BUZZ-Utility MDU Resources drops on $200 mln equity offering
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MDU Resources shares fell 3.3% premarket after announcing a $200 million equity offering with a forward sale component. The company plans to use proceeds for general purposes, including debt repayment and acquisitions. MDU has entered into 2-year forward sale agreements with Wells Fargo, BofA, and JP Morgan. The structure allows MDU to lock in the current stock price and delay new share issuance until funds are needed, avoiding immediate dilution. Analysts rate shares as "strong buy" and "hold," with a median price target of $21.
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