MDU vs NI vs OGE

For growth investors, NiSource Inc.

(NI) is the stronger pick with 21. 8% revenue growth year-over-year, versus -2. 5% for MDU Resources Group, Inc. (MDU). MDU Resources Group, Inc. (MDU) offers the better valuation at 16. 3x trailing P/E (22. 8x forward), making it the more compelling value choice. Analysts rate MDU Resources Group, Inc. (MDU) a "Buy" — based on 17 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, MDU Resources Group, Inc.

(MDU) is the cheapest at 16. 3x versus NiSource Inc. at 24. 3x. On forward P/E, OGE Energy Corp. is actually cheaper at 19. 6x — notably different from the trailing picture, reflecting expected earnings growth.

Over the past 5 years, NiSource Inc.

(NI) delivered a total return of +104. 3%, compared to +64. 8% for OGE Energy Corp. (OGE). Over 10 years, the gap is even starker: MDU returned +224. 6% versus OGE's +110. 7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), OGE Energy Corp.

(OGE) is the lower-risk stock at 0. 07β versus MDU Resources Group, Inc. 's 0. 38β — meaning MDU is approximately 422% more volatile than OGE relative to the S&P 500. On balance sheet safety, MDU Resources Group, Inc. (MDU) carries a lower debt/equity ratio of 85% versus 139% for NiSource Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), NiSource Inc.

(NI) is pulling ahead at 21. 8% versus -2. 5% for MDU Resources Group, Inc. (MDU). On earnings-per-share growth, the picture is similar: NiSource Inc. grew EPS 20. 4% year-over-year, compared to -32. 5% for MDU Resources Group, Inc.. Over a 3-year CAGR, NI leads at 4. 3% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

MDU Resources Group, Inc.

(MDU) is the more profitable company, earning 16. 0% net margin versus 14. 0% for NiSource Inc. — meaning it keeps 16. 0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NI leads at 27. 6% versus 15. 1% for MDU. At the gross margin level — before operating expenses — NI leads at 58. 6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

On forward earnings alone, OGE Energy Corp.

(OGE) trades at 19. 6x forward P/E versus 23. 1x for NiSource Inc. — 3. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NI: 4. 9% to $49. 80.

All stocks in this comparison pay dividends.

OGE Energy Corp. (OGE) offers the highest yield at 3. 5%, versus 2. 3% for MDU Resources Group, Inc. (MDU).

For long-horizon retirement investors, OGE Energy Corp.

(OGE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 07), 3. 5% yield, +110. 7% 10Y return). Both have compounded well over 10 years (OGE: +110. 7%, MDU: +224. 6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

These companies operate in different sectors (MDU (Industrials) and NI (Utilities) and OGE (Utilities)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.

In terms of investment character: MDU is a small-cap deep-value stock; NI is a mid-cap high-growth stock; OGE is a small-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.