On February 17, 2026, Corvex Management disclosed in a Securities and Exchange Commission (SEC) filing that it sold out its entire position in MDU Resources Group (MDU +0.00%), offloading 4,183,151 shares in the fourth quarter.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Corvex Management sold all 4,183,151 shares of MDU Resources Group during the fourth quarter. The quarter-end value of the position fell by $74.50 million as a result.
What else to know
- Top holdings after this filing:
- NASDAQ:ILMN: $502.29 million (16.7% of AUM)
- NYSE:SWX: $402.55 million (13.4% of AUM)
- NASDAQ:WGS: $397.81 million (13.2% of AUM)
- NASDAQ:AMZN: $226.83 million (7.5% of AUM)
- NYSE:DIS: $221.06 million (7.4% of AUM)
- As of February 17, 2026, shares of MDU Resources Group were priced at $20.27, up 23.82% over the past year and outperforming the S&P 500’s roughly 16% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2/17/26) | $20.27 |
| Market Capitalization | $4.14 billion |
| Revenue (TTM) | $1.88 billion |
| Net Income (TTM) | $190.44 million |
Company snapshot
- MDU Resources Group provides regulated electric and natural gas distribution, pipeline transportation, and construction materials and services, including aggregates, asphalt, ready-mixed concrete, and infrastructure contracting.
- The company generates revenue through utility operations, construction materials sales, and contracting services, leveraging a mix of regulated and market-driven business segments.
- Primary customers include residential, commercial, industrial, municipal, and government entities across the energy, construction, and utility sectors in the United States.
MDU Resources Group, Inc. operates as a diversified infrastructure and energy company with a focus on regulated utilities and construction services.
What this transaction means for investors
Utilities rarely inspire drama, but capital allocation decisions around them often do. MDU just closed 2025 with $190.4 million in net income and $0.93 in diluted EPS, while income from continuing operations rose to $191.4 million. The company is guiding to $0.93 to $1.00 in EPS for 2026 and reaffirmed a 6% to 8% long-term earnings growth target.
This is now a pure-play regulated energy delivery business after the Everus spinoff (which completed in 2024), with a $560 million capital plan for 2026 and roughly $3.1 billion earmarked through 2030. In a statement alongside earnings, CEO Nicole Kivisto called 2025 a “transformative year” and said the firm is working on “advancing key regulatory activity” and “progressing major pipeline projects.” Plus, rate base growth was 16% year over year, helped by the 49% stake in Badger Wind Farm.
Against this backdrop, reallocating capital away from a steady regulated name and toward higher growth holdings like Illumina or Amazon reflects a clear preference for asymmetry over predictability. Ultimately, the exit does not change the fundamentals; it might just clarify the mandate.
