MDU Resources Group, Inc. (MDU)

MDU Resources Group, Inc. (MDU) is a pure-play regulated energy delivery business headquartered in Bismarck, North Dakota. Led by President and CEO Nicole Kivisto, MDU’s strategic mission is to "deliver sustainable growth through safe, reliable, and cost-effective energy solutions for our customers and communities." The company holds a unique industry position as a diversified utility serving eight states across the Upper Midwest and Rockies. MDU’s vision is to be the "Premier Energy Delivery Business" in its region. By late 2025, MDU stock has successfully transitioned into a regulated pure-play following the spin-off of its construction materials business (MDU Construction Services Group).

The business operations of MDU are focused on its electric and natural gas utilities and its pipeline business. In late 2025, the company announced a massive $3.4 billion capital investment plan for 2026–2030, a 34% increase over the previous five-year period. A primary growth driver is the "Badger Wind Farm" acquisition, with the final stake to be completed in 2026. The 2026 strategic roadmap focuses on "Grid Modernization," investing in capacity expansions to accommodate rapid population growth in its service territories. MDU holds a "Regulatory Moat" through its essential service status and long-standing relationships with state utility commissions. By focusing on safety and reliability, MDU Resources offers investors a stable, low-risk growth profile with a consistent dividend and a clear path toward 6-7% annual earnings growth.