UPDATE: D.A. Davidson & Co. Reiterates Buy Rating, Lowers PT on MDU Resources Group Following Adjusted Earnings Report

In a report published Wednesday, D.A. Davidson & Co. analyst Brent Thielman reiterated a Buy rating on

, but lowered the price target from $42.00 to $38.00. In the report, D.A. Davidson & Co. noted, “MDU reported adjusted earnings of $0.29 per share compared to $0.25 last year. Results were in line with our estimate and consensus of $0.28 and $0.29, respectively... E&P represented 40% of earnings in the quarter. Stronger oil production (+14% year-over-year) was offset by lower natural gas production (-18%) and a reduction in realized commodity derivatives versus the prior year. The company lowered its oil and natural gas production guidance due to the sale of its Mountrail County assets.” MDU Resources Group closed on Tuesday at $30.11.