Mdu Resources Group, the Utilities sector company, was revisited by a Wall Street analyst today. Analyst Ross Fowler from Bank of America Securities reiterated a Buy rating on the stock and has a $23.00 price target.
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Ross Fowler has given his Buy rating due to a combination of factors that point to steady earnings growth and improving fundamentals. He expects first-quarter 2026 earnings to rise year over year, supported mainly by recently approved natural gas rate increases across several states, which more than counteract higher interest costs and share dilution.
Looking ahead, Fowler highlights multiple ongoing and upcoming regulatory rate cases in the electric and gas businesses, along with the Bakken East pipeline project, as important catalysts that can support longer-term earnings expansion. Based on these drivers and a projected mid‑single‑digit earnings growth rate through 2030, he slightly raises his price objective to $23, reflecting valuation in line with sector peers and reinforcing his positive stance on the stock.