NiSource (NI)
Operator of Columbia Gas utilities and NIPSCO’s gas-electric system.
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Operates Columbia Gas utilities across the eastern U.S. and NIPSCO’s gas and electric system in northern Indiana, earning substantially all operating income through regulated rates. Infrastructure modernization, generation replacement, and a customer-funded data-center power buildout shape the capital program.
Runs fully regulated natural gas utilities under the Columbia Gas brands in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland, plus NIPSCO’s gas and electric utility in northern Indiana. Columbia Operations distributes and transports gas; NIPSCO Operations distributes gas and generates, buys, transmits, and delivers electricity.
Core execution is modernizing pipes, wires, and generation while maintaining safety and reliability and recovering investment through regulated customer rates. NIPSCO is replacing coal generation with owned and contracted renewable, storage, and flexible gas resources.
NiSource Generation Company is separately structured to build generation for large data-center loads, with those customers funding the related assets. Substantially all operating income comes from rate-regulated businesses; results depend on regulatory decisions, project delivery, weather-sensitive gas demand, and MISO’s regional electric market. NIPSCO remains majority-owned rather than wholly owned.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 26, 2026 | Mizuho Securities | Target | Target: $50 | Target: $48 |
| Jul 23, 2026 | KeyBanc | Reiterate | Rating: —Target: — | Target: $50 |
| Jul 20, 2026 | Barclays | Reiterate | Rating: —Target: $49 | Target: $51 |
| Jul 1, 2026 | RBC Capital | Initiate | Rating: —Target: — | Target: $52 |
| May 11, 2026 | Evercore ISI | Target | Target: $45 | Target: $52 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $70.0M · Total debt $17.57B · Total assets $37.54B · Shareholders' equity $9.57B
- Revenue
- $1.34B
- Operating income
- $228.1M
- Net income
- $45.5M
HistoryDividendAnnual yieldUpcoming
| Institutions | ≈ 94.95% | 455.35M shares | |
|---|---|---|---|
| 927 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.36% | 1.75M shares | |
| 20 holders · as of Aug 18, 2026 | |||
| Other | ≈ 4.69% | 22.47M shares | |
| remainder | |||
479.56M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 11.46% | 54.96M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.54% | 31.35M | as of Jun 30, 2026 |
T. Rowe Price Investment Management, Inc.Institution | 6.22% | 29.84M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.76% | 27.62M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.64% | 27.07M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Melody Birmingham | officer: EVP & Grp President, Utilities | −37,509 | $42.40 |
| May 22, 2026 | Melanie B. Berman | officer: EVP Administration & CHRO | −15,000 | $47.68 |
| May 21, 2026 | Lloyd M. Yates | director, officer: Director and President & CEO | −19,905 | $47.73 |
| May 20, 2026 | Melody Birmingham | officer: EVP & Grp President, Utilities | −2,500 | $47.43 |
| May 14, 2026 | Melody Birmingham | officer: EVP & Grp President, Utilities | −10,000 | $47.19 |
- Atmos Energy
Gas-distribution peer for safety and rate-base growth
- CenterPoint Energy
Indiana and Ohio electric-and-gas utility peer
- WEC Energy Group
Midwest combo-utility peer for gas, power, and data load
- ONE Gas
Pure-play LDC peer for regulated gas distribution
- Spire
Gas utility peer in LDC operations and supply planning
- American Electric Power
Electric utility peer for Indiana and Ohio power markets
- Duke Energy
Large Indiana and Ohio electric-and-gas utility peer
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NiSource | $40.50 | −0.06% | $19.42B | 21.6 | 18.7 | 2.8 | +4.6% |
| Atmos Energy | $158.77 | +0.31% | $26.42B | 18.8 | 17.7 | 5.4 | +4.8% |
| CenterPoint Energy | $38.04 | +0.12% | $25.02B | 22.3 | 19.0 | 2.6 | +10.7% |
| WEC Energy Group | $103.68 | +0.19% | $33.71B | 20.1 | 19.4 | 3.3 | +2.6% |
| ONE Gas | $74.41 | +0.13% | $4.66B | 16.0 | 15.1 | 2.0 | −2.9% |
| Spire | $79.27 | −0.61% | $4.72B | 8.9 | 16.3 | 1.9 | −0.4% |
| American Electric Power | $120.71 | +0.57% | $65.34B | 20.8 | 18.2 | 2.9 | +7.0% |
| Duke Energy | $116.98 | +0.20% | $91.01B | 17.5 | 17.3 | 2.7 | +1.1% |
| Median | 18.8 | 17.7 | 2.7 | +2.6% |