NiSource Inc. (NI) to Distribute Quarterly Dividend of $0.25 on November 20th

Posted by Defense World Staff on Aug 9th, 2023

NiSource Inc. (NYSE:NI – Get Free Report) declared a quarterly dividend on Monday, August 7th, RTT News reports. Shareholders of record on Tuesday, October 31st will be given a dividend of 0.25 per share by the utilities provider on Monday, November 20th. This represents a $1.00 annualized dividend and a yield of 3.74%.

NiSource has a dividend payout ratio of 59.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect NiSource to earn $1.71 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 58.5%.

NiSource Stock Performance

Shares of NYSE NI opened at $26.74 on Wednesday. NiSource has a 52 week low of $23.78 and a 52 week high of $31.87. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.34 and a current ratio of 0.45. The business’s 50-day simple moving average is $27.40 and its 200-day simple moving average is $27.58. The firm has a market cap of $11.05 billion, a price-to-earnings ratio of 18.57, a P/E/G ratio of 2.42 and a beta of 0.47.

NiSource (NYSE:NI – Get Free Report) last issued its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). NiSource had a net margin of 12.00% and a return on equity of 10.90%. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the business posted $0.12 earnings per share. As a group, equities research analysts expect that NiSource will post 1.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NI has been the topic of several research reports. StockNews.com initiated coverage on shares of NiSource in a report on Thursday, May 18th. They set a “hold” rating on the stock. Bank of America decreased their price objective on NiSource from $32.00 to $31.00 in a report on Thursday, June 22nd. BMO Capital Markets cut their target price on NiSource from $31.00 to $30.00 in a research note on Wednesday, June 21st. Guggenheim decreased their price target on shares of NiSource from $31.00 to $30.00 in a research note on Friday, July 7th. Finally, Evercore ISI dropped their price objective on shares of NiSource from $31.00 to $30.00 in a research note on Wednesday, June 21st. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, NiSource presently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Get Our Latest Stock Report on NI

Insider Activity

In other news, EVP William Jr. Jefferson sold 4,875 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $26.80, for a total transaction of $130,650.00. Following the sale, the executive vice president now owns 30,905 shares in the company, valued at $828,254. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.24% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of NiSource by 10.9% in the 1st quarter. Vanguard Group Inc. now owns 52,613,623 shares of the utilities provider’s stock worth $1,673,113,000 after purchasing an additional 5,153,843 shares during the last quarter. State Street Corp boosted its holdings in NiSource by 8.9% during the first quarter. State Street Corp now owns 24,192,844 shares of the utilities provider’s stock worth $769,332,000 after buying an additional 1,970,696 shares during the last quarter. Geode Capital Management LLC grew its position in shares of NiSource by 1.9% during the 1st quarter. Geode Capital Management LLC now owns 8,609,035 shares of the utilities provider’s stock worth $240,171,000 after buying an additional 161,412 shares during the period. Millennium Management LLC increased its stake in shares of NiSource by 256.7% in the 4th quarter. Millennium Management LLC now owns 7,704,805 shares of the utilities provider’s stock valued at $211,266,000 after acquiring an additional 5,544,787 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of NiSource by 11.0% in the 1st quarter. Wellington Management Group LLP now owns 3,728,058 shares of the utilities provider’s stock valued at $118,552,000 after acquiring an additional 368,777 shares during the period. 93.18% of the stock is currently owned by institutional investors and hedge funds.

NiSource Company Profile

(Get Free Report)

NiSource Inc, an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates through two segments, Gas Distribution Operations and Electric Operations. The company distributes natural gas to approximately 859,000 customers in northern Indiana, as well as approximately 2.4 million residential, commercial, and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland.