MDU Resources Group’s (MDU) Buy Rating Reiterated at KeyCorp
KeyCorp restated their buy rating on shares of MDU Resources Group, Inc. (NYSE:MDU) in a research note published on Friday morning. They currently have a $28.00 price objective on the utilities provider’s stock.
Several other equities research analysts have also commented on the stock. Zacks Investment Research upgraded shares of MDU Resources Group from a sell rating to a hold rating in a research note on Wednesday, July 12th. BidaskClub lowered shares of MDU Resources Group from a hold rating to a sell rating in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $31.25.
MDU Resources Group (NYSE:MDU) opened at 27.19 on Friday. The company’s 50-day moving average price is $26.09 and its 200-day moving average price is $26.62. MDU Resources Group has a 12-month low of $23.06 and a 12-month high of $29.92. The stock has a market cap of $5.31 billion, a PE ratio of 23.64 and a beta of 0.92.
MDU Resources Group (NYSE:MDU) last issued its earnings results on Tuesday, August 1st. The utilities provider reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.25 by $0.03. MDU Resources Group had a return on equity of 10.24% and a net margin of 5.37%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the prior year, the business earned $0.24 EPS. The business’s revenue was up 2.3% on a year-over-year basis. On average, equities analysts expect that MDU Resources Group will post $1.21 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Thursday, September 14th will be paid a $0.1925 dividend. This represents a $0.77 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Wednesday, September 13th. MDU Resources Group’s dividend payout ratio is 66.96%.
In related news, CEO David L. Goodin bought 5,000 shares of the firm’s stock in a transaction on Friday, August 11th. The stock was bought at an average price of $25.57 per share, with a total value of $127,850.00. Following the purchase, the chief executive officer now directly owns 95,210 shares of the company’s stock, valued at approximately $2,434,519.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.95% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in MDU. BlackRock Inc. raised its holdings in MDU Resources Group by 3,744.8% in the 1st quarter. BlackRock Inc. now owns 16,186,762 shares of the utilities provider’s stock worth $443,033,000 after acquiring an additional 15,765,763 shares during the period. Vanguard Group Inc. raised its holdings in MDU Resources Group by 17.7% in the 1st quarter. Vanguard Group Inc. now owns 22,988,073 shares of the utilities provider’s stock worth $629,183,000 after acquiring an additional 3,465,196 shares during the period. Bank of New York Mellon Corp raised its holdings in MDU Resources Group by 29.0% in the 1st quarter. Bank of New York Mellon Corp now owns 4,564,740 shares of the utilities provider’s stock worth $124,937,000 after acquiring an additional 1,025,203 shares during the period. State Street Corp raised its holdings in MDU Resources Group by 8.2% in the 2nd quarter. State Street Corp now owns 13,043,478 shares of the utilities provider’s stock worth $341,737,000 after acquiring an additional 983,880 shares during the period. Finally, Copper Rock Capital Partners LLC bought a new position in MDU Resources Group in the 2nd quarter worth $24,866,000. Institutional investors and hedge funds own 63.59% of the company’s stock.
About MDU Resources Group
MDU Resources Group, Inc is engaged in regulated energy delivery and construction materials and services business. The Company’s businesses segments are electric, natural gas distribution, pipeline and midstream, construction materials and contracting, and construction services. The electric segment generates, transmits and distributes electricity.
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