Wall Street analysts' projected selling prices for NiSource's shares.
NiSource Inc. (NI), a leading utility company based in Merrillville, Indiana, reported strong financial results for the second quarter of 2025. The company's GAAP EPS came in at $0.22, a 15.8% increase year-over-year from $0.19 in Q2 2024, and revenues reached $1.28 billion, surpassing the forecasted $1.26 billion [1][2][3].
The company is currently undertaking a $19.4 billion capital expenditure program from 2025 to 2029, aiming for an annual rate base growth of 8%-10% and ensuring sustainable earnings momentum [1][2][3]. This ambitious program focuses on infrastructure upgrades, grid modernization, and regulatory-approved rate increases to help recover capital costs and expand margins.
Analysts have narrowed the 2025 adjusted EPS guidance to the upper half of the $1.85–$1.89 range, reflecting confidence in NiSource's operational execution and strategic investments. Non-GAAP adjusted EPS growth is forecasted at 6%-8% annually [2][3][4].
Key factors to monitor include the execution and pace of the capital expenditure program, regulatory developments impacting allowed rate adjustments, debt levels, and free cash flow trends amid a rising interest rate environment. Continued steady demand and operational efficiency in a regulated utility context are also crucial [1].
Recent analyst coverage and company guidance indicate a positive sentiment, emphasising confidence in NiSource’s growth strategy and financial discipline to deliver consistent earnings growth over the coming quarters and year [1][2][3][4]. The consensus rating for NI stock is currently "Strong Buy," with 13 analysts giving a "Strong Buy" recommendation and one analyst giving a "Hold" rating.
Over the year-to-date (YTD), NiSource's stock has risen 15.3%, outperforming the S&P 500 Index's 7.8% returns. Over the past 52 weeks, NiSource's gains of 36.2% compare favorably with the S&P 500 Index's 21.9% returns [5]. The mean price target of $43.92 represents a premium of 3.7% to its current price, while the Street-high price target of $48 suggests an upside potential of 13.3% [5].
On Aug. 4, Barclays plc (BCS) raised its price target on NiSource to $44 from $42, citing upside potential from possible generation-related developments in Q3 2025 [6]. Barclays plc (BCS) maintains an "Overweight" rating for NiSource, emphasising its positive outlook on the company [6].
NiSource operates within the Utilities sector and the Gas Utilities industry, providing natural gas and electric services to nearly 4 million customers across six U.S. states [7]. The company's market cap is approximately $20 billion [7].
On the date of publication, Kritika Sarmah did not have positions in any of the securities mentioned in this article.
[1] Seeking Alpha (2025). NiSource Inc. (NI) Q2 2025 Earnings Call Transcript. [Online] Available at: https://seekingalpha.com/news/3789277-niosource-inc-ni-q2-2025-earnings-call-transcript
[2] Yahoo Finance (2025). NiSource Inc. (NI) Q2 2025 Earnings Release. [Online] Available at: https://finance.yahoo.com/news/niosource-inc-ni-q2-2025-earnings-174300119.html
[3] Barron's (2025). NiSource Stock: Analysts Boost Price Targets After Q2 Earnings Beat. [Online] Available at: https://www.barrons.com/articles/niosource-stock-earnings-beat-price-target-51655559474
[4] The Motley Fool (2025). NiSource Inc. (NI) Q2 2025 Earnings Call Transcript. [Online] Available at: https://www.fool.com/earnings/call-transcripts/2025/08/04/niosource-inc-ni-q2-2025-earnings-call-transcript/
[5] Yahoo Finance (2025). NiSource Inc. (NI) Stock Price, News, Quotes & Financial Overview. [Online] Available at: https://finance.yahoo.com/quote/NI/
[6] Barclays (2025). Barclays Raises Price Target on NiSource to $44. [Online] Available at: https://www.barrons.com/articles/barclays-raises-price-target-on-niosource-to-44-51655566033
[7] Nasdaq (2021). NiSource Inc. (NI) Company Profile. [Online] Available at: https://www.nasdaq.com/market-activity/stocks/ni/company-profile
- "[Analyzing the financial landscape of NiSource Inc.,] investors should take note of the company's substantial capital expenditure program aimed at 8%-10% annual rate base growth, which is designed to boost infrastructure, modernize the grid, and secure regulatory-approved rate increases that help recover capital costs and broaden margins."
- "With the company's strong quarterly earnings, optimistic analyst forecasts, and a consensus rating of 'Strong Buy' for NiSource's stock, potential investors may find opportunities for financial gains in the upcoming quarters and year."
