With a market cap of around $21 billion, NiSource Inc. (NI) provides natural gas and electric utility services across several U.S. states, serving approximately 2.9 million residential, commercial, and industrial customers. It operates through its Columbia Operations and NIPSCO Operations segments, with a diverse portfolio of natural gas, coal, wind, hydro, and solar generation assets.
Shares of the Merrillville, Indiana-based company have outperformed the broader market over the past 52 weeks. NI stock has surged 17.9% over this time frame, while the broader S&P 500 Index ($SPX) has gained 14.8%. Moreover, the stock has returned 5.5% on a YTD basis, compared to SPX's 1.3% rise.
Narrowing the focus, NI stock has also outpaced the State Street Utilities Select Sector SPDR ETF’s (XLU) 11.8% increase over the past 52 weeks.
Despite NiSource’s better-than-expected Q3 2025 revenue of $1.27 billion, its stock fell 2.1% on Oct. 29. The company’s adjusted EPS of $0.19 missed the consensus estimate and declined from $0.20 in the prior-year quarter. Additionally, investors likely reacted cautiously to the announcement of a massive $28 billion capital expenditure plan - a 45% increase over the prior plan.
For the fiscal year that ended in December 2025, analysts expect NI’s adjusted EPS to increase 7.4% year-over-year to $1.88. The company’s earnings surprise history is mixed. It surpassed the consensus estimate in three of the last four quarters while missing on another occasion.
Among the 15 analysts covering NI stock, the consensus is a “Strong Buy.” That’s based on 11 “Strong Buy” ratings and four “Holds”.
On Jan. 20, Wells Fargo analyst Shahriar Pourreza maintained an "Overweight" rating on NiSource stock and increased its price target from $47 to $49.
The mean price target of $47 represents a premium of 6.9% to NI's current price. The Street-high price target of $50 suggests a 13.7% potential upside.
