Welcome to our dedicated page for Mdu Resources news (Ticker: MDU), a resource for investors and traders seeking the latest updates and insights on Mdu Resources stock.
MDU Resources Group, Inc. reports developments for a regulated energy delivery business built around electric utility service, natural gas distribution and pipeline operations. Its utility operations provide electric and gas service across parts of the Pacific Northwest, Midwest, Rocky Mountain and northern Great Plains, while its pipeline business operates a natural gas transportation and storage network.
Recurring news includes quarterly earnings, weather effects on utility demand, capital-investment plans, common-stock dividend actions and updates from the pipeline segment. Company releases also address financing capacity and project planning tied to energy delivery infrastructure.
MDU Resources Group has completed the spinoff of its construction services subsidiary, Everus Construction Group, which is now trading independently on NYSE under ticker 'ECG'. The separation was executed through a pro rata distribution where MDU shareholders received one share of Everus stock for every four MDU shares held as of October 21, 2024. The distribution is expected to be tax-free for U.S. federal income tax purposes. This strategic move positions MDU Resources as a pure-play regulated energy delivery business, following the previous spinoff of Knife River
Everus Construction Group (NYSE: ECG) has completed its spinoff from MDU Resources Group (NYSE: MDU) and commenced trading on the NYSE. The separation was executed through a pro rata distribution where MDU stockholders received one share of ECG common stock for every four MDU shares held on October 21. Jeffrey S. Thiede, president and CEO, emphasized the company's position as a major specialty construction services provider, focusing on data center growth, grid modernization, and high-tech reshoring. The company aims to implement its 4EVER strategy and disciplined capital allocation initiatives as a standalone entity to drive profitable growth.
Everus Construction Group (ECG) will be added to the S&P SmallCap 600 effective prior to the open on November 1, 2024, replacing Clearwater Paper (CLW), which will be removed prior to the open on November 4, 2024.
MDU Resources is spinning off Everus on November 1; MDU will remain in the index but change its GICS sector from Industrials to Utilities. The table summarizes the index additions and deletions with dates and sectors.
Everus Construction Group, soon to be spun off from MDU Resources Group (NYSE: MDU), is hosting an investor and analyst day at the New York Stock Exchange today. The event will showcase the company's 4EVER strategic framework, investment highlights, operations, financial performance, and growth prospects.
Everus has reiterated its 2024 guidance, projecting revenue between $2.65 billion and $2.85 billion, and EBITDA ranging from $220 million to $240 million. The company expects higher margins compared to 2023.
The spinoff is scheduled for October 31, with Everus shares to be distributed to MDU stockholders of record on October 21. Everus will begin trading under the ticker symbol ECG on the NYSE on November 1.
Additionally, Everus has announced its Q3 2024 earnings conference call for November 7, with results to be released on November 6 after market close.
Knife River (NYSE: KNF), an aggregates-led, vertically integrated construction materials and contracting services company, has announced its upcoming third quarter 2024 earnings conference call. The call is scheduled for Monday, November 4, 2024, at 11 a.m. EST. Financial results for the quarter will be released earlier that morning, before the NYSE market opens.
Investors and interested parties can access the live webcast of the call, along with presentation slides, through the Investors section of Knife River's website at investors.kniferiver.com or via https://events.q4inc.com/attendee/304447263. For those who wish to participate in the live conference call, domestic callers can dial 1-800-549-8228, while international callers should use 1-289-819-1520. The Conference ID for the call is 66729. An on-demand replay of the webcast will be made available after the conclusion of the call.
MDU Resources Group, Inc. (NYSE: MDU) has announced plans to webcast its third quarter 2024 earnings conference call on November 7 at 2 p.m. ET. The company will release its third quarter results before U.S. financial markets open on the same day. Investors and interested parties can access the webcast through the company's website at www.mdu.com under the "Investors" heading. To join the call, participants should select "Events & Presentations" and click on "Q3 2024 Earnings Conference Call." A replay of the webcast will be available at the same location after the call concludes.
S&P Dow Jones Indices announced index changes effective prior to the open on Oct 11, 2024. DocuSign (DOCU) will be added to the S&P MidCap 400, MDU Resources (MDU) will move from the MidCap 400 to the S&P SmallCap 600, and Chuy's Holdings (CHUY) will be deleted from the SmallCap 600.
The release notes Darden Restaurants (DRI) is acquiring Chuy's, pending final closing conditions, and MDU Resources announced an intended spin-off later this month.
MDU Resources Group, Inc. (NYSE: MDU) has announced that its board of directors has approved the spinoff of its wholly owned construction services subsidiary, Everus Construction Group. The spinoff will be executed through a pro rata distribution of all outstanding shares of Everus common stock to MDU Resources stockholders. Each MDU Resources stockholder will receive one share of Everus common stock for every four shares of MDU Resources common stock owned as of the record date.
The distribution is expected to occur at 11:59 p.m. EDT Oct. 31, 2024, with a record date of 5 p.m. EDT on Oct. 21, 2024. The spinoff is subject to certain conditions, including SEC approval. The distribution is expected to be tax-free for U.S. federal income tax purposes, except for cash received in lieu of fractional shares. Everus common stock is anticipated to begin trading on the NYSE under the ticker symbol 'ECG' on or about Nov. 1, 2024.
MDU Resources Group (NYSE: MDU) has appointed Anthony D. Foti as its new chief legal officer and corporate secretary, effective October 7. Foti, who previously served as senior vice president, deputy general counsel, and corporate secretary at Foot Locker, Inc., brings extensive experience in corporate governance, securities regulation, and strategic legal operations. He will report directly to MDU Resources president and CEO, Nicole Kivisto.
Foti replaces Paul R. Sanderson, who was previously announced as vice president, chief legal officer and secretary at Everus Construction Group. With a distinguished legal career, including experience in regulated energy delivery businesses, Foti expressed excitement about joining MDU Resources during its focus on pure play regulated energy delivery businesses. He holds a Juris Doctor from Villanova University and a Bachelor of Science in finance from The Pennsylvania State University.
MDU Resources Group (NYSE: MDU) has announced the retirement of Peggy Link, vice president and chief information officer, effective Jan. 10, 2025. Dyke Boese, currently director of enterprise infrastructure and operations, will succeed Link. Link joined MDU Resources in 2005 and has been instrumental in overseeing IT functions and advancing cyber-readiness capabilities. Boese, with over 25 years of experience, will take on the role of CIO. He holds an MBA and serves on the board of the Technology Council of North Dakota.
MDU Resources, celebrating its 100th anniversary, is a member of the S&P MidCap 400 index and provides essential products and services through regulated energy delivery and construction services businesses.