Citi Comments On MDU Resources Analyst Meeting

In a report published by Citi, MDU Resources Group MDU E&P and pipes drive growth.

Citi said that MDU outlined $3.5bn of capex through 2015, which is expected to be funded internally. “Kent Wells (former head of BP's onshore natural gas unit) will be taking over the E&P business. Steve Bietz is in charge of Pipelines & Energy Services. Clearly, MDU believes that these segments will be the major growth drivers. We maintain our Buy/ Medium Risk (1M) rating and $23.50 target.”

MDU Resources Group closed yesterday at $21.67.