MDU Resources Group Management
Management criteria checks 3/4
MDU Resources Group's CEO is Nicole Kivisto, appointed in Jan 2024, has a tenure of 2.33 years. total yearly compensation is $4.81M, comprised of 19.2% salary and 80.8% bonuses, including company stock and options. directly owns 0.11% of the company’s shares, worth $4.89M. The average tenure of the management team and the board of directors is 5.6 years and 1.8 years respectively.
Key information
Nicole Kivisto
Chief executive officer
US$4.8m
Total compensation
| CEO salary percentage | 19.22% |
| CEO tenure | 2.3yrs |
| CEO ownership | 0.1% |
| Management average tenure | 5.6yrs |
| Board average tenure | 1.8yrs |
Recent management updates
Recent updates
MDU: EPS Guidance And Neutral Street Stance Will Shape Future P/E
Analysts have made a small adjustment to the MDU Resources Group price target. The updated view reflects modestly higher revenue growth and profit margin assumptions, along with a slightly lower future P/E, following recent mixed target changes and a neutral initiation on the stock.
MDU: Evolving Price Views And 2026 EPS Outlook Will Shape Risk Balance
MDU Resources' analyst price target has been nudged higher by about $0.17 to roughly $22.17 as analysts factor in recent updates to their fair value estimate and slightly adjusted assumptions for growth, margins, and future P/E multiples. Analyst Commentary Recent Street research on MDU Resources Group reflects a mix of optimism and caution, with price targets adjusted both higher and lower over the past few months.MDU: Tighter Price Views And 2026 EPS Guidance Will Shape Risk Balance
Analysts have adjusted their price targets on MDU Resources Group in a narrow range, with a $1 cut from one firm and a $4 increase from another. These changes reflect updated views on fair value and earnings multiples, while keeping core assumptions such as discount rate, revenue growth, profit margin and future P/E essentially unchanged.MDU: Mixed Research Views And 2026 Guidance Will Shape Risk Reward Balance
Analysts have adjusted the MDU Resources Group price target to $22.00, a change of $1.20. This reflects updated views on fair value, discount rate, revenue growth, profit margin, and future P/E following recent research that includes both a $1 cut at BofA and a $4 increase at Citi.MDU: Equity Raise And EPS Guidance Will Shape Future P E Expectations
Analysts have fine tuned their view on MDU Resources Group, with the consensus price target moving slightly as firms adjusted their outlook in response to changes such as Citi's recent $4 increase and BofA's $1 reduction, reflecting updated assumptions on revenue growth, profit margins and future P/E levels. Analyst Commentary Recent research updates around MDU Resources Group highlight a mixed but increasingly cautious tone, as price targets are adjusted to reflect updated views on revenue, margins and acceptable P/E levels.MDU: Equity Raise And EPS Guidance Will Shape Balanced P E Expectations
Narrative Update on MDU Resources Group The analyst price target for MDU Resources Group has shifted by a few dollars as analysts reassessed their models using updated views on revenue growth, profit margins and future P/E expectations cited in recent research from firms including BofA and Citi, which moved their targets by $1 and $4 respectively. Analyst Commentary Recent Street research on MDU Resources Group reflects a mixed setup, with some bearish analysts trimming expectations while others see room for improved valuation.Analysts Have Made A Financial Statement On MDU Resources Group, Inc.'s (NYSE:MDU) Yearly Report
Feb 08
Near-Term Outlook For MDU Resources Is Good, Not Great
Feb 08MDU: Updated Equity Raise And EPS Guidance Will Shape Balanced Outlook
Analysts have raised their price target on MDU Resources Group by $4 to reflect modestly higher assumptions for revenue growth, profit margin and future P/E, while keeping their fair value estimate essentially unchanged at $20.00. Analyst Commentary While the higher price target reflects updated assumptions, bearish analysts are still flagging areas where they see risk around MDU Resources Group’s current valuation and execution path.MDU: Future Capex Plans And Funding Costs Set Up Balanced Outlook
Analysts have lifted their fair value estimate for MDU Resources Group from $18.00 to $20.00 per share, citing updated assumptions around revenue growth, funding costs and sector capex trends reflected in recent Street research. Analyst Commentary Street research on MDU Resources Group has recently highlighted a more constructive stance on the shares, with higher price targets framed around updated expectations for capital spending and funding costs across the utilities group.
MDU: Transmission Expansion And Capital Cycle Will Drive Upside Potential
Analysts have modestly trimmed their fair value estimate for MDU Resources Group from $24.00 to $23.00, citing a higher discount rate, partly offset by stronger expected revenue growth, expanding profit margins, and a lower future P E multiple that still supports incremental upside versus recent Street price target increases to about $22.00. Analyst Commentary Recent Street research reflects a generally constructive stance on MDU Resources Group, with bullish analysts highlighting improving sector fundamentals and company specific execution.MDU: Pipeline Expansion And Equity Offering Will Shape Future Risk Reward Balance
Analysts nudged their price target on MDU Resources Group modestly higher, lifting fair value from $20.50 to $20.80 as they factor in a slightly richer future earnings multiple supported by an improving utilities capex backdrop and increasingly visible pipeline upside. Analyst Commentary Analysts remain broadly constructive on MDU Resources Group, highlighting an improving growth and return profile supported by pipeline expansion and a more favorable utilities capex cycle, but views diverge on how much of this upside is already reflected in the current valuation.MDU: Pipeline Projects And Equity Raise Will Shape Future Utility Profile
Analysts nudged their price target on MDU Resources slightly higher to $22 from $20, reflecting modestly lower perceived cost of capital and steady expectations for mid single digit earnings growth, supported by visible pipeline upside and a favorable utilities capex backdrop. Analyst Commentary Recent Street research presents a generally constructive but balanced view on MDU Resources, with bullish analysts highlighting re-rated upside tied to capital deployment and pipeline projects, while more cautious voices point to relative value constraints versus higher growth peers in the utilities space.MDU: Future Pipeline Projects And Capital Spending Will Shape Utility Outlook
Analysts have raised their price target for MDU Resources Group by $2 to $22. They cite a positive industry outlook, as well as expectations for increased capital expenditures and improved cost of capital in the utility sector.MDU: Capital Expenditure And Pipeline Projects Will Support Balanced Long-Term Outlook
The analyst price target for MDU Resources Group has increased by $2 to $22. Analysts cite a positive utilities sector outlook and anticipated capital expenditure growth as key factors supporting the updated valuation.Analyst Commentary Highlights Upgraded Targets and Mixed Outlook for MDU Resources Group
The analyst price target for MDU Resources Group increased from $20.00 to $22.00. This reflects growing optimism amid positive sector updates as well as expectations for stronger capital spending and reduced capital costs.US Infrastructure And Pipeline Expansion Will Shape Future Energy
Analysts have raised MDU Resources Group’s price target to $20.00, citing improving visibility of pipeline project upside, attractive core business valuation, and differentiated 6–8% expected earnings growth. Analyst Commentary Bullish analysts cite compelling value in MDU’s core business at current share levels.MDU Resources Group (NYSE:MDU) Is Increasing Its Dividend To $0.14
Aug 18MDU Resources Group, Inc.'s (NYSE:MDU) Share Price Could Signal Some Risk
Jul 12These 4 Measures Indicate That MDU Resources Group (NYSE:MDU) Is Using Debt Extensively
Jun 24MDU Resources Group (NYSE:MDU) Is Paying Out A Dividend Of $0.13
May 18MDU Resources: Powerful Tailwinds, And The Market Knows It
Apr 13MDU Resources Group, Inc.'s (NYSE:MDU) Shares May Have Run Too Fast Too Soon
Apr 03Here's Why MDU Resources Group (NYSE:MDU) Has A Meaningful Debt Burden
Mar 15MDU Resources Group (NYSE:MDU) Is Due To Pay A Dividend Of $0.13
Feb 17MDU Resources: Power-Packed Opportunity For Income And Growth Investors
Jan 28Earnings Working Against MDU Resources Group, Inc.'s (NYSE:MDU) Share Price Following 44% Dive
Nov 02MDU Resources: A Hidden Gem Powering Strong Returns And Growth
Oct 19
Everus Spin-Off And Utility Challenges Signal Dark Clouds Over Future Growth And Profitability
The tax-free spin-off of the Construction Services business and revised revenue guidance for Everus introduce market uncertainty and project execution risks.MDU Resources Group, Inc.'s (NYSE:MDU) Intrinsic Value Is Potentially 36% Above Its Share Price
Sep 19MDU Resources Group's (NYSE:MDU) Upcoming Dividend Will Be Larger Than Last Year's
Sep 04MDU Resources Group (NYSE:MDU) Has Announced That It Will Be Increasing Its Dividend To $0.13
Aug 19MDU Resources Group's (NYSE:MDU) Solid Earnings May Rest On Weak Foundations
Aug 16CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Dec 31 2025 | US$5m | US$925k | US$191m |
| Sep 30 2025 | n/a | n/a | US$185m |
| Jun 30 2025 | n/a | n/a | US$183m |
| Mar 31 2025 | n/a | n/a | US$189m |
| Dec 31 2024 | US$6m | US$966k | US$181m |
| Sep 30 2024 | n/a | n/a | US$131m |
| Jun 30 2024 | n/a | n/a | US$194m |
| Mar 31 2024 | n/a | n/a | US$321m |
| Dec 31 2023 | US$2m | US$550k | US$330m |
| Sep 30 2023 | n/a | n/a | US$414m |
| Jun 30 2023 | n/a | n/a | US$378m |
| Mar 31 2023 | n/a | n/a | US$266m |
| Dec 31 2022 | US$2m | US$530k | US$117m |
| Sep 30 2022 | n/a | n/a | US$233m |
| Jun 30 2022 | n/a | n/a | US$330m |
| Mar 31 2022 | n/a | n/a | US$394m |
| Dec 31 2021 | US$2m | US$508k | US$243m |
| Sep 30 2021 | n/a | n/a | US$403m |
| Jun 30 2021 | n/a | n/a | US$417m |
| Mar 31 2021 | n/a | n/a | US$417m |
| Dec 31 2020 | US$2m | US$487k | US$391m |
| Sep 30 2020 | n/a | n/a | US$373m |
| Jun 30 2020 | n/a | n/a | US$356m |
| Mar 31 2020 | n/a | n/a | US$320m |
| Dec 31 2019 | US$2m | US$455k | US$335m |
Compensation vs Market: Nicole's total compensation ($USD4.81M) is below average for companies of similar size in the US market ($USD7.19M).
Compensation vs Earnings: Nicole's compensation has been consistent with company performance over the past year.
CEO
Nicole Kivisto (52 yo)
2.3yrs
Tenure
US$4,812,252
Compensation
Ms. Nicole A. Kivisto serves as President, Chief Executive Officer and Director at MDU Resources Group, Inc. since January 6, 2024. She served as President and Chief Executive Officer of Montana-Dakota Uti...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 2.3yrs | US$4.81m | 0.11% $ 4.9m | |
| Chief Financial Officer | 8.7yrs | US$2.27m | 0.095% $ 4.4m | |
| Chief Legal Officer & Corporate Secretary | 1.6yrs | US$1.42m | no data | |
| Chief Utilities Officer | 2.3yrs | US$1.43m | 0.031% $ 1.4m | |
| President of WBI Energy | 2.9yrs | US$1.20m | 0.041% $ 1.9m | |
| Treasurer | no data | US$108.37k | 0.0029% $ 136.1k | |
| Chief Accounting & Regulatory Affairs Officer | 8.7yrs | no data | 0.033% $ 1.5m | |
| Chief Information Officer | 1.3yrs | no data | 0.0088% $ 405.4k | |
| Chief Human Resources | 10.3yrs | US$1.37m | 0.048% $ 2.2m | |
| Executive Vice President of Everus Construction | no data | US$886.64k | no data | |
| President & CEO of Everus Construction Group | 14.3yrs | US$1.86m | no data | |
| Vice President of Accounting & Enterprise information Technology - Everus Construction | 8.3yrs | US$611.19k | no data |
5.6yrs
Average Tenure
53yo
Average Age
Experienced Management: MDU's management team is seasoned and experienced (5.6 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 2.3yrs | US$4.81m | 0.11% $ 4.9m | |
| Independent Chairman | 2.5yrs | US$338.45k | 0.0086% $ 396.2k | |
| Independent Director | 25.3yrs | US$325.95k | 0.092% $ 4.2m | |
| Independent Director | 1.5yrs | US$260.11k | 0.0085% $ 393.4k | |
| Independent Director | 1.8yrs | US$271.78k | 0.0056% $ 259.7k | |
| Independent Director | less than a year | no data | 0.0029% $ 136.1k | |
| Independent Director | less than a year | US$108.37k | 0.0039% $ 180.8k | |
| Independent Director | 2yrs | US$283.71k | 0.0062% $ 286.9k | |
| Independent Director | 1yr | US$173.40k | 0.0024% $ 109.3k |
1.8yrs
Average Tenure
66yo
Average Age
Experienced Board: MDU's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/01 05:18 |
| End of Day Share Price | 2026/05/01 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
MDU Resources Group, Inc. is covered by 16 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Gary Hovis | Argus Research Company |
| David Parker | Baird |
| Richard Gross | Barclays |