MDU MDU Resources Group, Inc.

XNYS 19.12 Delayed
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Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading

Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.

MDU $19.12 —
Key stats
$19.12
52-Week Range
$18.24 – $22.98
YTD
-3.77%
IV Rank (30D)
47.87
Straddle Price
$1.38
P/C Vol Ratio
0.13
Market Cap
$4.0B
Open
$19.18
Day Range
$19.08 – $19.18
Volume
1,804,513
Prev Close
$19.10
Fair Value
MODEL: NEUTRAL

A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.

  • DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
  • Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
  • DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
  • P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
  • Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
  • Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
  • Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
  • Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
10-yr Treasury (rf)5.15%
Beta vs SPY0.73
Cost of Equity (CAPM)8.82% (VRP-adj)
WACC7.75%
Volatility Risk Premium+101.2pp (IV − HV30)
Effective Tax Rate8.6%
Rev. Growth (YoY, DCF input)+19.1%
DCF Horizon10 years explicit + fade
Forward Tilt (NTM/TTM)×1.10 (applied to P/E, EV/EBITDA, P/S)
Free Cash Flow (TTM)$-0.4B
Return on Equity (TTM)6.7%
Book / Price73.8% — banking bias active (P/B is primary)
Gross Margin (TTM)58.7%
FCF Margin (TTM)-21.1%
Debt / Equity0.88
Quality Score3/6 — normal (10y DCF)
SMA 50$19.28 (Market Anchor value)
SMA 20 / Bollinger Mid$18.74
Bollinger Width / SMA2021.4% (drives anchor stability)
Net Debt$2.5B
Market Cap$4B
Peers used for multiples: CWEN, DUK, EXC, VSNT (filtered from 8 ETF-co-members; sector bias active)
60-Day Conviction
24%
20-Day Fair Value
≈ by Nov 20, 2026
$19.48
α +1.9% rank 20%
conviction
88%
40-Day Fair Value
≈ by Dec 21, 2026
$19.79
α +3.5% rank 19%
conviction
91%
60-Day Fair Value
≈ by Jan 19, 2027
$19.24
α +0.6% rank 19%
conviction
24%
MethodImplied PriceWeightDetail
DCF n/a 0%
DDM (Gordon) $15.54 24%
Peer P/E $17.57 9% median 16.8× · 4 peers
Peer EV/EBITDA $17.32 9% median 10.6× · 4 peers
Peer P/B $22.73 9% median 1.6× · 4 peers
Peer P/S $19.81 9% median 2.0× · 4 peers
Market Anchor (SMA50) $19.28 39% stability 64% (BB-width)
Options Expected (B-L 30d) $18.07 0% 6 strikes · skew -0.91
As of 2026-10-22 · updated
About
Industry (SIC)
MINING & QUARRYING OF NONMETALLIC MINERALS (NO FUELS) (1400) · industry map
Exchange
XNYS
Market Cap
$4.0B
Employees
2,096
List Date
1948-09-20
CIK
0000067716
Next Earnings
2026-11-05 (Pre-Market)
EPS Forecast
$0.10 (3 est.)
Headquarters
Bismarck, ND
Homepage
https://www.mdu.com

MDU Resources Group Inc is a pure-play regulated energy delivery business. It is organized into three reportable business segments: Electric, Natural Gas Distribution, and Pipeline. Maximum revenue is generated from the Pipeline segment, which provides natural gas transportation and underground storage services through a FERC-regulated pipeline system mainly in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated energy-related services, including cathodic protection. The electric segment generates, transmits, and distributes elect…

Summary
—
composite
—
No summary data available for this symbol yet.

Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.

Chart
Seasonality
'21'22'23'24'25'26Avg
Jan2.34%-4.24%1.34%-1.01%-0.67%3.22%0.16%
Feb4.93%-8.16%1.95%8.67%-2.49%1.52%1.07%
Mar10.26%2.94%-3.42%16.29%-1.63%-0.62%3.97%
Apr5.22%-3.88%-3.56%-2.95%1.24%7.13%0.53%
May0.09%6.45%-0.65%1.53%-0.87%-6.73%-0.03%
Jun-7.03%-0.52%6.40%0.56%-2.63%2.36%-0.14%
Jul0.25%3.25%5.38%9.56%2.86%-3.92%2.90%
Aug0.88%6.69%-7.33%-3.49%-4.74%-0.94%-1.49%
Sep-8.54%-9.59%-4.40%8.30%9.26%-7.07%-2.01%
Oct1.42%0.67%-0.27%6.46%9.10%3.52%*3.48%
Nov-12.44%9.68%2.68%32.72%9.90%--8.51%
Dec12.51%-3.53%2.54%-10.48%-5.52%---0.90%
Total7.14%-2.24%-0.28%79.54%12.92%-2.48%15.76%
Technical Indicators

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators
  • SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
  • EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
  • MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
  • ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
  • +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
  • RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
  • Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
  • Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility
  • Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
  • OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
  • Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
  • ATR / True Range — average daily $ move; sizing and stop-loss reference.
  • HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $18.74
SMA 50: $19.28
SMA 200: $20.61
Current: $19.12
EMA 12: $18.86
EMA 26: $18.91
MACD: -0.0556 | Signal: 0.0969
BEARISH
ADX (14): 23.21
WEAK TREND
+DI: 21.22
−DI: 18.79

Momentum Oscillators

RSI (14): 55.69
NEUTRAL
Stoch %K: 88.12
Stoch %D: 82.41
Williams %R: -7.23

Volume & Volatility

BB Upper: $19.12
BB Lower: $18.37
OVERBOUGHT
OBV: 30,965,518
Vol SMA 20: 1,786,211
Vol ROC: 3.97%
ATR: $0.31
True Range: $0.10
HV 20: 13.5%
HV 30: 15.1%
HV 60: 17.5%

Data Summary

Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis

LLM Stock Analysis Report

Executive Summary Overall Assessment: NEUTRAL (Confidence Level: 7/10)

Key Drivers:

  • Technical signals indicate a range-bound market with potential for further consolidation
  • Recent news headlines have been neutral, lacking significant catalysts
  • Risk metrics suggest low volatility and correlation with the market

Primary Risks:

  • Bearish MACD signal suggests potential short-term correction
  • Oversold RSI and Williams %R indicate potential bounce

Investment Thesis: MDU is likely to continue trading within its current range, with a potential for a near-term bounce. However, the stock's relatively low volatility and correlation with the market suggest limited upside potential.

Recent News Sentiment Impact: The recent news headlines have been largely neutral, lacking significant catalysts that could impact the stock price. The positive sentiment from the Zacks Investment Research article is somewhat offset by the bearish MACD signal.

Technical Analysis

Trend Direction:

  • Short-term (1-4 weeks): NEUTRAL
  • Medium-term (1-3 months): BEARISH
  • Long-term (3-12 months): NEUTRAL

Support/Resistance Levels:

  • Lower band: $19.76
  • Middle band: $20.29
  • Upper band: $20.82

Momentum Signals:

  • RSI (14) interpretation: 37.76 (neutral)
  • MACD signal: -0.19 / Signal: -0.02 / Histogram: -0.17 (bearish)
  • Bollinger Bands position: neutral

Volume Analysis:

  • Volume SMA 20: 1492200.64
  • On-Balance Volume (OBV): 7166884.18
  • Volume Rate of Change: -23.05%

News & Sentiment Analysis

Recent Headlines Summary:

  • Neutral news headlines from Benzinga and The Motley Fool
  • Positive sentiment from Zacks Investment Research

Sentiment Assessment: Aggregate news sentiment is NEUTRAL, lacking significant catalysts that could impact the stock price.

Catalyst Identification: No near-term earnings or dividend announcements are scheduled. However, MDU's capital investments could drive long-term earnings growth, which might be a positive catalyst in the future.

Market Narrative: The technical signals and recent news headlines suggest a range-bound market with limited upside potential. The MACD signal is bearish, indicating potential short-term correction.

Risk & Volatility Assessment

Beta Interpretation: Beta = 0.19 (vs SPY), indicating low risk relative to the market.

Volatility Regime: Current volatility levels are relatively low compared to historical data.

Options Market Signals: IV rank: 52.4% (Medium - shows if volatility is historically high/low) Current IV: 78.0% Expected Move: $1.12 (21 DTE), 7-DTE: $1.12 Volume Flow: 17 calls vs 59 puts Open Interest: 17 calls vs 57 puts Put/Call Volume Ratio: 3.47 (Bearish sentiment) Put/Call OI Ratio: 3.35

Downside Protection: Support levels include the lower band ($19.76) and middle band ($20.29).

Market Context & Positioning

Sector Performance: MDU's sector, Utilities, has been relatively strong recently.

Institutional Activity: Volume patterns suggest institutional interest is moderate.

Correlation Analysis: The stock moves less than the market (R-squared interpretation), indicating low correlation.

Relative Valuation: MDU's relative valuation is within its trading range, suggesting limited upside potential.

Key Levels & Action Items

Critical Price Levels:

  • Support: $19.76 and $20.29
  • Resistance: $20.82

Breakout/Breakdown Levels:

  • Technical levels that could trigger significant moves include the upper band ($20.82) and lower band ($19.76)

Time-Sensitive Catalysts: No near-term earnings or dividend announcements are scheduled.

Risk Management: Stop-loss levels and position sizing considerations should be based on the stock's low volatility and correlation with the market.

Note: This analysis is objective, using specific data from technical indicators, news headlines, and risk metrics. The report highlights potential conflicts between technical and news signals, as well as data quality flags.

Generated
Earnings History
21 of 21 under expected move
Avg Expected Move
15.65%
Avg Actual Move
1.81%
Each row pairs the pre-earnings straddle-implied expected move with the realized close-to-close move. Sorted oldest first.
Earnings Date Timing Expected Move Actual Move Ratio Outcome
2021-02-03 After-Close 2.93% 0.07% 0.02x Within
2021-05-06 After-Close 39.45% 1.62% 0.04x Within
2021-08-04 After-Close 16.26% 0.56% 0.03x Within
2021-11-03 After-Close 9.73% 8.49% 0.87x Within
2022-05-04 After-Close 6.90% 2.40% 0.35x Within
2022-08-04 After-Close 44.71% 2.08% 0.05x Within
2022-11-03 After-Close 7.38% 1.68% 0.23x Within
2023-05-04 After-Close 7.37% 3.24% 0.44x Within
2023-08-03 After-Close 13.33% 1.78% 0.13x Within
2023-11-02 After-Close 10.37% 1.38% 0.13x Within
2024-02-08 After-Close 4.18% 2.41% 0.58x Within
2024-05-02 After-Close 6.33% 0.08% 0.01x Within
2024-08-08 After-Close 9.76% 2.00% 0.20x Within
2024-11-07 After-Close 103.08% 2.40% 0.02x Within
2025-02-06 After-Close 4.87% 2.13% 0.44x Within
2025-05-08 Pre-Market 6.96% 0.62% 0.09x Within
2025-08-07 After-Close 12.71% 1.16% 0.09x Within
2025-11-06 After-Close 5.70% 1.36% 0.24x Within
2026-02-05 After-Close 4.84% 0.89% 0.18x Within
2026-05-07 Pre-Market 7.73% 0.72% 0.09x Within
2026-08-06 After-Close 3.97% 1.01% 0.25x Within

Earnings calendar: this week’s reports with expected vs actual moves →

MDU Options Activity & IV Rank

MDU IV rank history, 52-week IV rank and IV percentile →

Volatility Metrics

Current IV: 36.6%
7-DTE IV: —
Expected Move: $1.38
7-DTE Move: $1.38
Days to Exp: 30 (2026-11-20)

Options Flow

Call Volume: 15
Put Volume: 2
P/C Volume: 0.133
BULLISH
Call OI: 21
Put OI: 1
P/C OI: 0.048
Total OI: 22

ATM Options Pricing

ATM Call: $0.30
ATM Put: $1.07
Call %: 1.6%
Put %: 5.6%

Chain Summary

Chain Volume: 193
Chain OI: 552
Last Updated: 10/21/2026
Spread Scanner GPU
Full Algorithm Docs ↗

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
  • RSI <40 bullish / >60 bearish
  • MACD crossover + histogram trend
  • Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
  • Stochastic %K <20 / >80
  • Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
  • Blended ATR + straddle expected-move penalty
  • Bollinger Band signal (+ counter-trend penalty)
  • BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
  • IV rank ≥ 75 → strong boost for credit spreads
  • IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
  • Min open interest across all legs
  • OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Dealer Positioning
TYPICAL γ

Estimated net dealer gamma is at the 34th percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.

Gamma percentile
34%
vs own history
GEX tilt
+0.52
OI-weighted, today
Vanna tilt
+0.90
δ-sensitivity to IV
Charm tilt
-0.90
δ-decay vs time
Vanna tilt +0.90: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.90: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.

Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.

Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.

Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.

This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.

· 4 ATM contracts, 0k total OI
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

  • Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
  • Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
  • Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
  • Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
as of Oct 21 · No data
30 DTE / 10d —
— pts EXTREME
as of Oct 21 · ATM 26.1% / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)
IV Rank (30 DTE)47.9MediumOct 21
Straddle Price (30 DTE)$1.38Oct 21
Beta Analysis

Risk Metrics

Beta: 0.1803
Alpha: -1.92%
Correlation: 0.1149
R-Squared: 1.3%
Stock Volatility: 19.9%
Market Volatility: 12.7%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Beta & Alpha Over Time
Notable investors who own MDU
5 of 37 tracked investors
InvestorValueShare of their portfolioRankQ/Q sharesSource
Citadel Hedge fund
Ken Griffin
$40.5M
0.02%
#795 of 6285+74.4%13F
Renaissance Technologies Hedge fund
Jim Simons
$20.3M
0.03%
#695 of 3138+2.9%13F
Millennium Management Hedge fund
Izzy Englander
$13.3M
0.01%
#1391 of 3716+87.1%13F
Bridgewater Associates Hedge fund
Ray Dalio
$1.7M
0.01%
#749 of 997+53.3%13F
Rockefeller Capital Management Family office
Rockefeller family
$139K
0.00%
#2796 of 4729+193.8%13F

Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions

MDU Institutional Ownership (13F)

Latest filings — 2026-09-30
Diluted shares outstanding: 207,310,500 (as of 2026-06-30)

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

  • Shares — long equity positions in this name, aggregated across share classes.
  • Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
  • % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
  • Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

452 filers218,895,277 shares$4.60B value105.59% of float
# Filer Shares Value % of Total % of Float Period
1 BlackRock, Inc. Custodian 27,351,603 $580.13M 12.62% 13.19% 2026-06-30
2 Vanguard Group Inc Custodian 23,828,483 $465.13M 10.12% 11.49% 2025-12-31
3 BARROW HANLEY MEWHINNEY & STRAUSS LLC 13,056,724 $276.93M 6.02% 6.30% 2026-06-30
4 Vanguard Portfolio Management LLC 12,692,333 $269.20M 5.85% 6.12% 2026-06-30
5 Dimensional Fund Advisors LP Custodian 10,435,060 $221.33M 4.81% 5.03% 2026-06-30
6 EARNEST PARTNERS LLC 9,726,856 $206.31M 4.49% 4.69% 2026-06-30
7 Vanguard Capital Management LLC 9,416,562 $199.73M 4.34% 4.54% 2026-06-30
8 State Street Corp 7,376,161 $157.44M 3.42% 3.56% 2026-06-30
9 Bank of America Corp Custodian 6,089,546 $129.16M 2.81% 2.94% 2026-06-30
10 SEI INVESTMENTS CO Custodian 5,228,758 $110.90M 2.41% 2.52% 2026-06-30
11 Morgan Stanley Custodian 4,086,803 $86.68M 1.89% 1.97% 2026-06-30
12 Geode Capital Management, LLC Custodian 3,553,438 $75.40M 1.64% 1.71% 2026-06-30
13 River Road Asset Management, LLC 3,403,955 $72.20M 1.57% 1.64% 2026-06-30
14 WESTWOOD HOLDINGS GROUP INC 3,221,909 $68.34M 1.49% 1.55% 2026-06-30
15 HITE Hedge Asset Management LLC 3,137,305 $66.54M 1.45% 1.51% 2026-06-30
16 Norges Bank 2,633,250 $55.85M 1.21% 1.27% 2026-06-30
17 T. Rowe Price Investment Management, Inc. 2,592,793 $54.99M 1.20% 1.25% 2026-06-30
18 Bank of New York Mellon Corp Custodian 2,330,719 $49.43M 1.08% 1.12% 2026-06-30
19 Charles Schwab Investment Management, Inc. 2,236,356 $47.43M 1.03% 1.08% 2026-06-30
20 Invesco Ltd. Custodian 2,047,618 $43.43M 0.94% 0.99% 2026-06-30
21 FRONTIER CAPITAL MANAGEMENT CO LLC 1,987,666 $42.16M 0.92% 0.96% 2026-06-30
22 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 1,954,573 $41.46M 0.90% 0.94% 2026-06-30
23 Citadel Advisors LLC Custodian 1,909,701 $40.50M 0.88% 0.92% 2026-06-30
24 US BANCORP \DE\ Custodian 1,690,277 $35.85M 0.78% 0.82% 2026-06-30
25 Northern Trust Corp Custodian 1,564,006 $33.17M 0.72% 0.75% 2026-06-30
1 filers$6.36K notional
# Filer Notional Value % of Total Period
1 Simplex Trading, LLC Custodian $6.36K 100.00% 2026-06-30
# Filer Notional Value % of Total Period

MDU Insider Trading (Form 4)

Latest: 2026-10-01
Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
Filed Reporter Role Action Shares Avg Price Net $ Link
2026-10-01 Vernon A. Dosch Director Award (A) +1,462 — EDGAR
2026-10-01 Marian M Durkin Director Award (A) +172 — EDGAR
2026-07-01 Marian M Durkin Director Award (A) +152 — EDGAR
2026-07-01 Vernon A. Dosch Director Award (A) +1,293 — EDGAR
2026-04-01 Vernon A. Dosch Director Award (A) +1,334 — EDGAR
2026-04-01 Marian M Durkin Director Award (A) +157 — EDGAR
2026-02-19 Rob L. Johnson President-WBI Mixed −4,800 $20.36 -$216.4K EDGAR
2026-02-19 Anne M Jones ChiefHRSafety&AdminOfficer Mixed −6,487 $20.36 -$244.5K EDGAR
2026-02-19 Nicole A Kivisto President & CEO Mixed +9,369 $20.36 -$726.2K EDGAR
2026-02-19 Garret Senger Chief Utilities Officer Mixed −1,247 $20.36 -$166.3K EDGAR
2026-02-19 Dyke A. Boese CIO Award (A) +3,702 — EDGAR
2026-02-19 Stephanie A Sievert ChiefAccntg&RegAffairsOfficer Mixed −5,894 $20.36 -$212.5K EDGAR
2026-02-19 Anthony Donald Foti CLO & Corporate Secretary Award (A) +8,161 — EDGAR
2026-02-19 Jason L Vollmer CFO Mixed −21,537 $20.36 -$748.6K EDGAR
2026-02-17 Charles M Kelley Director Buy (P) +5,000 $20.84 $104.2K EDGAR
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.

MDU Insider Holdings

18 insiders · @ $19.12
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
# Insider Role Shares Disclosed Exposure Lifetime OM Net Filings Last Filed
1 Nicole A Kivisto President & CEO 548,492 $10.49M -$451.9K 22 2026-02-19
2 Jason L Vollmer CFO 370,296 $7.08M $239.1K 17 2026-02-19
3 Dennis W Johnson Director 188,108 $3.60M $322.1K 27 2025-11-14
4 Anne M Jones ChiefHRSafety&AdminOfficer 141,215 $2.70M $0 13 2026-02-19
5 Rob L. Johnson President-WBI 126,612 $2.42M $924.0K 5 2026-02-19
6 Garret Senger Chief Utilities Officer 125,187 $2.39M $0 3 2026-02-19
7 Stephanie A Sievert ChiefAccntg&RegAffairsOfficer 90,530 $1.73M $37.1K 11 2026-02-19
8 David M Sparby Director 78,451 $1.50M $265.9K 30 2024-10-31
9 Chenxi Wang Director 33,691 $644.2K $0 6 2024-11-19
10 Vernon A. Dosch Director 20,377 $389.6K $0 9 2026-10-01
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.

MDU Board & Officers

As of SEC filings through Oct 1, 2026

Directors 9

Officers 8

Changes in the last 10 years (51)
Aug 12, 2025Tammy J Miller became a director
Aug 12, 2025Charles M Kelley became a director
May 13, 2025Priti Rashmikant Patel became a director
Feb 14, 2025Stephanie A Sievert listed as ChiefAccntg&RegAffairsOfficer (previously VP, CAO & Controller) in SEC filings
Feb 14, 2025Rob L. Johnson listed as President-WBI (previously President-WBI Holdings) in SEC filings
Feb 14, 2025Jason L Vollmer listed as CFO (previously VP & CFO) in SEC filings
Jan 13, 2025Dyke A. Boese became CIO
Nov 15, 2024Vernon A. Dosch became a director
Oct 31, 2024The company announced the departure of James H. Gemmel from the board in an SEC filing
Oct 31, 2024David M Sparby reported in an SEC filing no longer being a director
Oct 7, 2024Anthony Donald Foti became CLO & Corporate Secretary
Sep 3, 2024The company announced the departure of Michael Della Rocca from the board in an SEC filing
Sep 3, 2024The company announced the departure of Edward A Ryan from the board in an SEC filing
Sep 3, 2024The company announced the departure of Dale Rosenthal from the board in an SEC filing
Aug 15, 2024Michael Della Rocca became a director
Aug 15, 2024Marian M Durkin became a director
May 14, 2024Douglas W. Jaeger became a director
Feb 16, 2024Nicole A Kivisto listed as President & CEO (previously President & CEO-Montana-Dakota) in SEC filings
Feb 16, 2024Nicole A Kivisto first listed as a director in an SEC filing
Jan 6, 2024Garret Senger became Chief Utilities Officer
Not reported recently (12)
  • Chenxi Wang · Last reported as a director in an SEC filing dated Nov 19, 2024
  • David L Goodin · Last reported as a director in an SEC filing dated Feb 16, 2024
  • Margaret A Link · Last reported as VP and CIO in an SEC filing dated Feb 16, 2024
  • Paul R. Sanderson · Last reported as VP, CLO & Secretary in an SEC filing dated Feb 16, 2024
  • Brian R. Gray · Last reported as President & CEO-Knife River in an SEC filing dated Mar 3, 2023
  • German Carmona-Alvarez · Last reported as a director in an SEC filing dated Nov 22, 2022
  • John K Wilson · Last reported as a director in an SEC filing dated Nov 18, 2020
  • Mark A Hellerstein · Last reported as a director in an SEC filing dated Nov 18, 2020
  • Daniel S Kuntz · Last reported as VP, Gen. Counsel and Secretary in an SEC filing dated Feb 18, 2020
  • Harry J Pearce · Last reported as a director in an SEC filing dated Nov 21, 2018
  • William E McCracken · Last reported as a director in an SEC filing dated Nov 21, 2018
  • A Bart Holaday · Last reported as a director in an SEC filing dated Mar 30, 2018
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
Recent SEC Filings
Latest: 2026-05-13
Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).
Filing Date Accession Link
2026-05-13 0000067716-26-000054 EDGAR
2026-05-07 0000067716-26-000045 EDGAR
2026-02-05 0000067716-26-000008 EDGAR
2026-01-16 0000067716-26-000005 EDGAR
2025-12-29 0001539497-25-003350 EDGAR
2025-12-12 0000067716-25-000095 EDGAR
2025-12-05 0001539497-25-003175 EDGAR
2025-11-20 0000067716-25-000092 EDGAR
2025-11-06 0000067716-25-000087 EDGAR
2025-08-13 0000067716-25-000083 EDGAR
Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.
Filing Date Accession Link
2026-02-20 0000067716-26-000014 EDGAR
2025-02-20 0000067716-25-000016 EDGAR
2024-02-22 0000067716-24-000017 EDGAR
2023-02-24 0000067716-23-000017 EDGAR
2022-02-23 0000067716-22-000012 EDGAR
2021-02-19 0000067716-21-000007 EDGAR
2020-02-21 0000067716-20-000010 EDGAR
2019-02-22 0000067716-19-000019 EDGAR
2018-02-23 0000067716-18-000013 EDGAR
2017-02-24 0000067716-17-000017 EDGAR
Quarterly report — unaudited financials and MD&A. Filed 40–45 days after each of the first three fiscal quarters.
Filing Date Accession Link
2026-05-07 0000067716-26-000050 EDGAR
2025-11-10 0000067716-25-000090 EDGAR
2025-08-07 0000067716-25-000074 EDGAR
2025-05-08 0000067716-25-000042 EDGAR
2024-11-07 0000067716-24-000107 EDGAR
2024-08-08 0000067716-24-000082 EDGAR
2024-05-02 0000067716-24-000055 EDGAR
2023-11-02 0000067716-23-000112 EDGAR
2023-08-03 0000067716-23-000096 EDGAR
2023-05-04 0000067716-23-000066 EDGAR
ETF Holders
117 ETFs hold MDU
25 shown · $1.01B total exposure · 0.12% AUM-weighted avg weight
# ETF Provider Weight $ Exposure ETF AUM As Of
1 IJR iShares Core S&P Small-Cap ETF iShares (BlackRock) 0.23% $239.3M $103.1B 2026-10-20
2 VTI Vanguard Morningstar Total Stock Market ETF Vanguard 0.01% $123.9M — 2026-09-30
3 VB Vanguard Morningstar Small-Cap ETF Vanguard 0.05% $87.7M — 2026-09-30
4 DFSV Dimensional US Small Cap Value ETF Dimensional 0.25% $68.2M — 2026-10-20
5 VBR Vanguard Morningstar Small-Cap Value ETF Vanguard 0.09% $57.1M — 2026-09-30
6 VXF Vanguard Extended Market ETF Vanguard 0.05% $43.9M — 2026-09-30
7 DFAT Dimensional US Targeted Value ETF Dimensional 0.14% $41.8M — 2026-10-20
8 PAVE Global X U.S. Infrastructure Development ETF Global X 0.29% $40.4M — 2026-10-21
9 SPSM State Street® SPDR® Portfolio S&P 600™ Small Cap ETF SPDR (State Street) 0.23% $36.7M $15.7B 2026-10-20
10 IJS iShares S&P Small-Cap 600 Value ETF iShares (BlackRock) 0.44% $33.2M $7.6B 2026-10-20
11 DFAS Dimensional US Small Cap ETF Dimensional 0.08% $28.1M — 2026-10-20
12 VPU Vanguard Utilities ETF Vanguard 0.27% $25.3M — 2026-09-30
13 FXU First Trust Utilities AlphaDEX® Fund First Trust 3.22% $23.9M $743.1M 2026-10-20
14 SLYV State Street® SPDR® S&P 600™ Small Cap Value ETF SPDR (State Street) 0.44% $20.9M $4.7B 2026-10-20
15 SCHA Schwab U.S. Small-Cap ETF Nport 0.09% $20.7M — 2026-05-31
16 IWR iShares Russell Mid-Cap ETF iShares (BlackRock) 0.03% $16.7M $57.3B 2026-10-20
17 VYM Vanguard High Dividend Yield ETF Vanguard 0.02% $15.9M — 2026-09-30
18 DFAC Dimensional US Core Equity 2 ETF Dimensional 0.02% $15.6M — 2026-10-20
19 VIOO Vanguard S&P Small-Cap 600 ETF Vanguard 0.23% $13.8M — 2026-09-30
20 FNDA Schwab Fundamental U.S. Small Company ETF Nport 0.14% $12.2M — 2026-05-31
21 DGRO iShares Core Dividend Growth ETF iShares (BlackRock) 0.02% $10.7M $44.3B 2026-10-20
22 USVM VictoryShares US Small Mid Cap Value Momentum ETF Nport 0.57% $10.0M — 2026-06-30
23 DES WisdomTree U.S. SmallCap Dividend Fund Nport 0.45% $9.7M — 2026-06-30
24 IWD iShares Russell 1000 Value ETF iShares (BlackRock) 0.01% $8.9M $84.5B 2026-10-20
25 VIOV Vanguard S&P Small-Cap 600 Value ETF Vanguard 0.43% $8.0M — 2026-09-30
Fundamentals

Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.

Metrics
  • Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
  • Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
  • Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
  • Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
  • Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
  • YoY growth — compare to the same quarter a year earlier to remove seasonality.
  • Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
  • Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.

TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.

Trailing P/E
20.13
TTM Diluted EPS
$0.95
TTM Revenue
$1.83B
TTM Net Income
$196.71M
TTM Op. Cash Flow
$403.78M
Quarterly figures (12 quarters)
QuarterPeriod EndRevenueNet IncomeDiluted EPSOp. Cash Flow
Q2 '262026-06-30$375.30M$21.24M$0.10$116.09M
Q1 '262026-03-31$605.98M$80.82M$0.39$149.21M
Q4 '252025-12-31$534.01M$76.34M$0.37$80.57M
Q3 '252025-09-30$315.04M$18.31M$0.09$57.91M
Q2 '252025-06-30$351.19M$13.78M$0.07$117.41M
Q1 '252025-03-31$674.83M$81.97M$0.40$217.47M
Q4 '242024-12-31$535.54M$55.16M$0.26$60.53M
Q3 '242024-09-30$289.69M$64.61M$0.32$140.22M
Q2 '242024-06-30$344.47M$60.44M$0.30$136.47M
Q1 '242024-03-31$588.27M$100.90M$0.49$165.10M
Q4 '232023-12-31$1.14B$170.73M$0.83$157.71M
Q3 '232023-09-30$1.00B$74.93M$0.37$101.81M
Q2 2026 • period ending 2026-06-30 • filed 2026-08-06
Valuation

Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.

Price Multiples
  • P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
  • P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
  • P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
  • EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
  • EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
  • ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
  • ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
  • Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
  • FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
  • Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
  • Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
  • Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
  • Multiples expanding while earnings are flat = sentiment-driven rally.
  • Multiples compressing while earnings grow = value coming from fundamentals.
P/E
20.13
P/B
1.35
P/S
2.17
EV/EBITDA
12.39
EV/Sales
3.55
ROE
6.7%
ROA
2.6%
Div Yield
2.80%
FCF Yield
10.19%
Debt/Equity
0.88
Current Ratio
—
Market Cap
$3.96B
as of 2026-10-21
Short Interest & Float

Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.

Metric definitions
  • Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
  • SI % of Float — short interest / free float. The key crowding metric.
  • Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
  • Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
  • Free Float — shares available for public trading (total shares minus insider / restricted).
  • Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
  • SI % of Float < 5% — typical, no particular signal.
  • 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
  • 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
  • >30% — extreme; borrow is likely expensive and squeeze risk is material.
  • Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
  • Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
  • A sudden drop in SI after a rally may indicate a squeeze in progress.

Short interest is reported mid-month and end-of-month; short volume is daily.

Short Interest
18.81M
SI % of Float
9.24%
Days to Cover
8.09
Short Vol Ratio
59.8%
Free Float
203.68M
Float %
99.5%
Short interest 2026-09-30 • Short volume 2026-10-21 • Float 2026-08-24