NiSource Draws Moderate Buy Consensus After Mixed Third-Quarter Earnings
NiSource beat third-quarter profit forecasts despite mixed revenue reports, maintaining a consensus Moderate Buy rating from Wall Street as institutional investors adjust holdings.
NiSource Inc. continues to hold a Moderate Buy consensus rating from Wall Street analysts following its third-quarter financial results. Coverage tracked by Barchart shows 11 Strong Buy, one Moderate Buy, and five Hold ratings among 17 analysts, with a mean price target of $48.25. Meanwhile, MarketBeat data indicates 12 Buy ratings and one Hold, producing an average 12-month target of $48.58.
The Indiana-based utility reported adjusted earnings of $0.27 per share on Wednesday, October 28th, beating the consensus estimate of $0.23 and rising from $0.19 in the same period last year. Revenue figures differed between trackers, with one reporting $1.4 billion that missed expectations, while another cited $1.35 billion, slightly exceeding estimates of $1.34 billion. The company anticipates full-year earnings between $2.02 and $2.07 per share, while consensus estimates point to $2.06.
Institutional investors have actively shifted positions in the utility provider, where institutions hold 91.64% of the shares. Pictet Asset Management Holding SA lowered its stake by 9.9% in the third quarter by selling 493,749 shares, leaving it with 4,507,633 shares valued at $175,798,000. Conversely, Vise Technologies Inc. increased its holdings by 55.3% to 207,797 shares, and Mirae Asset Global Investments Co. Ltd. established a new position of 122,575 shares.
Insider filings also revealed recent executive trading. Chief Financial Officer Shawn Anderson sold 6,500 shares on Friday, October 30th, at an average price of $45.00 through a pre-arranged Rule 10b5-1 plan, retaining 160,080 shares. Earlier, on Friday, August 14th, Executive Vice President Melody Birmingham sold 37,509 shares at an average price of $42.40. Insiders maintain a 0.37% stake in the company.
NiSource recently declared a quarterly dividend of $0.30 per share, payable on Friday, November 20th, to shareholders of record as of Friday, October 30th. This represents an annualized payout of $1.20 and a dividend yield of 2.7%, supported by a dividend payout ratio of 61.54%.