JPMorgan Chase & Co. Cuts NiSource (NI) Price Target to $28.00

NiSource (NYSE:NI) had its target price reduced by JPMorgan Chase & Co. from $29.00 to $28.00 in a research report released on Friday, MarketBeat Ratings reports. They currently have a buy rating on the utilities provider’s stock.

A number of other equities analysts also recently commented on NI. Mizuho downgraded shares of NiSource from a buy rating to a neutral rating in a report on Friday, October 19th. Zacks Investment Research downgraded shares of NiSource from a buy rating to a hold rating in a report on Tuesday, July 17th. ValuEngine downgraded shares of NiSource from a hold rating to a sell rating in a report on Friday, September 14th. Guggenheim reiterated a buy rating and issued a $28.00 target price on shares of NiSource in a report on Monday, July 23rd. Finally, Bank of America reduced their target price on shares of NiSource from $28.00 to $27.00 and set a buy rating for the company in a report on Monday, October 15th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $27.27.

NI stock opened at $25.93 on Friday. The company has a quick ratio of 0.26, a current ratio of 0.40 and a debt-to-equity ratio of 1.52. The stock has a market capitalization of $9.23 billion, a P/E ratio of 21.43, a PEG ratio of 3.57 and a beta of 0.12. NiSource has a 1-year low of $22.44 and a 1-year high of $28.11.

NiSource (NYSE:NI) last released its quarterly earnings data on Thursday, November 1st. The utilities provider reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.04. The firm had revenue of $895.00 million during the quarter, compared to the consensus estimate of $946.10 million. NiSource had a positive return on equity of 9.30% and a negative net margin of 1.82%. During the same period in the previous year, the company posted $0.07 earnings per share. On average, sell-side analysts anticipate that NiSource will post 1.3 EPS for the current fiscal year.

In other news, EVP Carrie J. Hightman sold 27,000 shares of the business’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $26.75, for a total transaction of $722,250.00. Following the sale, the executive vice president now owns 325,066 shares in the company, valued at $8,695,515.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Donald Eugene Brown sold 2,400 shares of the business’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $26.50, for a total value of $63,600.00. Following the sale, the chief financial officer now owns 49,167 shares in the company, valued at approximately $1,302,925.50. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of NI. Massachusetts Financial Services Co. MA grew its stake in shares of NiSource by 55.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 4,331,017 shares of the utilities provider’s stock worth $113,819,000 after acquiring an additional 1,553,750 shares during the last quarter. Millennium Management LLC grew its stake in shares of NiSource by 159.2% during the second quarter. Millennium Management LLC now owns 1,595,126 shares of the utilities provider’s stock worth $41,920,000 after acquiring an additional 979,679 shares during the last quarter. Commonwealth Bank of Australia grew its stake in shares of NiSource by 26.0% during the second quarter. Commonwealth Bank of Australia now owns 4,515,170 shares of the utilities provider’s stock worth $118,421,000 after acquiring an additional 930,870 shares during the last quarter. State of New Jersey Common Pension Fund D grew its stake in shares of NiSource by 516.1% during the third quarter. State of New Jersey Common Pension Fund D now owns 955,000 shares of the utilities provider’s stock worth $23,799,000 after acquiring an additional 800,000 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in NiSource by 7.5% in the second quarter. Legal & General Group Plc now owns 3,191,033 shares of the utilities provider’s stock valued at $83,833,000 after buying an additional 223,567 shares during the last quarter. Institutional investors and hedge funds own 90.72% of the company’s stock.

About NiSource

NiSource Inc, an energy holding company, operates as a regulated natural gas and electric utility company in the United States. The company operates in two segments, Gas Distribution Operations and Electric Operations. It provides natural gas service and transportation to residential, commercial, and industrial customers; generates, transmits, and distributes electricity; and offers wholesale and transmission transaction services.

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