moneyheap
MDU · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is MDU Resources Group, Inc. (MDU) stock moving?
MDU reported Q3 2026 on Nov 5 with GAAP net income of $14.0 million, down from $18.4 million, and adjusted EPS of $0.08 against a $0.10 estimate. Revenue of $347.8 million beat the $342.5 million estimate, and electric utility earnings rose on new rates, Badger Wind Farm and higher retail sales. Management reaffirmed 2026 EPS guidance of $0.93 to $1.00, with a midpoint slightly below the $0.98 consensus. The company also reached a positive final investment decision on the Bakken East Pipeline, with capital investment narrowed to $2.8 to $3.1 billion, and discontinued the Knott Landfill RNG project. The stock closed at 18.53 on Nov 5, down about 6.5% from 19.82 on heavy volume of roughly 4.4 million shares, close to double the late-October pace. It then recovered to 19.25 on Nov 9 and 19.28 on Nov 10 on lower volume, still about 2.7% below the pre-earnings close, which suggests the sell-off has largely faded. The 10-Q filing on Nov 6 added no new headline figures.
News behind the analysis
- MDU Resources Group, Inc. Files Form 10-Q for Third Quarter 2026MDU filed its Form 10-Q with the SEC for the quarter ended September 30, 2026. The filing contains no new headline figures beyond the Nov 5 results.
- MDU Resources Updates Capital Investment Estimate for Bakken East PipelineThe estimated capital investment for the Bakken East Pipeline was narrowed to $2.8 billion to $3.1 billion. The company also reached a positive final investment decision on the project.
- MDU Resources Gr Q3 2026 Earnings Call TranscriptManagement discussed third-quarter results, the Bakken East Pipeline decision and the discontinued Knott Landfill renewable natural gas project. The full transcript is available on Benzinga.
- MDU Resources Reports Third Quarter 2026 Results and Reaffirms GuidanceConsolidated net income was $14.0 million, down from $18.4 million a year earlier, and EPS was $0.07. The company reaffirmed 2026 EPS guidance of $0.93 to $1.00.
- MDU Resources Group Affirms FY2026 GAAP EPS Guidance of $0.93-$1.00 vs $0.98 EstThe company kept its full-year 2026 GAAP EPS guidance of $0.93 to $1.00, with the midpoint slightly below the $0.98 consensus estimate.
- MDU Resources Gr Q3 Adj. EPS $0.08 Misses $0.10 Estimate, Sales $347.800M Beat $342.548M EstimateAdjusted EPS of $0.08 missed the $0.10 estimate, while sales of $347.8 million beat the $342.5 million estimate. Adjusted EPS excludes Knott Landfill and Bakken East advisory costs.
About MDU Resources Group, Inc.
MDU Resources is a Bismarck, North Dakota-based regulated energy delivery company that supplies electricity and natural gas to customers across several Upper Midwest and Western states, and also runs the WBI Energy interstate natural gas pipeline business. After spinning off its construction materials (Knife River) and construction services (Everus) units, it is now a pure-play regulated utility and pipeline company, with growth projects such as the Bakken East Pipeline, which received a final investment decision in September 2026.
How it makes money
Most of its revenue comes from selling and delivering natural gas and electricity to homes and businesses at rates set by state regulators. Natural gas distribution is the largest segment by revenue, while the electric utility has recently been the biggest earnings contributor. The pipeline segment earns fees, regulated by the federal energy regulator FERC, for transporting and storing natural gas. Profit growth depends mostly on putting money into infrastructure (about $3.1 billion planned for 2026–2030) and winning approval to recover those costs through customer rates.
What usually moves MDU
- State rate case and FERC regulatory decisions
- Capital spending plan and new share issuance
- Interest rates and borrowing costs
- Weather and its effect on gas and power demand
- Bakken pipeline projects and data-center power demand