KeyCorp Reaffirms Buy Rating for MDU Resources Group, Inc. (MDU)
MDU Resources Group, Inc. (NYSE:MDU)‘s stock had its “buy” rating reaffirmed by stock analysts at KeyCorp in a research note issued to investors on Friday. They currently have a $28.00 target price on the utilities provider’s stock. KeyCorp’s price target would suggest a potential upside of 3.55% from the company’s previous close.
A number of other research analysts have also commented on the company. BidaskClub upgraded MDU Resources Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded MDU Resources Group from a “sell” rating to a “hold” rating in a research report 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 company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $31.25.
Shares of MDU Resources Group (MDU) opened at 27.04 on Friday. MDU Resources Group has a 1-year low of $23.06 and a 1-year high of $29.92. The stock has a 50 day moving average price of $26.04 and a 200-day moving average price of $26.61. The company has a market cap of $5.28 billion, a P/E ratio of 23.51 and a beta of 0.91.
MDU Resources Group (NYSE:MDU) last released its quarterly earnings results on Tuesday, August 1st. The utilities provider reported $0.22 EPS for the quarter, missing the Zacks’ consensus estimate of $0.25 by $0.03. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.10 billion. MDU Resources Group had a return on equity of 10.24% and a net margin of 5.37%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company earned $0.24 earnings per share. Analysts predict that MDU Resources Group will post $1.21 earnings per share for the current fiscal year.
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In related news, CEO David L. Goodin purchased 5,000 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were 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 in the company, valued at approximately $2,434,519.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.95% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in MDU Resources Group by 1.8% in the second quarter. Vanguard Group Inc. now owns 23,410,264 shares of the utilities provider’s stock worth $613,349,000 after buying an additional 422,191 shares during the period. BlackRock Inc. increased its position in MDU Resources Group by 0.5% in the second quarter. BlackRock Inc. now owns 16,268,559 shares of the utilities provider’s stock worth $426,235,000 after buying an additional 81,797 shares during the period. State Street Corp increased its position in MDU Resources Group by 8.2% in the second quarter. State Street Corp now owns 13,043,478 shares of the utilities provider’s stock worth $341,737,000 after buying an additional 983,880 shares during the period. Bank of New York Mellon Corp increased its position in MDU Resources Group by 29.0% in the first quarter. Bank of New York Mellon Corp now owns 4,564,740 shares of the utilities provider’s stock worth $124,937,000 after buying an additional 1,025,203 shares during the period. Finally, Frontier Capital Management Co. LLC increased its position in MDU Resources Group by 2.8% in the first quarter. Frontier Capital Management Co. LLC now owns 1,798,118 shares of the utilities provider’s stock worth $49,214,000 after buying an additional 48,910 shares during the period. 63.59% of the stock is currently owned by institutional investors.
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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