MDU Resources (MDU) with small but unusual action this week as 5500 of the July $30 OTM calls have been bought to open around $0.45 to $0.50. MDU is starting to work out of a nice base on the daily this week with an 8/21 bull cross and room in this pocket to $28 but these calls see even further upside potential. MDU is a regulated energy delivery and construction materials and services business organized into five reportable business segments. These business segments include: electric, natural gas distribution, pipeline, construction materials and contracting, and construction services. MDU has a market cap of $5.4B and trades 11.7X Earnings, 8.9X EBITDA and 1.6X Book with a 3.26% yield. MDU forecasts see 3-5% revenue growth the next two years and 6-8% EBITDA growth. MDU’s largest pipeline project ever, North Bakken expansion, recently completed and came online in February. The construction business has record backlog of over $700M to start the year. MDU is an interesting combo of a Utility business and Construction business levered to US infrastructure, a potential break-up candidate. Analysts have an average target of $35 and short interest low at 1.2% of the float.