.1% for XLU. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

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.

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