MDU Resources Group, Inc. - MDU STOCK NEWS

MDU Resources Group (NYSE: MDU) has announced a capital investment plan of $3.0 billion for 2022-2026. This initiative aims to foster organic growth through infrastructure improvements and enhance grid reliability. Key projects include the construction of the Heskett Station Unit IV and various pipeline expansions to boost capacity. The company anticipates a 5% annual growth in its utility rate base. MDU also aims to capitalize on public infrastructure spending through construction materials and services, supported by recent federal funding initiatives.

Knife River Corporation has acquired Baker Rock Resources and Oregon Mainline Paving, enhancing its operations in the Pacific Northwest. Baker Rock brings 83-88 million tons of construction aggregates, vital for growth in the Portland area, while Oregon Mainline strengthens Knife River's paving capabilities. This strategic investment adds approximately 230 employees and solidifies Knife River's position in lucrative markets. MDU Resources Group, parent company of Knife River, emphasizes the importance of these acquisitions in meeting rising demand for construction aggregates.

MDU Resources Group, Inc. (NYSE: MDU) has increased its quarterly common stock dividend to 21.75 cents per share, amounting to an annualized 87 cents per share. This marks the 31st consecutive year of dividend increases, with the previous quarter being 21.25 cents. The new dividend is payable on January 1, 2022, to stockholders of record as of December 9, 2021. MDU has maintained uninterrupted dividend payments for 84 years and is part of the S&P High-Yield Dividend Aristocrats index.

MDU Resources Group (NYSE: MDU) reported third quarter earnings of $139.3 million or 68 cents per share, down from $153.1 million or 76 cents per share in the same quarter of 2020. For the first nine months of 2021, earnings reached $291.6 million, an increase from $277.9 million in 2020. The company adjusted its EPS guidance for the year to $1.90 to $2.05 due to challenges in the construction sector. As of Sept. 30, the construction backlog stood at $1.92 billion, a 3% increase year-over-year.

MDU Resources Group, Inc. (NYSE: MDU) will host a webcast for its third quarter 2021 earnings conference call on Nov. 4, following the release of financial results. The call will begin at 2 p.m. EDT and will be accessible via www.mdu.com. Audio replays will be available until Nov. 18. MDU Resources, part of the S&P MidCap 400, provides essential products and services through its regulated energy and construction materials segments.

MDU Resources Group declared a quarterly dividend of 21.25 cents per share, consistent with the prior quarter. This dividend is scheduled for payment on October 1 to stockholders of record by September 9. MDU is recognized as a Fortune 500 company and is part of the S&P MidCap 400 index and the S&P High-Yield Dividend Aristocrats indices, emphasizing its solid financial standing and commitment to returning value to shareholders.

MDU Resources Group reported second-quarter earnings of $100.2 million, or 50 cents per share, matching last year's results. For the first half of 2021, earnings increased to $152.3 million, or 76 cents per share, up from $124.8 million in 2020. The company anticipates full-year earnings per share between $2.00 and $2.15. Notably, construction services achieved record earnings, while regulated energy delivery faced higher operating expenses. MDU's construction materials backlog grew to $912 million as of June 30, indicating strong demand.

Montana-Dakota Utilities and WBI Energy, subsidiaries of MDU Resources Group (NYSE: MDU), announced a natural gas pipeline expansion project in eastern North Dakota. This project aims to enhance natural gas supply to Wahpeton and extend service to Kindred. The expansion involves a 60-mile pipeline with a capacity of 20 million cubic feet per day, costing approximately $75 million. Construction is expected to start in early 2024, with service commencing late 2024, addressing the local demand for firm natural gas service.

WBI Energy, a subsidiary of MDU Resources Group (NYSE: MDU), commenced construction on the North Bakken Expansion project in North Dakota, enabling the transport of 250 million cubic feet of natural gas per day. Following approval from the Federal Energy Regulatory Commission on July 8, this $260 million project will enhance WBI's capacity to over 2.4 billion cubic feet daily and is projected to reduce natural gas flaring. The expansion includes 63 miles of 24-inch pipeline and is expected to create up to 450 jobs during peak construction, with completion anticipated by year-end.