After Wells Fargo and Barclays gave Nisource (NYSE: NI) a Buy rating last month, the company received another Buy, this time from J.P. Morgan. Analyst Richard Sunderland maintained a Buy rating on Nisource today and set a price target of $33.00. The company’s shares closed last Wednesday at $29.67.
According to TipRanks.com, Sunderland is a 2-star analyst with an average return of 0.8% and a 53.6% success rate. Sunderland covers the Utilities sector, focusing on stocks such as South Jersey Industries, New Jersey Resources, and American Water.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Nisource with a $32.73 average price target, implying an 11.5% upside from current levels. In a report issued on May 5, Guggenheim also maintained a Buy rating on the stock with a $32.00 price target.
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Based on Nisource’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.87 billion and net profit of $427 million. In comparison, last year the company earned revenue of $1.55 billion and had a net profit of $296 million.
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NiSource, Inc. is a holding company, which engages in energy solutions. Through its subsidiaries, it provides natural gas, electricity, and other products and services. It operates through the following segments: Gas Distribution Operations and Electric Operations. The Gas Distribution Operations segment focuses in the natural gas service and transportation for residential, commercial, and industrial customers. The Electric Operations segment generates, transmits, and distributes electricity. The company was founded in 1987 and is headquartered in Merrillville, IN.
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