NiSource (NYSE:NI) Hits New 12-Month High Following Analyst Upgrade

NiSource Inc. (NYSE:NI) reached a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $35.00 to $38.00. Wells Fargo & Company currently has an overweight rating on the stock. NiSource traded as high as $35.13 and last traded at $35.10, with a volume of 2589289 shares changing hands. The stock had previously closed at $34.49.

Other analysts have also recently issued research reports about the stock. Mizuho initiated coverage on shares of NiSource in a research note on Thursday, July 11th. They issued an “outperform” rating and a $33.00 target price for the company. Barclays raised their target price on shares of NiSource from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 13th. Evercore ISI raised their target price on shares of NiSource from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. BMO Capital Markets raised their target price on shares of NiSource from $34.00 to $36.00 and gave the stock an “outperform” rating in a research note on Thursday, September 12th. Finally, Bank of America began coverage on shares of NiSource in a research note on Thursday, September 12th. They issued a “buy” rating and a $37.00 target price for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $35.50.

Hedge Funds Weigh In On NiSource

Several hedge funds have recently added to or reduced their stakes in NI. MCF Advisors LLC purchased a new stake in shares of NiSource during the second quarter worth about $25,000. Ashton Thomas Private Wealth LLC acquired a new position in NiSource in the 2nd quarter valued at $25,000. First Financial Corp IN acquired a new position in NiSource in the 1st quarter valued at $31,000. Crewe Advisors LLC acquired a new position in NiSource in the 1st quarter valued at $31,000. Finally, Fidelis Capital Partners LLC acquired a new position in NiSource in the 1st quarter valued at $43,000. 91.64% of the stock is currently owned by hedge funds and other institutional investors.

NiSource Price Performance

The company has a fifty day simple moving average of $33.48 and a two-hundred day simple moving average of $30.45. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.63 and a current ratio of 0.78. The company has a market capitalization of $15.67 billion, a price-to-earnings ratio of 22.85, a P/E/G ratio of 2.84 and a beta of 0.51.

NiSource (NYSE:NI) last announced its quarterly earnings data on Wednesday, August 7th. The utilities provider reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.06. NiSource had a net margin of 14.76% and a return on equity of 9.15%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the company earned $0.11 EPS. As a group, research analysts anticipate that NiSource Inc. will post 1.72 earnings per share for the current year.

NiSource Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Thursday, October 31st will be given a dividend of $0.265 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.06 dividend on an annualized basis and a yield of 3.03%. NiSource’s dividend payout ratio (DPR) is 69.28%.

About NiSource

NiSource Inc, an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Gas Distribution Operations and Electric Operations. The company distributes natural gas to approximately 3.3 million customers through approximately 55,000 miles of distribution main pipeline and the associated individual customer service lines; and 1,000 miles of transmission main pipeline in northern Indiana, Ohio, Pennsylvania, Virginia, Kentucky, and Maryland.