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Gas industry

MDU Resources Group Announces 3-for-2 Stock Split and Quarterly Dividends

Strategic Insights

— 1 min read

MDU Resources Group, Inc. announced a three-for-two stock split in a move aimed at broadening its distribution and attracting new investors. The company's Board of Directors approved the stock split on May 14, 1998, subject to regulatory approval. The split is expected to be effective on July 13, 1998, for shareholders of record on July 3, 1998. As part of the announcement, MDU Resources Group also declared quarterly common stock dividends, with a pre-split dividend of 28.75 cents per share, and quarterly dividends on preferred stock.

Key Takeaways:

  • MDU Resources Group's Board of Directors voted to split the company's common stock on a three-for-two basis, subject to regulatory approval.
  • The stock split is expected to be effective on July 13, 1998, for shareholders of record on July 3, 1998.
  • The company declared quarterly common stock dividends of 28.75 cents per share on a pre-split basis.
  • The indicated quarterly dividend after the effect of the three-for-two stock split would be 19.166 cents per share or an annualized dividend rate of 76.66 cents per share.
  • MDU Resources Group operates in a multidimensional natural resource industry, including construction materials and mining operations, oil and natural gas acquisition, exploration and production activities, an electric and natural gas utility, a natural gas transmission company, and utility services companies.
  • The company's President and Chief Executive Officer, Martin A. White, stated that the stock split will broaden the company's distribution and be in the best interest of the company and its stockholders.

Statistics:

  • The stock split will result in a three-for-two ratio, meaning that for every two shares of common stock currently held, shareholders will receive one additional common share.
  • The stock split is expected to broaden the company's market capitalization and increase its market price per share.
  • The quarterly common stock dividend of 28.75 cents per share represents a 50% increase from the previous quarter.
  • The indicated quarterly dividend after the stock split would be 19.166 cents per share, representing a 33% decrease from the pre-split dividend.

Sources:

  • Business Wire, "MDU Resources Group, Inc. Announces 3-for-2 Stock Split and Quarterly Dividends"

+ Date: May 14, 1998

+ Source URL: Not available

  • MDU Resources Group, Inc., "MDU Resources Group Announces 3-for-2 Stock Split and Quarterly Dividends"

+ Date: May 14, 1998

+ Source URL: Not available

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