Last $28.91 USD
Change Today -0.04 / -0.14%
Volume 695.8K
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As of 3:42 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

mdu resources group inc (MDU) Key Developments

MDU Resources Group Inc. - Analyst/Investor Day

To provide an update on its operations

MDU Resources Group Inc. Revised Earnings Guidance for 2014

MDU Resources Group Inc. announced that while its pipeline, utility and construction businesses are continuing the solid performance they reported at midyear, current challenges with oil production in the Paradox Basin have led the company to lower its 2014 earnings guidance. The company is confident that its approximate $1.1 billion in planned gross capital investments in 2014 will provide strong future long-term growth. The Paradox Basin is both very promising and at times very challenging. Its unique characteristics are causing operational issues that it believe is short term, but which will lower its expected growth in oil production to a range of 3% to 7% in 2014. This range includes the effects of the previously announced pending sales of South Texas and certain Mountrail County assets. The company's prior oil production growth guidance was a range of 10% to 15%. As a result, adjusted earnings per share for 2014 is now projected in the range of $1.40 to $1.50 per share. Prior guidance was in the range of $1.50 to $1.65 per share. GAAP earnings guidance is in the same range.

MDU Resources Group Announces Amendments to the Company's Bylaws, Effective August 14, 2014

On August 14, 2014, the Board of Directors of MDU Resources Group Inc. approved amendments to the company's Bylaws, effective August 14, 2014. The Company's Bylaws, as amended and restated on August 14, 2014.

The MDU Resources Declares Quarterly Dividends on Common and Preferred Stock, Payable on October 1, 2014

The MDU Resources Group board of directors declared quarterly dividends on the company's common and preferred stock. The dividend for common stock is 17.75 cents per share, unchanged from the previous quarter. Dividends for preferred stock are: $1.12-1/2 per share on 4.50% Series Preferred; $1.17-1/2 per share on 4.70% Series Preferred; $1.27-1/2 per share on 5.10% Series Preferred. The dividends are payable on October 1, 2014 to stockholders of record September 11, 2014.

MDU Resources Group Inc. Reports Unaudited Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings and Production Guidance for the Year 2014

MDU Resources Group Inc. reported unaudited earnings and production results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported operating revenues of $1,094.0 million against $1,060.6 million a year ago. Operating income was $98.9 million against $91.4 million a year ago. Income before income taxes was $79.9 million against $71.4 million a year ago. Income from continuing operations was $52.8 million against $46.4 million a year ago. Net income was $53.3 million or $0.28 per diluted share against $46.3 million or $0.24 per diluted share a year ago. Adjusted earnings were $56.7 million or $0.29 earnings per share against $47.2 million or $0.25 earnings per share a year ago. For the six months, the company reported operating revenues of $2,136.9 million against $1,992.2 million a year ago. Operating income was $201.8 million against $195.9 million a year ago. Income before income taxes was $164.0 million against $156.0 million a year ago. Income from continuing operations was $109.0 million against $103.4 million a year ago. Net income was $109.5 million or $0.58 per basic and diluted share against $102.8 million or $0.54 per basic and diluted share a year ago. Book value per common share was $15.75 against $14.19 a year ago. Net operating cash flow was $211 million against $234 million a year ago. Adjusted earnings for the six months ended June 30 were $117.4 million, or 61 cents per share, compared to $107.3 million, or 57 cents per share a year ago. Adjusted earnings were $117.4 million or $0.61 earnings per share against $107.3 million or $0.57 earnings per share a year ago. For the quarter, the company reported total production of 2,492 MBOE against 2,557 MBOE a year ago. For the six months, the company reported total production of 4,816 MBOE against 4,995 MBOE a year ago. For the year 2014, adjusted earnings per share for 2014 are projected in the range of $1.50 to $1.65. GAAP earnings guidance for 2014 is in the same range. Unrealized commodity derivatives fair values can fluctuate causing actual GAAP earnings to vary accordingly. The company's long-term compound annual growth goals on earnings per share from operations are in the range of 7% to 10%. Estimated gross capital expenditures for 2014 are approximately $1.1 billion. For 2014, the company now expects a 10% to 15% increase in oil production, lower than its earlier estimate primarily the result of the expected sale of certain Mountrail County assets. Natural gas liquids production is expected to decline 20% to 25% and natural gas production is expected to be 20% to 25% lower compared to a year ago. The declines are primarily the result of the divestment of certain non-strategic natural gas-based properties in 2013 and the expected divestment of the company's South Texas assets this year. The vast majority of the capital program is focused on growing oil production.

 

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MDU

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Price/Sales 1.2x
Price/Book 1.9x
Price/Cash Flow 8.2x
TEV/Sales 0.7x
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