MDU Resources Group’s (MDU) “Neutral” Rating Reiterated at Bank of America

Bank of America reiterated their neutral rating on shares of MDU Resources Group (NYSE:MDU) in a research report released on Monday, MarketBeat Ratings reports. Bank of America currently has a $31.00 price target on the utilities provider’s stock, up from their prior price target of $30.00.

Separately, StockNews.com initiated coverage on MDU Resources Group in a research report on Sunday. They set a “hold” rating for the company.

MDU Resources Group Stock Performance

MDU Resources Group stock opened at $28.88 on Monday. MDU Resources Group has a 1-year low of $18.04 and a 1-year high of $30.52. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $5.89 billion, a PE ratio of 12.34, a price-to-earnings-growth ratio of 2.66 and a beta of 0.77. The firm’s 50 day simple moving average is $26.68 and its 200 day simple moving average is $25.68.

MDU Resources Group (NYSE:MDU) last released its quarterly earnings results on Thursday, August 8th. The utilities provider reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.11. The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.06 billion. MDU Resources Group had a net margin of 9.25% and a return on equity of 11.29%. The business’s quarterly revenue was down 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.29 earnings per share. As a group, analysts expect that MDU Resources Group will post 1.58 earnings per share for the current fiscal year.

MDU Resources Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 12th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.52 annualized dividend and a yield of 1.80%. This is a positive change from MDU Resources Group’s previous quarterly dividend of $0.13. MDU Resources Group’s payout ratio is 22.22%.

Hedge Funds Weigh In On MDU Resources Group

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in MDU Resources Group by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 7,491,990 shares of the utilities provider’s stock worth $188,049,000 after buying an additional 563,424 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of MDU Resources Group by 40.9% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,048,344 shares of the utilities provider’s stock valued at $151,813,000 after purchasing an additional 1,756,530 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of MDU Resources Group by 30.7% during the 2nd quarter. American Century Companies Inc. now owns 4,158,224 shares of the utilities provider’s stock valued at $104,371,000 after purchasing an additional 977,487 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in MDU Resources Group by 6.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,894,826 shares of the utilities provider’s stock worth $47,750,000 after purchasing an additional 119,665 shares during the period. Finally, AQR Capital Management LLC lifted its stake in MDU Resources Group by 36.6% in the second quarter. AQR Capital Management LLC now owns 1,745,980 shares of the utilities provider’s stock worth $43,824,000 after purchasing an additional 467,465 shares during the last quarter. 71.44% of the stock is currently owned by institutional investors.

About MDU Resources Group

MDU Resources Group, Inc engages in the regulated energy delivery, and construction materials and services businesses in the United States. It operates through four segments: Electric, Natural Gas Distribution, Pipeline, and Construction Services. The Electric segment generates, transmits, and distributes electricity for residential, commercial, industrial, and municipal customers in Montana, North Dakota, South Dakota, and Wyoming; and operates 3,400 miles of transmission lines, 4,800 miles of distribution lines, and 82 transmission and 298 distribution substations.