Form 4: Black Hills Corp: Director Granger Reports Stock Transactions

Barry M. Granger, a Director at Black Hills Corp, reported a non-employee director restricted stock unit grant and a phantom stock unit transaction.

Summary

• Barry M. Granger, a Director of Black Hills Corp, filed a Form 4 reporting changes in his beneficial ownership of company securities.
• On May 1, 2026, Granger acquired 1,921 shares of Common Stock, increasing his direct ownership to 11,715.8959 shares.
• Additionally, Granger holds 2,335.0121 phantom stock units, which are held indirectly through a trust.
• These phantom stock units are convertible 1-for-1 into common stock and are exercisable and expire upon retirement, as per the terms of the agreement.
• A separate document confirms that Barry M. Granger has authorized Brian G. Iverson, Amy K. Koenig, and Tom D. Stevens to file Forms 3, 4, and 5 on his behalf.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it reports routine insider transactions and compensation structures rather than performance-based results or strategic shifts.

Positives

• Director Barry M. Granger has acquired additional common stock, indicating continued investment in the company.
• The filing confirms the existence of phantom stock units, which can align management's interests with shareholders upon retirement.

Risks

• The phantom stock units are subject to retirement terms, meaning their value realization is tied to an individual's departure from the company.
• The authorization for others to file on Granger's behalf could introduce administrative complexities or potential for error, though this is mitigated by the explicit confirmation statement.

Future Outlook

The filing does not contain forward-looking statements or guidance. It solely reports on past transactions and existing holdings.

Industry Context

StockSavvy.ai notes that Form 4 filings are standard for directors and officers to report changes in their stock holdings. This filing by a director of Black Hills Corp (BKH) is typical for executive compensation and ownership disclosure within the utility sector.

Corporate Governance

Stakeholder Impact

• Shareholders: The acquisition of stock by a director can be seen as a positive signal of confidence, though the amounts are relatively small in the context of total shares outstanding.
• Employees: The phantom stock units are part of the executive compensation structure, indirectly impacting employee morale and alignment with management goals.
• Management: The filing details compensation elements for a director, which is a standard aspect of executive compensation governance.

Next Steps

• Barry M. Granger will continue to have his beneficial ownership reported via Forms 3, 4, and 5 as required by SEC regulations.
• The authorized representatives will continue to file necessary forms on behalf of Barry M. Granger.

Key Dates

Keywords

Black Hills Corp, BKH, Form 4, SEC Filing, Insider Trading, Stock Options, Restricted Stock Units, Phantom Stock, Director Compensation, Beneficial Ownership