15 Best Cheap Dividend Stocks to Buy

11. Black Hills Corporation (NYSE:BKH)

Forward P/E as of April 9: 16.18

On April 9, BofA analyst Ross Fowler raised the firm’s price recommendation on Black Hills Corporation (NYSE:BKH) to $76 from $72. It reiterated a Neutral rating on the shares. The firm left its FY26, FY27, and FY28 EPS estimates unchanged. It pointed to updated peer group multiples as the reason for the higher target.

On April 1, Ladenburg Thalmann initiated coverage on Black Hills with a Buy rating. It also set a $77 price target on the stock. The analyst described the company as shifting into a “critical infrastructure provider for the regional AI and hyperscale data center boom.” It noted that Black Hills is using its footprint in the Mountain West, along with supportive regulation, to benefit from “unprecedented load growth.”

Black Hills Corporation (NYSE:BKH) is a customer-focused utility company. It serves about 1.35 million natural gas and electric customers across Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. The company operates through two segments: Electric Utilities and Gas Utilities.