Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Black Hills Corporation reported solid progress during the second quarter of 2026, reflecting continued focus on strategic growth, operational execution, and financial discipline.</li><li>The company remains on track to meet its full-year earnings guidance, supported by a nearly $1 billion capital investment plan aimed at serving the increasing energy demands of its customer base across eight states.</li><li>Financially, Black Hills Corporation delivered GAAP earnings per share (EPS) of $0.50 for the quarter, which adjusted to $0.54 excluding $0.04 of merger-related expenses.</li></ul>

Black Hills Corporation reported solid progress during the second quarter of 2026, reflecting continued focus on strategic growth, operational execution, and financial discipline.The company remains on track to meet its full-year earnings guidance, supported by a nearly $1 billion capital investment plan aimed at serving the increasing energy demands of its customer base across eight states.Financially, Black Hills Corporation delivered GAAP earnings per share (EPS) of $0.50 for the quarter, which adjusted to $0.54 excluding $0.04 of merger-related expenses.

Black Hills’ NorthWestern Energy Merger Nears The Finish Line With Six Of Seven Approvals Secured!

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Research Reinvented

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<a href="https://smartkarma.com/entities/black-hills-corp">Black Hills</a> is a regulated utility with a stable, monopolistic business model across eight states, providing a foundation for consistent earnings and a long history of dividend growth.</li>
  <li>Significant growth is anticipated from a $4.7 billion, five-year capital investment plan focused on system modernization and reliability, which is expected to expand the company's rate base and drive earnings.</li>
  <li>A key emerging catalyst is the servicing of large-scale data centers in its Wyoming territory, with a pipeline exceeding 3 gigawatts, which could contribute over 10% of consolidated EPS starting in 2028 with minimal initial capital outlay.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Black Hills is a regulated utility with a stable, monopolistic business model across eight states, providing a foundation for consistent earnings and a long history of dividend growth.
  Significant growth is anticipated from a $4.7 billion, five-year capital investment plan focused on system modernization and reliability, which is expected to expand the company's rate base and drive earnings.
  A key emerging catalyst is the servicing of large-scale data centers in its Wyoming territory, with a pipeline exceeding 3 gigawatts, which could contribute over 10% of consolidated EPS starting in 2028 with minimal initial capital outlay.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Black Hills Corporation reported first quarter 2026 results that largely aligned with expectations despite challenges from unusually warm winter weather, which negatively affected demand and earnings.</li><li>The company’s GAAP EPS was $1.73, including $0.05 per share in merger-related transaction costs; adjusted EPS was $1.79 compared to $1.87 in Q1 2025.</li><li>The weather impact reduced earnings by approximately $0.18 per share year-over-year, reflecting $0.13 unfavorable variance from normal weather assumptions.</li></ul>

Black Hills Corporation reported first quarter 2026 results that largely aligned with expectations despite challenges from unusually warm winter weather, which negatively affected demand and earnings.The company’s GAAP EPS was $1.73, including $0.05 per share in merger-related transaction costs; adjusted EPS was $1.79 compared to $1.87 in Q1 2025.The weather impact reduced earnings by approximately $0.18 per share year-over-year, reflecting $0.13 unfavorable variance from normal weather assumptions.

Black Hills’ 3-Gigawatt Data Center Pipeline: Can Cheyenne Redefine Growth?

<ul><li>Black Hills Corporation reported financial and operational results for 2025, delivering on its guidance with adjusted earnings per share (EPS) of $4.10, representing a 5% increase over 2024.</li><li>The company achieved the midpoint of its earnings guidance and maintained strong investment-grade credit ratings while executing a $900 million capital investment plan.</li><li>Key earnings drivers included regulatory rate increases and rider recoveries, alongside growth in customer demand, notably from large load customers such as data centers.</li></ul>

Black Hills Corporation reported financial and operational results for 2025, delivering on its guidance with adjusted earnings per share (EPS) of $4.10, representing a 5% increase over 2024.The company achieved the midpoint of its earnings guidance and maintained strong investment-grade credit ratings while executing a $900 million capital investment plan.Key earnings drivers included regulatory rate increases and rider recoveries, alongside growth in customer demand, notably from large load customers such as data centers.

Black Hills Corporation: A 3GW Data Center Pipeline Could Reshape Its Earnings Profile—What Comes Next?

<ul><li>Black Hills Corporation reported strong third-quarter 2025 financial results, reaffirming its earnings guidance and highlighting key operational and strategic achievements.</li><li>The company emphasized its commitment to delivering on financial, regulatory, and growth initiatives, while also progressing with a merger with NorthWestern Energy.</li><li>Black Hills is on track to achieve its full-year earnings guidance, driven by new base rates, rider recovery, and customer growth.</li></ul>

Black Hills Corporation reported strong third-quarter 2025 financial results, reaffirming its earnings guidance and highlighting key operational and strategic achievements.The company emphasized its commitment to delivering on financial, regulatory, and growth initiatives, while also progressing with a merger with NorthWestern Energy.Black Hills is on track to achieve its full-year earnings guidance, driven by new base rates, rider recovery, and customer growth.

Black Hills Corporation Eyes a Mega 3GW Pipeline—A High-Voltage Opportunity Or Just Unnecessary Hype?

United States

Black Hills Corporation is a diversified energy company.  The Company generates wholesale electricity, produce natural gas, oil and coal, and market energy. Black Hills serves customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.

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Black Hills (BKH US)

Black Hills’ NorthWestern Energy Merger Nears The Finish Line With Six Of Seven Approvals Secured!

Black Hills Corporation reported solid progress during the second quarter of 2026, reflecting continued focus on strategic growth, operational...

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Primer: Black Hills (BKH US) - Aug 2026

Black Hills is a regulated utility with a stable, monopolistic business model across eight states, providing a foundation for consistent...

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Black Hills’ 3-Gigawatt Data Center Pipeline: Can Cheyenne Redefine Growth?

Black Hills Corporation reported first quarter 2026 results that largely aligned with expectations despite challenges from unusually warm winter...

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Black Hills Corporation: A 3GW Data Center Pipeline Could Reshape Its Earnings Profile—What Comes Next?

Black Hills Corporation reported financial and operational results for 2025, delivering on its guidance with adjusted earnings per share (EPS) of...

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Black Hills Corporation Eyes a Mega 3GW Pipeline—A High-Voltage Opportunity Or Just Unnecessary Hype?

Black Hills Corporation reported strong third-quarter 2025 financial results, reaffirming its earnings guidance and highlighting key operational...

Baptista Research

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