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BISMARCK, N.D. - MDU Resources Group Inc. (NYSE: MDU), a regulated energy delivery company with a market capitalization of $3.45 billion, has announced the immediate appointment of Darrel T. Anderson as vice chair of its board of directors. Anderson, who has been serving as an independent director since 2023, also chairs the Board's Compensation and Human Capital Committee. According to InvestingPro data, MDU has demonstrated strong market performance with a 52.76% return over the past year.
The company highlighted the move as part of its ongoing board succession planning and adherence to governance best practices. Dennis W. Johnson, chair of MDU Resources' board, emphasized Anderson's valuable experience in the regulated utility sector, which is expected to support the company's strategy as a pure-play regulated energy delivery business and its commitment to enhancing stockholder value. The company's commitment to shareholders is evident in its 54-year track record of consecutive dividend payments, currently offering a 3.09% yield.
Anderson's industry background includes his previous role as president and CEO of IDACORP and Idaho Power Company, from which he retired in May 2020 after over 28 years in the utility industry. Additionally, since January 2024, he has been the chairman of the board of Gemstone Holdings, which includes Blue Cross of Idaho among its holdings.
MDU Resources, a member of the S&P SmallCap 600 index, has been operational since 1924 and is currently celebrating its 100th anniversary. The company provides essential products and services through its regulated electric and natural gas distribution and pipeline segments, serving more than 1.2 million customers across eight states. With its history rooted in the Pacific Northwest and Midwest, MDU Resources is involved in constructing and operating infrastructure critical for delivering natural gas and electricity.
This appointment is based on a press release statement from MDU Resources Group Inc.
In other recent news, MDU Resources Group has maintained its dividend at 13 cents per share, demonstrating the company's ongoing financial stability and commitment to returning value to shareholders. The company's board of directors declared the quarterly dividend, which is consistent with the previous quarter's dividend. Eligible stockholders will receive the dividend payment on April 1, 2025.
In addition, BofA Securities has adjusted the price target for MDU Resources, lowering it to $19 from the previous $20, while maintaining a Buy rating
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