Citi Maintains Hold on MDU Resources Group

Citi is out with its report today on MDU Resources Group MDU, maintaining Hold. In its report, Citi writes, "We rate MDU Hold / Medium Risk (2M). MDU's regulated business' should remain fairly stable and provide dividend protection. Higher oil prices & expected crude oil production in the Bakken play (and potentially the Niobrara / Heath Shale, though we afford no value for these plays yet) help offset declining legacy natural gas production. The construction services / materials segments are still coping with the relatively weak economy and US housing market. We have not seen a turnaround in these segments at this point." Citi maintains a $24 PT on MDU. Shares of MDU closed Thursday at $19.87, down 3.54% from Wednesday's close.