Entropy Technologies LP Invests $620,000 in NiSource, Inc (NYSE:NI)

Key Points

• Entropy Technologies LP invested $620,000 in NiSource, acquiring 15,476 shares, marking a significant new position in the utilities provider.
• NiSource will pay a quarterly dividend of $0.28 per share on November 20th, representing a 2.6% dividend yield and a 59.57% payout ratio.
• Several brokerages have raised their price targets for NiSource, with Barclays setting a new price objective of $44.00 and a majority rating the stock as a "Moderate Buy."

Entropy Technologies LP bought a new position in shares of NiSource, Inc (NYSE:NI - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 15,476 shares of the utilities provider's stock, valued at approximately $620,000.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of NiSource by 5.3% during the 1st quarter. Vanguard Group Inc. now owns 60,844,001 shares of the utilities provider's stock worth $2,439,236,000 after acquiring an additional 3,050,420 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of NiSource by 10.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 21,370,032 shares of the utilities provider's stock worth $785,563,000 after acquiring an additional 1,965,334 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of NiSource by 8.0% during the 1st quarter. Jennison Associates LLC now owns 11,577,832 shares of the utilities provider's stock worth $464,155,000 after acquiring an additional 857,653 shares in the last quarter. Millennium Management LLC raised its holdings in shares of NiSource by 185.0% during the 4th quarter. Millennium Management LLC now owns 9,244,744 shares of the utilities provider's stock worth $339,837,000 after acquiring an additional 6,001,486 shares in the last quarter. Finally, Capital International Investors purchased a new stake in shares of NiSource during the 4th quarter worth approximately $219,977,000. 91.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at NiSource

In other news, EVP Melanie B. Berman sold 6,227 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $39.42, for a total value of $245,468.34. Following the completion of the transaction, the executive vice president directly owned 28,882 shares in the company, valued at $1,138,528.44. This trade represents a 17.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.24% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on NI shares. Wells Fargo & Company upped their price objective on NiSource from $43.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. increased their price target on NiSource from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Barclays restated an "overweight" rating and set a $44.00 price target (up previously from $42.00) on shares of NiSource in a report on Monday, August 4th. Guggenheim increased their price target on NiSource from $42.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Wall Street Zen lowered NiSource from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat.com, NiSource presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.56.

NiSource Stock Down 1.5%

NYSE:NI traded down $0.62 during mid-day trading on Friday, reaching $41.93. The company's stock had a trading volume of 3,727,156 shares, compared to its average volume of 4,530,560. NiSource, Inc has a 1 year low of $31.70 and a 1 year high of $43.51. The stock has a fifty day moving average of $40.69 and a 200-day moving average of $39.61. The firm has a market capitalization of $19.74 billion, a PE ratio of 22.30, a price-to-earnings-growth ratio of 2.89 and a beta of 0.53. The company has a quick ratio of 0.48, a current ratio of 0.59 and a debt-to-equity ratio of 1.32.

NiSource (NYSE:NI - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.01. NiSource had a net margin of 14.46% and a return on equity of 8.25%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the firm earned $0.21 earnings per share. Equities research analysts forecast that NiSource, Inc will post 1.91 earnings per share for the current year.

NiSource Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Friday, October 31st will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, October 31st. NiSource's payout ratio is presently 59.57%.

NiSource Profile

NiSource Inc, an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Gas Distribution Operations and Electric Operations. The company distributes natural gas to approximately 3.3 million customers through approximately 55,000 miles of distribution main pipeline and the associated individual customer service lines; and 1,000 miles of transmission main pipeline in northern Indiana, Ohio, Pennsylvania, Virginia, Kentucky, and Maryland.