Company Reports

NiSource's focus on electric and gas infrastructure, including renewable energy, creates growth opportunities that could last for a decade or longer.

We plan to increase our fair value estimate for NiSource to $34 per share from $33 after incorporating first-quarter earnings and other updates that support our outlook. We are reaffirming our narrow economic moat rating.

We are reaffirming our $33 fair value estimate and narrow moat rating for NiSource after the company reported earning $1.60 per share on an adjusted basis in 2023, in line with our estimate and at the top end of management's guidance range. Operating earnings were up 9% from 2022.

NiSource's focus on electric and gas infrastructure, including renewable energy, creates growth opportunities that could last for a decade or longer.

With the U.N. Climate Change Conference, otherwise known as COP28, starting this week, we are reasserting our view that the market underappreciates utilities' critical role in limiting global warming.

We are reaffirming our $33 fair value estimate and narrow moat rating for NiSource after meeting with management.

NiSource's focus on electric and gas infrastructure, including renewable energy, creates a long runway of growth opportunities.

We are reaffirming our $33 fair value estimate for NiSource after the company reported $0.19 per share of operating earnings in the third quarter, up from $0.10 in the same period last year. Year-to-date earnings are up 10% from last year and on track to meet our full-year estimate and the high end of management's $1.54-$1.60 EPS guidance range. We are reaffirming our narrow moat rating.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

We are reaffirming our $33 fair value estimate for NiSource after the company reported $0.11 per share of weather-adjusted operating earnings in the second quarter, down from $0.12 in the second quarter of 2022. First-half earnings are up 1% and on track to meet our full-year expectations for 7% growth given the large revenue step-ups that will take effect in the second half of the year. We are reaffirming our narrow moat rating.

We are raising our fair value estimate to $33 from $32 after NiSource announced a deal to sell a 19.9% interest in its largest subsidiary, NIPSCO, to Blackstone Infrastructure Partners. We are reaffirming our narrow moat and stable moat trend ratings. The stock trades at a 17% discount to our updated fair value estimate.

NiSource continues to transition away from its roots as a natural gas distribution and midstream company. An increasing focus on electric infrastructure and renewable energy will be a key growth driver in the coming years, creating a more even mix of earnings from its natural gas and electric businesses.

We are reaffirming our $32 fair value estimate for NiSource after meeting with management and learning more about the strategic decision to sell a minority stake in its largest subsidiary, NIPSCO. We are reaffirming our narrow moat and stable moat trend ratings.

NiSource continues to transition from its roots as a natural gas distribution and midstream company. An increasing focus on electric infrastructure and renewable energy will be a key growth driver in the coming years, creating a more even mix of earnings from its natural gas and electric businesses.

We are reaffirming our $32 fair value estimate for NiSource after the company announced $0.77 per share of operating earnings in the first quarter, up from $0.75 in the first quarter of 2022 despite abnormally warm winter weather that depressed gas demand. Results are on track to meet our full-year expectations. We are reaffirming our narrow moat and stable moat trend ratings.

We are reaffirming our $32 fair value estimate for NiSource after the company announced it reached a settlement in its Indiana electric rate review case, one of the largest in recent years. We are also reaffirming our narrow moat and stable moat trend ratings.

We are reaffirming our $32 fair value estimate for NiSource after the company announced $1.47 in operating earnings per share for 2022, up 7% from 2021. Results were in line with our expectations. We are reaffirming our narrow moat and stable moat trend ratings.

NiSource continues to transition away from its roots as a natural gas distribution and midstream company. An increasing focus on electric infrastructure and renewable energy will be a key growth driver in the coming years, creating a more even mix of earnings from its natural gas and electric businesses.

We are reaffirming our $32 fair value estimate after NiSource announced a strategic plan focused on strengthening the balance sheet, managing operating costs, and increasing capital investments, all in line with our expectations. We are reaffirming our narrow moat and stable moat trend ratings.

We are reaffirming our $32 fair value estimate, narrow moat, and stable moat trend ratings for NiSource after reviewing recent regulatory developments. NiSource remains one of our top utilities picks, trading at a 22% discount to our fair value estimate.