NiSource (NI) Rating Lowered to Hold at Zacks Investment Research
NiSource (NYSE:NI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “Shares of NiSource have gained higher than the industry it belongs to in the last 12 months. 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 2019 to 2020 and has identified long-term infrastructure investments worth $30 billion. The company is also working actively to reduce its carbon footprint by bringing down the coal usage. 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.”
Several other analysts also recently commented on the stock. Goldman Sachs Group upgraded shares of NiSource from a “neutral” rating to a “buy” rating and set a $23.00 target price for the company in a report on Wednesday, January 10th. Edward Jones upgraded shares of NiSource from a “hold” rating to a “buy” rating in a report on Tuesday, January 9th. Jefferies Group reiterated a “hold” rating and issued a $26.00 target price on shares of NiSource in a report on Wednesday, December 20th. Citigroup increased their target price on shares of NiSource from $28.00 to $31.00 and gave the company a “buy” rating in a report on Monday, November 20th. Finally, Credit Suisse Group increased their target price on shares of NiSource from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, November 2nd. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $27.32.
NiSource (NYSE:NI) last announced its earnings results on Wednesday, November 1st. The utilities provider reported $0.07 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.07. The company had revenue of $917.00 million during the quarter, compared to the consensus estimate of $901.00 million. NiSource had a net margin of 5.61% and a return on equity of 8.97%. During the same quarter in the prior year, the company posted $0.06 earnings per share. equities research analysts predict that NiSource will post 1.2 earnings per share for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC grew its position in NiSource by 31.3% during the second quarter. FMR LLC now owns 855,250 shares of the utilities provider’s stock valued at $21,689,000 after buying an additional 203,941 shares during the period. Swiss National Bank grew its position in NiSource by 1.1% during the third quarter. Swiss National Bank now owns 1,191,700 shares of the utilities provider’s stock valued at $30,496,000 after buying an additional 13,200 shares during the period. Janus Henderson Group PLC grew its position in NiSource by 29.6% during the third quarter. Janus Henderson Group PLC now owns 401,087 shares of the utilities provider’s stock valued at $10,263,000 after buying an additional 91,675 shares during the period. Prudential Financial Inc. grew its position in NiSource by 8.7% during the third quarter. Prudential Financial Inc. now owns 660,083 shares of the utilities provider’s stock valued at $16,892,000 after buying an additional 52,620 shares during the period. Finally, Intl Fcstone Inc. grew its position in NiSource by 79.0% during the second quarter. Intl Fcstone Inc. now owns 29,133 shares of the utilities provider’s stock valued at $739,000 after buying an additional 12,862 shares during the period. Institutional investors own 82.20% 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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