With a market cap of $17.7 billion, NiSource Inc. (NI) is a leading regulated utility company providing natural gas (NGH25) and electric services to millions of customers across the Midwest and Northeast United States. Headquartered in Merrillville, Indiana, NiSource focuses on safe, reliable, and sustainable energy solutions, delivering its services through regulated subsidiaries while investing in infrastructure modernization and clean energy initiatives to support long-term growth.
Shares of NiSource have outperformed the broader market over the past 52 weeks. NI has risen 51.2% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 20.6%. In 2025, NI has edged up 3.2%, compared to SPX’s 2.5% gain on a YTD basis.
Zooming in further, NiSource has also outpaced the Utilities Select Sector SPDR Fund’s (XLU) 29.2% return over the past 52 weeks.
NiSource's shares climbed 2.1% on Oct. 30 following its Q3 earnings report. Revenue grew 3.8% year over year to $1.08 billion. Adjusted EPS of $0.20 exceeded expectations, rising 5.3% annually. The company reaffirmed its 2024 non-GAAP adjusted EPS guidance of $1.70 to $1.74 and projected 2025 EPS between $1.84 to $1.88. Extending its outlook to 2029, NiSource anticipates 6% to 8% annual EPS growth, driven by $19.3 billion in capital expenditures and 8% to 10% rate base growth. The updated five-year capital plan is $2.9 billion larger than the prior plan.
The company is all set to announce its fiscal Q4 earnings results on Wednesday, Feb. 12, before the market opens. For fiscal 2024, which ended in December, analysts expect NI’s EPS to grow 8.1% year-over-year to $1.73. The company's earnings surprise history is robust. It topped the consensus estimates in the last four quarters.
NI has a unanimous “Strong Buy” rating from all 14 analysts covering the stock.
The configuration has been stable over the past few months.
On Jan. 23, Guggenheim raised NI's price target to $42 from $38, reaffirming its “Buy” rating amid a broader utility sector reassessment.
The mean price target of $39.88 represents a premium of only 5.1% to NI's current levels. The Street-high price target of $43 implies a potential upside of 13.4% from the current price levels.
