NiSource
NI
$44.53
0NiSource Inc. is a regulated natural gas and electric utility holding company serving approximately 3.8 million customers across seven states, with its primary operations in Indiana, Ohio, and Pennsylvania. As one of the largest natural gas distribution companies in the U.S., NiSource operates through regulated segments, providing essential energy infrastructure and services. The company is currently focused on executing its multi-year capital investment plan to modernize its gas distribution systems and transition toward cleaner energy sources, which has attracted investor attention due to the potential for rate base growth and earnings expansion. However, the stock faces headwinds from rising interest rates, regulatory scrutiny, and the cyclicality of utility demand, making its growth narrative a subject of debate among investors.…
NI
NiSource
$44.53
NI 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on NiSource's 12-month outlook, with a consensus price target around $51.17 and implied upside of +14.9% versus the current price.
Average Target
$51.17
0 analysts
Implied Upside
+14.9%
vs. current price
Analyst Count
—
covering this stock
Price Range
$43 - $55
Analyst target range
NiSource is covered by 15 analysts, with a consensus recommendation of 'Buy' and a mean recommendation score of 1.625 (where 1 is Strong Buy and 5 is Sell). The average price target is $51.17, implying an upside of approximately 15.2% from the current price of $44.43. The distribution of ratings is bullish, with no Sell ratings and a majority of Buy or Overweight ratings, reflecting confidence in the company's growth strategy. The target price range spans from $43.00 to $55.00, with the low end slightly below the current price, indicating some analysts see limited downside, while the high end suggests potential for significant appreciation if the company executes its capital plan and regulatory outcomes are favorable. Recent ratings actions have been predominantly positive, with Jefferies upgrading from Hold to Buy in October 2025, and firms like Wells Fargo and Barclays maintaining Overweight ratings, signaling a constructive outlook. The relatively wide spread between the low and high targets (28% difference) reflects uncertainty around regulatory decisions and interest rate movements, but the overall sentiment remains positive.
NI Technical Analysis
NiSource's stock has exhibited a broadly upward trend over the past year, with a 1-year price change of +4.66%, though it has underperformed the S&P 500's +18.19% gain. The current price of $44.43 sits at approximately 72% of its 52-week range (between $38.45 low and $49.21 high), indicating a pullback from the highs but still above the midpoint. This positioning suggests the stock is in a consolidation phase after a strong run, with the 52-week high representing a key resistance level that has been tested multiple times but not yet decisively broken.
Beta
0.55
0.55x market volatility
Max Drawdown
-9.5%
Largest decline past year
52-Week Range
$38-$49
Price range past year
Annual Return
+2.8%
Cumulative gain past year
| Period | NI Return | S&P 500 |
|---|---|---|
| 1m | -6.9% | +3.6% |
| 3m | -6.3% | +5.1% |
| 6m | +1.4% | +13.8% |
| 1y | +2.8% | +22.2% |
| ytd | +5.6% | +13.1% |
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NI Fundamental Analysis
NiSource's revenue trajectory shows solid growth, with the most recent quarter (Q1 2026) reporting revenue of $2.363 billion, up 8.24% year-over-year from $2.183 billion in Q1 2025. This growth is driven by rate base expansion and increased infrastructure investment, though the quarterly revenue pattern is seasonal, with Q1 typically the strongest due to winter heating demand. The company's net income for Q1 2026 was $507.1 million, a significant increase from $474.8 million in the prior-year quarter, reflecting a net margin of 21.46% versus 21.75% in Q1 2025, indicating stable profitability. Gross margin improved to 59.48% from 50.75% in the year-ago quarter, driven by cost management and rate case outcomes, while operating margin expanded to 34.67% from 34.78%, showing operational efficiency.
Quarterly Revenue
$2.4B
2026-03
Revenue YoY Growth
+8.2%
YoY Comparison
Gross Margin
59.5%
Latest Quarter
Free Cash Flow
$-831999999.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is NI Overvalued?
Given NiSource's positive net income, the trailing P/E ratio of 21.31x is the primary valuation metric, with a forward P/E of 19.72x, implying the market expects earnings growth of approximately 8% over the next year. The PEG ratio of 1.05x suggests the stock is fairly valued relative to its expected growth rate, which is reasonable for a regulated utility. Compared to the industry average P/E of approximately 18x for utilities, NiSource trades at a premium of about 18%, which may be justified by its higher-than-average growth prospects and strong margins. Historically, the stock's P/E has ranged from as low as 7.79x in Q1 2022 to as high as 68.38x in Q2 2023, with the current level near the lower end of its five-year band, indicating potential undervaluation relative to its own history.
PE
21.3x
Latest Quarter
vs. Historical
Low-End
5-Year PE Range 8x~68x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
11.9x
Enterprise Value Multiple