MDU Resources Group (NYSE:MDU) Stock Rating Reaffirmed by Bank of America

Bank of America reiterated their neutral rating on shares of MDU Resources Group (NYSE:MDU - Free Report) in a report issued on Monday, MarketBeat Ratings reports. The brokerage 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 began coverage on MDU Resources Group in a research report on Sunday. They set a "hold" rating on the stock.

MDU Resources Group Price Performance

MDU Resources Group stock traded down $1.05 during midday trading on Monday, reaching $29.23. 2,951,665 shares of the stock traded hands, compared to its average volume of 1,455,709. The stock's fifty day moving average is $26.50 and its 200-day moving average is $25.63. MDU Resources Group has a 12 month low of $18.04 and a 12 month high of $30.52. The stock has a market cap of $5.96 billion, a P/E ratio of 12.49, a PEG ratio of 2.66 and a beta of 0.77. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 0.73.

MDU Resources Group (NYSE:MDU - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The utilities provider reported $0.32 EPS for the quarter, beating analysts' consensus estimates of $0.21 by $0.11. MDU Resources Group had a return on equity of 11.29% and a net margin of 9.25%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the company earned $0.29 earnings per share. The firm's revenue was down 4.0% on a year-over-year basis. As a group, equities research analysts anticipate that MDU Resources Group will post 1.58 EPS for the current year.

MDU Resources Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 12th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.78%. This is an increase from MDU Resources Group's previous quarterly dividend of $0.13. The ex-dividend date was Thursday, September 12th. MDU Resources Group's dividend payout ratio is presently 22.22%.

Institutional Investors Weigh In On MDU Resources Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. raised its holdings in shares of MDU Resources Group by 23.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,142 shares of the utilities provider's stock worth $54,000 after buying an additional 413 shares during the period. BOKF NA raised its holdings in shares of MDU Resources Group by 4.1% in the first quarter. BOKF NA now owns 14,794 shares of the utilities provider's stock worth $377,000 after buying an additional 579 shares during the period. SummerHaven Investment Management LLC grew its stake in MDU Resources Group by 1.8% in the second quarter. SummerHaven Investment Management LLC now owns 34,869 shares of the utilities provider's stock worth $875,000 after purchasing an additional 606 shares in the last quarter. Retirement Systems of Alabama grew its stake in MDU Resources Group by 0.3% in the first quarter. Retirement Systems of Alabama now owns 255,718 shares of the utilities provider's stock worth $6,444,000 after purchasing an additional 671 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its stake in MDU Resources Group by 0.4% in the first quarter. Texas Permanent School Fund Corp now owns 176,622 shares of the utilities provider's stock worth $4,451,000 after purchasing an additional 708 shares in the last quarter. 71.44% of the stock is currently owned by hedge funds and other 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.