MDU Resources falls after launching $200 million share sale

Electricity and natural gas utility provider MDU Resources' MDU.N shares fall 2.4% to $19.75 in extended trading

MDU unveils public offering of $200 million of shares with forward sale component

It plans to enter into forward sale agreements with bookrunners Wells Fargo Securities, BofA Securities and J.P. Morgan

Upon settlement of such agreements, expected to occur no later than 24 months following the completion of the offering, MDU plans to use net proceeds for general purposes, including debt repayment and acquisitions, among other purposes

With 204 million outstanding shares, MDU has ~$4.1 billion market cap, per LSEG data

Three of five brokerages rate the stock "buy" or higher and two "hold"; median PT $21

As of last close, MDU stock up 12% YTD