NiSource Inc (NI) Stock Analysis
Breakout setup
Utilities · Utilities - Regulated Gas
Sell if holding. Analyst target reached at $47.69 — A.R:R is negative (-1.2) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Near 52-week high (2.7% away).
NiSource is a regulated energy holding company serving approximately 3.8 million natural gas and electric customers across six states through Columbia Operations (Ohio, Pennsylvania, Virginia, Kentucky, Maryland) and NIPSCO Operations (northern Indiana). Revenue is substantially... Read more
Sell if holding. Analyst target reached at $47.69 — A.R:R is negative (-1.2) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Near 52-week high (2.7% away). Chart setup: Golden cross, above all MAs, RSI 49, MACD bullish. Score 5.2/10, moderate confidence.
Passes 7/8 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, earnings proximity 50d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: moderate.
About NiSource Inc
About NiSource Inc
NiSource's two fully regulated subsidiaries serve 3.8 million customers in six states: Columbia Operations distributes natural gas to about 2.4 million customers in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland, while NIPSCO provides gas and electric service to roughly 1.4 million customers in northern Indiana. State commissions have authorized ROEs of 9.60% (Columbia of Ohio) to 10.00% (Columbia of Pennsylvania) across recent rate cases, with NIPSCO Electric's Step 1 rates taking effect in July 2025. NIPSCO's total generation capacity stands at 3,967 MW spanning coal, natural gas, wind, solar, and storage.
Both Columbia Operations and NIPSCO earn revenue through cost-of-service tariffs with gas cost adjustment clauses (GCAs), fuel adjustment clauses (FACs for electric), and weather normalization mechanisms that partially decouple revenues from consumption volumes. Columbia of Ohio uses a straight fixed-variable rate design that recovers fixed costs through fixed charges; Columbia of Maryland and Columbia of Virginia have regulatory approval for weather and revenue normalization adjustments. In September 2025, NiSource executed the ADS Contract under which NIPSCO will procure power from new subsidiary GenCo to supply a data center customer; GenCo plans to develop 400 MW of battery storage and two 1,300 MW combined-cycle gas turbines expected online between 2028 and 2032. Coal retirement is also underway: R.M. Schahfer's coal units (722 MW) were subject to a December 2025 emergency order from the U.S. Secretary of Energy to remain in service through March 23, 2026, while the Michigan City coal facility (455 MW) is scheduled to retire by end of 2028.
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NiSource's partnership with ADS creates a customer concentration exposure the 10-K explicitly calls a standalone risk category. If construction of the two 1,300 MW CCGTs or the 400 MW battery storage system is delayed, or if MISO capacity accreditation rules change to reduce the value of the constructed resources, the company would bear initial capital costs while ADS cost-sharing only materializes over an extended recovery period. The ADS Contract's return structure differs from NIPSCO's traditional regulated utility model, and cost overruns under the EPC contracts could reduce returns below the regulated baseline that NiSource's other capital projects are designed to earn.
See also: Utilities · Utilities - Regulated Gas
From NiSource Inc's most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-06-15Recent Developments — NiSource Inc
Latest news
- NEWS Analysts Offer Insights on Utilities Companies: Nisource (NI) and Constellation Energy Corporation (CEG) - The Globe and — The Globe and Mail neutral
- NEWS NI Stock Edges Higher After-Hours On Deals With Alphabet, Amazon - Stocktwits — Stocktwits positive
- NEWS NiSource rises after signing data center deals with Google, Amazon (NI:NYSE) - Seeking Alpha — Seeking Alpha positive
- NEWS NiSource stock jumps 3% on data center deals with Alphabet, Amazon - Investing.com — Investing.com positive
- NEWS NiSource (NI) Sees 2.64% Gain in Premarket Trading Amid Market O - GuruFocus — GuruFocus positive
Generated 2026-06-17T08:31:52Z.
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Rating Breakdown
1 floor-breaker
Growth below the gate floor. Component breakdown shows what dragged the score down.static
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Verdict History
Frequently Asked Questions
Sell if holding. Analyst target reached at $47.69 — A.R:R is negative (-1.2) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Near 52-week high (2.7% away). Chart setup: Golden cross, above all MAs, RSI 49, MACD bullish. Prior stop was $46.01. Score 5.2/10, moderate confidence.
Take-profit target: $47.09 (-1.2% upside). Prior stop was $46.01. Stop-loss: $46.01.
Analyst target reached - limited upside remaining; Near 52-week high (2.7% away); Leverage penalty (D/E 1.4): -0.5.
NiSource Inc trades at a P/E of 23.5 (forward 21.0). TrendMatrix value score: 5.1/10. Verdict: Sell.
24 analysts cover NI with a consensus score of 4.2/5. Average price target: $51.
What does NiSource Inc do?NiSource is a regulated energy holding company serving approximately 3.8 million natural gas and electric customers...
NiSource is a regulated energy holding company serving approximately 3.8 million natural gas and electric customers across six states through Columbia Operations (Ohio, Pennsylvania, Virginia, Kentucky, Maryland) and NIPSCO Operations (northern Indiana). Revenue is substantially all rate-regulated; it also executed the ADS Contract in 2025 for customized electric service to a data center customer through its GenCo subsidiary. NiSource derives substantially all revenues and earnings from its regulated utility subsidiaries.