ISIN: US65473P1057 | Symbol: NI | CUSIP: 65473P105 | CIK: 0001111711 | SEDOL: 2640244
NiSource Inc. (NYSE: NI) is a leading utility holding company serving millions of customers across several U.S. states through its local brands, Columbia Gas and NIPSCO. For investors tracking NiSource stock, monitoring the real-time price and upcoming dividend announcements is crucial, especially given the company’s consistent track record of returning value to shareholders. As a regulated utility, NiSource is often viewed as a defensive play in a volatile market, and understanding the current NI stock forecast requires a deep dive into its capital investment plans and regulatory environment. Whether you are analyzing long-term growth potential or seeking stable income, staying updated on NI stock performance is essential for making informed investment decisions in the utility sector.
Analyzing the historical price action of NiSource reveals a stock that tends to exhibit lower beta and higher resilience during economic downturns, driven by its 100% regulated utility operations. Current market analysis highlights NiSource’s strategic shift towards decarbonization and infrastructure modernization, with significant capital expenditures planned through 2025-2029. These investments are key drivers for the NI stock forecast, as they support rate base growth and long-term earnings per share (EPS) targets. For income-focused portfolios, the dividend yield of NiSource remains a primary attraction, backed by a stable payout ratio and the company’s commitment to sustainable financial growth.
Technical Analysis Nisource (NI) Stock
When performing a technical analysis of NiSource (NI) stock, investors often look at key trend indicators such as the 50-day and 200-day moving averages to identify potential entry and exit points. Due to its utility nature, NI stock frequently trades based on interest rate sensitivity, making the Relative Strength Index (RSI) and MACD essential tools for spotting overbought or oversold conditions. Combined with volume analysis, these technical indicators provide a clearer picture of market sentiment and price momentum. By monitoring critical support and resistance levels, traders can better navigate the real-time fluctuations and align their strategies with the broader utility sector trends.
Fundamental Analysis Nisource (NI) Stock
A thorough fundamental analysis of NiSource (NI) focuses on its robust regulated business model, which provides highly predictable cash flows and earnings stability. Investors evaluate key metrics such as the Price-to-Earnings (P/E) ratio, debt-to-equity levels, and return on equity (ROE) to gauge the company’s financial health relative to its utility peers. As NiSource continues its transition toward cleaner energy sources, its ability to secure favorable regulatory outcomes and manage its capital intensive projects is vital for maintaining its investment-grade credit rating. Understanding these fundamental drivers, along with annual revenue trends and net income growth, is essential for determining the intrinsic value of NI stock and its sustainability as a long-term core holding.
Nisource (NI) Analyst Opinions
Strong Buy
$47.50
$28 – $50
| Date | Analyst Firm | Rating Action | Price Target |
|---|---|---|---|
| 12/17/25 | UBS | Maintained Buy | $48 |
| 12/04/25 | Mizuho | Maintained Buy | $50 |
| 10/31/25 | Jefferies & Company Inc. | Upgraded to Buy | $50 |
| 10/30/25 | Evercore | Maintained Hold | $47 |
| 10/28/25 | Wells Fargo & Co | Maintained Buy | $47 |
| 10/21/25 | Barclays Capital | Maintained Buy | $46 |
| 10/20/25 | Evercore | Maintained Hold | $46 |
| 10/07/25 | Evercore | Maintained Hold | $45 |
| 09/29/25 | BMO Capital Markets | Maintained Buy | $47 |
| 09/05/25 | Jefferies & Company Inc. | Downgraded to Hold | $44 |
| 08/04/25 | Barclays Capital | Maintained Buy | $44 |
| 05/08/25 | Guggenheim | Maintained Buy | $43 |
| 05/08/25 | Wells Fargo & Co | Maintained Buy | $45 |
| 04/28/25 | BMO Capital Markets | Maintained Buy | $43 |
| 04/25/25 | Barclays Capital | Maintained Buy | $42 |
| 04/24/25 | J.P. Morgan | Maintained Buy | $43 |
| 03/26/25 | Mizuho | Maintained Buy | $44 |
| 03/21/25 | UBS | Maintained Buy | $45 |
| 02/13/25 | Wells Fargo & Co | Maintained Buy | $43 |
| 07/16/24 | BMO Capital Markets | Maintained Buy | $32 |
| 07/15/24 | Barclays Capital | Maintained Buy | $34 |
| 07/11/24 | Mizuho | Maintained Buy | $33 |
| 06/18/24 | BMO Capital Markets | Maintained Buy | $31 |
| 05/14/24 | Barclays Capital | Maintained Buy | $31 |
| 05/09/24 | Evercore | Maintained Buy | $32 |
| 05/09/24 | BMO Capital Markets | Maintained Buy | $31 |
| 02/22/24 | Barclays Capital | Maintained Buy | $29 |
| 01/22/24 | Barclays Capital | Maintained Buy | $28 |
* Scroll inside the table to view the full history of analyst ratings for Nisource (NI).
Where to Trade NiSource Stock
While NiSource Inc. (NI) is primarily listed on the New York Stock Exchange (NYSE) and is a key component of the S&P 500, its stock is accessible to global investors through various international trading platforms. As a major U.S. utility provider, NiSource offers liquidity and stability, attracting institutional investors and retail traders across multiple equity markets who seek exposure to the regulated energy sector.
| Exchange | Ticker | Currency | Region |
|---|---|---|---|
| New York Stock Exchange | NI | USD | United States |
| Deutsche Börse (XETRA) | N6I | EUR | Germany |
| Bolsa Mexicana de Valores | NI * | MXN | Mexico |
| London Stock Exchange | 0I0N | USD | United Kingdom |
| Borsa Italiana | NI | EUR | Italy |
| Wiener Börse (Vienna Stock Exchange) | NI | EUR | Austria |
| B3 РBrasil Bolsa Balc̣o | N1NI34 | BRL | Brazil |
Nisource (NI) Estimates* in USD
| Metric | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|---|
| Revenue | 6,139 | 6,384 | 6,649 | 7,212 | 7,905 |
| Dividend | 1.13 | 1.21 | 1.30 | – | 1.50 |
| Dividend Yield (in %) | 2.70 % | 2.89 % | 3.09 % | 3.37 % | 3.59 % |
| EPS | 1.89 | 2.04 | 2.21 | – | 2.62 |
| P/E Ratio | 22.24 | 20.53 | 18.97 | 17.20 | 16.01 |
| EBIT | 1,765 | 1,957 | 2,174 | 2,493 | 2,399 |
| EBITDA | 2,899 | 3,199 | 3,514 | 3,925 | 4,539 |
| Net Profit | 904 | 995 | 1,096 | 1,254 | 1,420 |
| Net Profit Adjusted | 907 | 996 | 1,097 | 1,265 | 1,453 |
| Pre-Tax Profit | 1,172 | 1,269 | 1,371 | 1,494 | 1,463 |
| Pre-Tax Profit Reported | 1,176 | 1,292 | 1,429 | – | – |
| EPS (Non-GAAP) ex. SOE | 1.89 | 2.04 | 2.21 | – | 2.62 |
| EPS (GAAP) | 1.97 | 2.12 | 2.27 | 2.52 | 2.79 |
| Gross Income | 4,796 | 5,035 | 5,212 | – | – |
| Cash Flow from Investing | -4,396 | -3,775 | -3,775 | -3,800 | – |
| Cash Flow from Operations | 2,148 | 2,333 | 2,527 | 2,783 | 3,018 |
| Cash Flow from Financing | 2,185 | 1,328 | 1,232 | 1,045 | – |
| Cash Flow per Share | 4.46 | 4.74 | 4.94 | – | – |
| Free Cash Flow | -810 | -732 | -726 | – | – |
| Free Cash Flow per Share | – | – | – | – | – |
| Book Value per Share | 22.58 | 23.96 | 25.47 | 25.12 | – |
| Net Debt | 16,419 | 17,871 | 19,991 | – | – |
| Research & Development Exp. | – | – | – | – | – |
| Capital Expenditure | 4,195 | 4,800 | 5,103 | 5,837 | 6,038 |
| Selling, General & Admin. Exp. | 1,928 | 1,933 | 1,946 | – | – |
| Shareholder’s Equity | 9,964 | 10,509 | 11,166 | 9,839 | 6,889 |
| Total Assets | 35,019 | 37,615 | 40,890 | 45,866 | – |
* Average Estimates in Million (e.g. Revenue) or per share (e.g. Dividend). Source: FactSet. Scroll vertically to see all metrics.
NiSource (NI) Income Statements
| Income Statements (Mio. USD) | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Sales | 5,455.10 | 5,505.40 | 5,850.60 | 4,899.60 | 4,681.70 | 5,208.90 | 5,114.50 |
| Change of sales in % | -0.91 | -5.90 | 19.41 | 4.65 | -10.12 | 1.85 | 4.92 |
| Gross profit on sales | 3,279.70 | 3,063.90 | 2,919.30 | 2,758.90 | 2,846.50 | 2,956.70 | 2,753.60 |
| Gross profit change in % | 7.04 | 4.95 | 5.81 | -3.08 | -3.73 | 7.38 | -1.15 |
| Operating income | 1,464.50 | 1,298.40 | 1,161.60 | 1,014.60 | 961.40 | 1,305.20 | 125.90 |
| Operating income change in % | 12.79 | 11.78 | 14.49 | 5.53 | -26.34 | 936.70 | -86.26 |
| Income before tax | 1,002.80 | 813.90 | 956.40 | 706.60 | -31.30 | 506.60 | -230.60 |
| Income before tax change in % | 23.21 | -14.90 | 35.35 | – | – | – | – |
| Income after tax | 758.80 | 713.70 | 804.10 | 584.90 | -17.60 | 383.10 | -50.60 |
| Income after tax change in % | 6.32 | -11.24 | 37.48 | – | – | – | – |
* All figures in Millions of USD. Data reflects fiscal year performance. Scroll horizontally to view the full 7-year history.
NiSource (NI) Balance Sheet
| Balance Sheet (Mio. USD) | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Total liabilities | 21,796.30 | 21,699.30 | 19,856.60 | 17,987.60 | 17,403.20 | 18,086.20 | 17,556.00 |
| Long-term liabilities per share | 37.64 | 36.73 | 36.87 | 37.60 | 38.60 | 37.53 | 36.31 |
| Equity | 10,668.30 | 10,136.30 | 7,901.80 | 7,272.90 | 5,837.80 | 5,986.70 | 5,750.90 |
| Equity change in % | 11.57 | 29.10 | 11.63 | 10.85 | -4.59 | 4.84 | 12.75 |
| Balance sheet total | 32,464.60 | 31,835.60 | 27,758.40 | 25,260.50 | 23,241.00 | 24,072.90 | 23,306.90 |
| Total assets change in % | 1.98 | 14.69 | 9.89 | 8.69 | -3.46 | 3.29 | 9.74 |
* Figures in Millions of USD except per share data. Data reflects fiscal year performance. Scroll horizontally to view the full 7-year history.
NiSource (NI) Key Data & Ratios
| Key Financial Metrics (USD) | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Sales per share | 11.96 | 12.29 | 13.22 | 11.74 | 12.18 | 13.85 | 14.35 |
| P/E ratio (basic EPS) | 22.71 | 17.95 | 16.21 | 21.75 | – | 31.91 | – |
| P/E ratio (diluted EPS) | 22.71 | 17.95 | 16.21 | 21.75 | – | 31.91 | – |
| Dividend yield in % | 2.88 | 3.77 | 3.43 | 3.19 | 3.66 | 2.87 | 3.08 |
| Equity ratio in % | 32.86 | 31.84 | 28.47 | 28.79 | 25.12 | 24.87 | 24.67 |
| Debt ratio in % | 67.14 | 68.16 | 71.53 | 71.21 | 74.88 | 75.13 | 75.33 |
Source: Financial Reports. Dividend yield is calculated based on year-end share price. P/E ratios marked with “-” indicate periods with negative earnings per share.
NiSource (NI) Insider Activity
| Name | Date | Shares Traded | Shares Held | Price | Type | Option |
|---|---|---|---|---|---|---|
| Cuccia Kimberly S | 11/24/2025 | 8,000.00 | 41,247.00 | 43.13 | Sell | No |
| Anderson Shawn | 08/27/2025 | 11,115.00 | 147,776.77 | 42.33 | Sell | No |
| Gode Gunnar | 08/10/2025 | 605.00 | 29,730.00 | 42.15 | Buy | No |
| Berman Melanie B. | 05/29/2025 | 6,227.00 | 28,881.93 | 39.43 | Sell | No |
| Jesanis Michael E | 05/13/2025 | 6,178.00 | 18,541.05 | 37.81 | Sell | No |
| Jesanis Michael E | 05/12/2025 | 4,000.00 | 24,719.05 | 38.22 | Sell | No |
| Jesanis Michael E | 05/11/2025 | 30,189.57 | 28,719.05 | n/a | Sell | No |
| HENRETTA DEBORAH A | 05/11/2025 | 4,541.00 | 71,456.91 | 38.32 | Buy | No |
| BUTLER ERIC L | 05/11/2025 | 4,541.00 | 63,751.70 | 38.32 | Buy | No |
| Hersman Deborah | 05/11/2025 | 4,541.00 | 42,283.34 | 38.32 | Buy | No |
| JOHNSON WILLIAM D | 05/11/2025 | 4,541.00 | 24,008.65 | 38.32 | Buy | No |
| Jesanis Michael E | 05/11/2025 | 30,189.57 | 30,189.57 | n/a | Buy | No |
| Jesanis Michael E | 05/11/2025 | 4,541.00 | 58,908.62 | 38.32 | Buy | No |
| Lee Cassandra S. | 05/11/2025 | 4,541.00 | 24,537.07 | 38.32 | Buy | No |
| KABAT KEVIN T | 05/11/2025 | 4,541.00 | 62,515.07 | 38.32 | Buy | No |
| McAvoy John | 05/11/2025 | 4,541.00 | 11,687.55 | 38.32 | Buy | No |
| Bunting Theodore H JR | 05/11/2025 | 4,541.00 | 45,834.02 | 38.32 | Buy | No |
| Barbour Sondra L | 05/11/2025 | 4,541.00 | 24,754.48 | 38.32 | Buy | No |
| ALTABEF PETER | 05/11/2025 | 4,541.00 | 52,674.83 | 38.32 | Buy | No |
| Luhrs Michael | 03/26/2025 | 4,753.00 | 87,552.03 | 39.75 | Sell | No |
| Yates Lloyd M | 02/27/2025 | 12,653.00 | 367,791.70 | 40.81 | Sell | No |
| Yates Lloyd M | 02/27/2025 | 96,164.00 | 380,444.70 | 40.81 | Sell | No |
| Jefferson William Jr. | 02/27/2025 | 15,047.00 | 61,863.00 | 40.81 | Sell | No |
| Jefferson William Jr. | 02/27/2025 | 1,980.00 | 59,883.00 | 40.81 | Sell | No |
| Gode Gunnar | 02/27/2025 | 788.00 | 29,125.00 | 40.81 | Sell | No |
* Insider activity reflects transactions by corporate officers and directors. Source: SEC Form 4 Filings.
NiSource (NI) Dividend Calendar & History
| Year | Company Name | Total Dividend | *Yield | Currency |
|---|---|---|---|---|
| 2024 | Nisource Inc. | 1.06 | 2.88% | USD |
| 2023 | Nisource Inc. | 1.00 | 3.77% | USD |
| 2022 | Nisource Inc. | 0.94 | 3.43% | USD |
| 2021 | Nisource Inc. | 0.88 | 3.19% | USD |
| 2020 | Nisource Inc. | 0.84 | 3.66% | USD |
| 2019 | Nisource Inc. | 0.80 | 2.87% | USD |
| 2018 | Nisource Inc. | 0.78 | 3.08% | USD |
| 2017 | Nisource Inc. | 0.70 | 2.73% | USD |
| 2016 | Nisource Inc. | 0.64 | 2.89% | USD |
| 2015 | Nisource Inc. | 0.83 | 4.25% | USD |
| 2014 | Nisource Inc. | 1.02 | 2.40% | USD |
| 2013 | Nisource Inc. | 0.98 | 2.98% | USD |
| 2012 | Nisource Inc. | 0.94 | 3.78% | USD |
| 2011 | Nisource Inc. | 0.92 | 3.86% | USD |
| 2010 | Nisource Inc. | 0.92 | 5.22% | USD |
| 2009 | Nisource Inc. | 0.92 | 5.98% | USD |
| 2008 | Nisource Inc. | 0.92 | 8.39% | USD |
| 2007 | Nisource Inc. | 0.92 | 4.87% | USD |
| 2006 | Nisource Inc. | 0.92 | 3.82% | USD |
| 2005 | Nisource Inc. | 0.92 | 4.41% | USD |
| 2004 | Nisource Inc. | 0.92 | 4.04% | USD |
| 2003 | Nisource Inc. | 1.10 | 5.01% | USD |
| 2002 | Nisource Inc. | 1.16 | 5.80% | USD |
| 2001 | Nisource Inc. | 1.16 | 5.03% | USD |
| 2000 | Nisource Inc. | 1.08 | 3.51% | USD |
| 1999 | Nisource Inc. | 1.02 | 5.70% | USD |
* Dividend yield is calculated based on the average stock price for the respective year. Historical data adjusted for the 2015 separation of Columbia Pipeline Group.
NiSource Inc. (NI) Stock Index Membership
| Major Stock Index | Status | Inclusion Date | Role / Significance |
|---|---|---|---|
| S&P 500 | Active Component | Mar 1, 1957 | One of the original 500 companies. Represents the regulated utilities sector. |
| S&P 500 Utilities Index | Active Component | Ongoing | A key benchmark index for U.S. regulated electric and gas utilities. |
| Dow Jones Utility Average | Active Component | Dec 15, 1997 | One of the 15 elite companies in the Dow Jones Utilities sector benchmark. |
| Russell 1000 | Active Component | Ongoing | Benchmark for large-cap equity performance across the U.S. economy. |
| NYSE Composite | Listed Stock | Jan 2, 1949 | Traded on the NYSE under the ticker ‘NI’ for over 75 years. |
| MSCI USA Index | Active Component | Ongoing | Constituent of the broad-market index for international and institutional investors. |
Largest ETFs and Funds Holding NiSource Inc. (NI)
| Fund / ETF Name | Ticker | Weight in Fund (%) | Shares Held | Value (Million USD) |
|---|---|---|---|---|
| Utilities Select Sector SPDR Fund | XLU | 1.58% | 5,810,422 | 188.8 |
| Vanguard Total Stock Market ETF | VTI | 0.01% | 12,544,190 | 407.6 |
| iShares Core S&P 500 ETF | IVV | 0.02% | 8,421,303 | 273.6 |
| Vanguard Utilities ETF | VPU | 1.44% | 3,212,880 | 104.4 |
| Schwab US Dividend Equity ETF | SCHD | 0.31% | 4,150,000 | 134.8 |
| iShares Russell 1000 ETF | IWB | 0.02% | 2,110,447 | 68.5 |
| Fidelity MSCI Utilities Index ETF | FUTY | 1.40% | 1,140,556 | 37.0 |
* Institutional ownership data based on 13F filings for the period ending Dec 2025. Fund weightings are subject to daily market fluctuations and periodic rebalancing.
NiSource Inc. (NI) Market Capitalization History
| Year (End of Period) | Market Cap (Billion USD) | Change in % |
|---|---|---|
| 2025 (Current) | 15.28 | +14.71% |
| 2024 | 13.32 | +20.15% |
| 2023 | 11.08 | -5.82% |
| 2022 | 11.76 | +7.42% |
| 2021 | 10.95 | +21.84% |
| 2020 | 8.98 | -18.72% |
| 2019 | 11.05 | +16.32% |
| 2018 | 9.50 | -3.15% |
| 2017 | 9.81 | +15.28% |
| 2016 | 8.51 | +38.10%* |
| 2015 | 6.16 | -54.20%* |
| 2014 | 13.45 | +28.45% |
| 2013 | 10.47 | +32.18% |
| 2012 | 7.92 | +8.15% |
| 2011 | 7.32 | +33.42% |
| 2010 | 5.49 | +24.18% |
* Note: The 2015 decrease and 2016 stabilization reflect the successful spin-off of the Columbia Pipeline Group. Market Cap represents the total dollar market value of NI’s outstanding shares of stock.
History of NiSource Inc.
NiSource Inc. (NYSE: NI) is one of the largest fully regulated utility companies in the United States, serving approximately 3.3 million natural gas customers and 500,000 electric customers across six states. Tracing its roots back over 150 years through its subsidiary, NIPSCO, the company has evolved from a local gas light provider into a modern energy holding company. Today, NiSource is a leader in the transition to sustainable energy, committed to eliminating coal-fired generation and modernizing America’s energy infrastructure.
Key Milestones in NiSource’s History:
- 1853–1912: The company’s oldest roots begin with the Fort Wayne Gas Light Company. In 1912, several utilities merge to form what would become Northern Indiana Public Service Company (NIPSCO).
- 1949: NIPSCO officially lists on the New York Stock Exchange, marking its entry into the public capital markets.
- 1987: NiSource Inc. is formed as a holding company to provide greater financial and operational flexibility for its growing utility portfolio.
- 2000: NiSource completes a transformative $6 billion acquisition of Columbia Energy Group, significantly expanding its footprint into Ohio, Pennsylvania, Virginia, and Maryland.
- 2015: The company executes a strategic spin-off of Columbia Pipeline Group (CPGX), becoming a “pure-play” regulated utility to focus on customer-facing gas and electric delivery.
- 2018: Following the Merrimack Valley gas incident, NiSource undergoes a major safety culture transformation and eventually sells its Massachusetts gas assets (Columbia Gas of Massachusetts).
- 2023: NiSource sells a 19.9% minority stake in NIPSCO to Blackstone Infrastructure Partners for $2.15 billion to fund its “Your Energy, Your Future” renewable transition program.
- 2024–2025: Under the leadership of CEO Leon Rozenblit, the company accelerates the retirement of its coal fleet, replacing it with solar, wind, and battery storage investments in the Midwest.
Operating under the brands Columbia Gas and NIPSCO, NiSource remains a cornerstone of the U.S. utility sector. The company is currently executing a multi-billion dollar long-term investment plan focused on safety, reliability, and the goal of achieving net-zero operational emissions by 2040.
FAQ about NiSource Inc. (NI) Stock
Is NiSource considered a reliable dividend stock?
Yes. NiSource (NI) is known for its stable and growing dividend, typical of a regulated utility. As of 2025, the company has a long history of consecutive quarterly payments and a target dividend payout ratio of 60-70%, aiming to align dividend growth with annual earnings-per-share growth.
What is NiSource’s “pure-play” utility strategy?
Since the 2015 spin-off of its pipeline business, NiSource has operated as a pure-play regulated utility. This means nearly 100% of its earnings come from regulated gas and electric operations, which provides more predictable cash flows and reduces exposure to volatile commodity markets.
What are NiSource’s decarbonization goals for 2025-2030?
NiSource is aggressively transitioning its generation portfolio. The company plans to retire all coal-fired units by 2028, replacing them with a mix of solar, wind, and battery storage. This transition is a core part of their “Your Energy, Your Future” initiative, aimed at reducing greenhouse gas emissions by 90% by 2030.
How does the NIPSCO minority stake sale affect the company?
In late 2023, NiSource sold a 19.9% stake in NIPSCO to Blackstone Infrastructure Partners. This move provided the company with roughly $2.15 billion in equity capital, allowing it to fund its massive infrastructure modernization and renewable energy projects without issuing new common stock, thereby avoiding share dilution.
Where are NiSource’s main operations located?
NiSource operates through its subsidiaries, primarily Columbia Gas and NIPSCO. Its regulated footprint covers six states: Indiana, Ohio, Pennsylvania, Virginia, Kentucky, and Maryland, serving approximately 3.8 million total customers.