Black Hills CEO’s Restricted Stock Grant Signals Strong Insider Confidence in 2026 Growth Plans.

Insider Activity Highlights Black Hills’ Confidence in Growth

On February 6, 2026 the company’s president and chief executive, Evans Linden R, executed a sizeable purchase of 17,793 shares of Black Hills Corp. through a Restricted Stock Grant, adding to an existing holding of roughly 155 895 shares. The transaction, valued at zero because it was granted rather than purchased, signals that the CEO believes the company’s current valuation is attractive and that he intends to align his interests with those of shareholders over the long term. The buy aligns with a broader pattern of limited share‑selling activity that week, with Linden selling only 3,490 shares in the same month to cover tax withholding on earlier vesting dates.

What This Means for Investors

The net effect of Linden’s activity is a modest dilution‑free increase in his ownership stake, while the company’s overall insider holdings remain high—about 3‑4 % of the outstanding shares are controlled by the CEO and other senior executives. This concentration of ownership is generally viewed positively by investors, as it implies a strong incentive for management to pursue shareholder value. Moreover, the CEO’s recent sales have all been linked to tax‑withholding obligations rather than a divestiture of excess cash, suggesting that the company is not experiencing liquidity pressure that would force a strategic sale of shares.

Linden’s Transaction Profile

Over the past year, Linden’s insider transactions have been dominated by restricted‑stock grants and tax‑withholding sales. In 2025 he purchased 191 shares (a token amount) and held a 4,490‑share position; in 2026, he increased his holdings to 173,688 shares through the grant. His trading history shows no large, adverse sell‑off of equity, and his share price exposure has steadily grown. The pattern indicates a management team that prefers to earn shares as compensation and to pay taxes through share sales, rather than liquidating equity for cash.

Company‑Wide Context

The CEO’s activity is mirrored by other senior leaders, notably SVP‑Utilities Jones Marne and SVP‑CFO Nooney, who each bought and sold thousands of shares during the same week. The aggregate insider buying volume was substantial—over 30 000 shares—while selling was modest, underscoring a bullish insider outlook. Black Hills’ share price is trading near $71.48, well below its 52‑week high of $75.87, yet the company enjoys a solid P/E of 17.94 and a healthy market cap of $5.39 billion. These fundamentals, coupled with strong insider confidence, support the narrative that the company’s expansion and utility operations remain on a stable growth trajectory.

Investor Takeaway

For shareholders, Linden’s recent Restricted Stock Grant is a positive signal that the CEO is investing in the company’s future. The modest share‑selling activity is purely tax‑related, not an exit strategy, and the overall insider concentration remains robust. With a solid valuation profile and a leadership team that aligns its incentives with shareholder wealth, Black Hills Corp. continues to appear as a solid long‑term holding for investors seeking exposure to the multi‑utility sector.