NiSource, Inc (NI) Upgraded at Zacks Investment Research
NiSource, Inc (NYSE:NI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm currently has a $29.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.88% from the company’s current price.
According to Zacks, “Year to date, shares of NiSource have gained higher than the industry it belongs to. NiSource is benefiting from continued execution of its infrastructure investment strategy. NiSource will annually invest nearly $1.6–$1.8 billion in planned utility infrastructures from 2018 to 2020 and has identified long-term infrastructure investments worth $30 billion. Despite investing in upgrade programs, NiSource Inc. faces the risk of disruption in operation from its ageing infrastructure. NiSource’s rising debt level amid increasing interest rates is another concern.”
A number of other research firms have also recently weighed in on NI. Wells Fargo & Company initiated coverage on NiSource in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price target for the company. KeyCorp reaffirmed a “buy” rating and issued a $29.50 price target on shares of NiSource in a report on Friday, September 1st. Credit Suisse Group raised NiSource from an “underperform” rating to an “outperform” rating and upped their price target for the stock from $25.00 to $29.00 in a report on Monday, August 14th. Barclays PLC reaffirmed an “equal weight” rating and issued a $26.00 price target (up previously from $25.00) on shares of NiSource in a report on Thursday, June 1st. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $23.00 price target on shares of NiSource in a report on Friday, July 14th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. NiSource currently has an average rating of “Buy” and a consensus price target of $26.72.
NiSource (NYSE NI) traded down 1.65% on Friday, hitting $25.69. The stock had a trading volume of 2,014,187 shares. NiSource has a 52-week low of $21.17 and a 52-week high of $27.29. The company has a market cap of $8.37 billion, a price-to-earnings ratio of 29.80 and a beta of 0.39. The company has a 50 day moving average price of $26.75 and a 200-day moving average price of $25.30.
NiSource (NYSE:NI) last issued its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.10 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.10. The business had revenue of $990.70 million during the quarter, compared to analysts’ expectations of $934.95 million. NiSource had a return on equity of 9.17% and a net margin of 5.96%. During the same quarter in the previous year, the firm posted $0.09 EPS. On average, equities research analysts predict that NiSource will post $1.19 earnings per share for the current year.
In other news, Director Michael E. Jesanis acquired 2,000 shares of the business’s stock in a transaction on Monday, August 14th. The stock was bought at an average cost of $26.44 per share, for a total transaction of $52,880.00. Following the purchase, the director now owns 34,195 shares in the company, valued at $904,115.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.35% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of NI. Advisory Services Network LLC grew its position in shares of NiSource by 4.4% in the second quarter. Advisory Services Network LLC now owns 4,740 shares of the utilities provider’s stock valued at $120,000 after purchasing an additional 200 shares in the last quarter. CENTRAL TRUST Co grew its position in shares of NiSource by 454.0% in the second quarter. CENTRAL TRUST Co now owns 5,839 shares of the utilities provider’s stock valued at $148,000 after purchasing an additional 4,785 shares in the last quarter. TCI Wealth Advisors Inc. grew its position in shares of NiSource by 0.4% in the second quarter. TCI Wealth Advisors Inc. now owns 6,078 shares of the utilities provider’s stock valued at $154,000 after purchasing an additional 24 shares in the last quarter. LSV Asset Management purchased a new stake in shares of NiSource in the first quarter valued at approximately $159,000. Finally, Ameritas Investment Partners Inc. purchased a new stake in shares of NiSource in the first quarter valued at approximately $183,000. Institutional investors own 81.96% of the company’s stock.
NiSource Inc is an energy holding company. The Company is engaged in the distribution of natural gas. The Company operates through two business segments: Gas Distribution Operations and Electric Operations. The Company’s Gas Distribution Operations segment provides natural gas service and transportation for residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, Maryland, Indiana and Massachusetts.
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