Based in Merrillville, Indiana, NiSource Inc. (NI) is a leading utility company committed to providing safe and reliable natural gas and electric services. With a market cap of $13.81 billion, NiSource is recognized for its dedication to infrastructure modernization and customer-centric energy solutions. The company's extensive network of utility operations spans multiple states, positioning it as a key player in the energy sector. NiSource is set to announce its fiscal Q2 earnings results on Wednesday, Aug. 7.
Ahead of the event, analysts expect NI to report a profit of $0.13 per share, up 18.2% from $0.11 per share in the year-ago quarter. In the last four quarters, the company has surpassed Wall Street’s bottom-line estimates in three and missed on another occasion.
Its adjusted earnings of $0.85 per share for the last quarter surpassed the consensus estimate by 4.9%. The earnings beat was driven by increased gas and electric sales and reduced operating expenses.
For fiscal 2024, analysts expect NI to report EPS of $1.72, up 7.5% from $1.60 in fiscal 2023.
NI stock is up 15.1% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 16.5% gains. However, it has outperformed the Utilities Select Sector SPDR Fund’s (XLU) 11% returns over the same time frame.
NI reported Q1 earnings on May 8. Revenue for the period was $1.71 billion, down 13.2% from the previous year. The stock declined 1.1% on the earnings release day but increased marginally the following day.
The consensus opinion on NI stock is bullish, with an overall “Strong Buy” rating. Out of 11 analysts covering the stock, 11 advise a “Strong Buy” rating. This configuration is more bullish than three months ago when the stock had 10 “Strong Buy” ratings. NI's average analyst price target is $32.15, indicating a potential upside of 5.2% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
