The MDU Resources Group
Delivers regulated electricity and natural gas while operating WBI Energy's pipeline and storage network.
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Profile
Electric, Natural Gas Distribution, and Pipeline deliver electricity, retail gas service, and WBI Energy transportation and storage. The retained company focuses on energy delivery after separating its construction businesses.
Electric and Natural Gas Distribution serve customers through the Montana-Dakota, Great Plains Natural Gas, Cascade Natural Gas, and Intermountain Gas utilities. The Pipeline segment, led by WBI Energy, provides regulated natural-gas transportation, underground storage, cathodic protection, and related energy services.
WBI Energy's pipeline operations are concentrated in the northern Great Plains and Rocky Mountain regions, while utility companies serve customers across multiple states. The business delivers energy through wires and pipelines, rather than the separated construction operations.
Rate regulation shapes the utility and pipeline operations that deliver energy to customers in multiple states.
Company facts
Key statistics
Year to date −0.4% · Average volume (30d) 1.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Aug 6, 2026 | JP Morgan | Upgrade | Neutral | Overweight | |
| Jul 13, 2026 | Wells Fargo | Initiate | Overweight | $25 | |
| Feb 24, 2026 | Loop Capital Markets | Target | $21 | ||
| Oct 22, 2025 | Jefferies | Reiterate | Buy | $22 | |
| Sep 19, 2025 | Jefferies | Upgrade | Hold | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.09 | $0.09 | +1.9% | $396.6M | $375.2M | −5.4% | +3.70% |
| May 7, 2026Q1 FY26 | $0.42 | $0.39 | −7.1% | $688.3M | $606.0M | −12.0% | +0.09% |
| Feb 5, 2026Q4 FY25 | $0.37 | $0.37 | 0.0% | $561.5M | $534.0M | −4.9% | +0.89% |
| Nov 6, 2025Q3 FY25 | $0.07 | $0.09 | +28.6% | $562.2M | $315.1M | −43.9% | +1.36% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $674.8M | $351.2M | $315.1M | $534.0M | $606.0M | $375.2M | |
| Gross profit | $202.9M | $107.4M | $113.6M | $136.2M | $151.5M | $375.2M | |
| Operating income | $112.9M | $30.3M | $39.8M | $107.4M | $115.7M | $47.9M | |
| Net income | $82.0M | $13.8M | $18.4M | $76.3M | $80.8M | $21.3M | |
| Diluted EPS | $0.40 | $0.07 | $0.09 | $0.37 | $0.39 | $0.10 | |
| Gross margin | 30.1% | 30.6% | 36.1% | 25.5% | 25.0% | 100.0% | |
| Operating margin | 16.7% | 8.6% | 12.6% | 20.1% | 19.1% | 12.8% |
Fiscal years (4-quarter sums)FY21 $5.68B · FY22 $5.29B · FY23 $4.66B · FY24 $1.76B · FY25 $1.88B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $46.3M · Total debt $2.58B · Total assets $7.71B · Shareholders' equity $2.93B
Dividends
Last raised to $0.14 from $0.13 in Sep 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 11, 2026 | Jun 11 | Jul 1 | $0.14 | |
| Mar 12, 2026 | Mar 12 | Apr 1 | $0.14 | |
| Dec 11, 2025 | Dec 11 | Jan 1 | $0.14 | |
| Sep 11, 2025 | Sep 11 | Oct 1 | $0.14 | raised from $0.13 |
| Jun 12, 2025 | Jun 12 | Jul 1 | $0.13 | |
| Mar 13, 2025 | Mar 13 | Apr 1 | $0.13 | |
| Dec 12, 2024 | Dec 12 | Jan 1 | $0.13 | raised from $0.072 split-adjusted |
| Sep 12, 2024 | Sep 12 | Oct 1 | $0.13 | raised from $0.125 |
Ownership
Shares outstanding 209.01M · Float 202.55M · 96.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 27.35M | 13.09% | 13F | Aug 7, 2026 |
| Barrow Hanley Mewhinney & Strauss LLC | 13.06M | 6.25% | 13F | Aug 12, 2026 |
| Vanguard Portfolio Management LLC | 12.69M | 6.07% | 13F | Aug 13, 2026 |
| Dimensional Fund Advisors LP | 10.44M | 5.00% | 13G | Jul 14, 2026 |
| Earnest Partners LLC | 9.73M | 4.65% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 13, 2026 | Charles M. Kelley | director | +5,000 | $20.85 |
| Sep 8, 2025 | Jason L. Vollmer | officer: CFO | +5,000 | $16.08 |
Peers
- Black Hills
Northern-Plains electric-and-gas utility peer
- NorthWestern Energy
Montana and South Dakota electric-and-gas utility peer
- Xcel Energy
Large electric-and-gas utility across North Dakota and South Dakota
- NW Natural
Oregon and southwest Washington natural-gas utility peer
- TC Energy
Northern Border Pipeline co-owner in northern-Plains gas transport
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| The MDU Resources Group | $19.79 | 0.00% | $4.14B | 20.8 | 19.7 | 2.3 | +6.8% |
| Black Hills | $72.80 | −0.03% | $5.54B | 18.4 | 15.6 | 2.4 | +3.1% |
| NorthWestern Energy | $70.32 | −0.01% | $4.33B | 25.4 | 18.7 | 2.6 | +14.6% |
| Xcel Energy | $76.26 | −0.25% | $47.75B | 20.8 | 18.0 | 3.3 | −5.1% |
| NW Natural | $49.50 | +0.02% | $2.08B | 16.2 | 15.7 | 1.6 | +3.1% |
| TC Energy | $61.70 | −0.23% | $64.40B | 25.7 | 23.9 | 5.6 | +1.9% |
| Median | 20.8 | 18.0 | 2.6 | +3.1% |