NiSource, Inc $NI Shares Sold by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management LLC significantly reduced its holdings in NiSource, Inc by 39.6%, now owning 449,951 shares worth approximately $18 million.
• NiSource reported a quarterly earnings per share (EPS) of $0.22, slightly exceeding analyst expectations, with revenues around $1.16 billion.
• The company has announced a quarterly dividend of $0.28 per share, representing an annualized dividend of $1.12, with a yield of 2.7% and a payout ratio of 59.57%.

HITE Hedge Asset Management LLC decreased its position in NiSource, Inc (NYSE:NI - Free Report) by 39.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 449,951 shares of the utilities provider's stock after selling 295,492 shares during the quarter. HITE Hedge Asset Management LLC owned about 0.10% of NiSource worth $18,039,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NI. Integrated Wealth Concepts LLC grew its holdings in NiSource by 1.9% in the fourth quarter. Integrated Wealth Concepts LLC now owns 13,987 shares of the utilities provider's stock valued at $514,000 after purchasing an additional 256 shares during the period. Larson Financial Group LLC raised its position in shares of NiSource by 48.8% in the 1st quarter. Larson Financial Group LLC now owns 811 shares of the utilities provider's stock worth $33,000 after buying an additional 266 shares during the period. Resonant Capital Advisors LLC grew its position in NiSource by 3.9% during the first quarter. Resonant Capital Advisors LLC now owns 7,448 shares of the utilities provider's stock valued at $299,000 after acquiring an additional 277 shares during the period. Laird Norton Wetherby Wealth Management LLC raised its holdings in shares of NiSource by 4.2% in the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 7,303 shares of the utilities provider's stock worth $268,000 after purchasing an additional 291 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in shares of NiSource by 64.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 765 shares of the utilities provider's stock valued at $31,000 after purchasing an additional 299 shares in the last quarter. 91.64% of the stock is currently owned by hedge funds and other institutional investors.

NiSource Stock Down 1.5%

Shares of NYSE:NI opened at $41.93 on Monday. The firm has a market cap of $19.74 billion, a PE ratio of 22.30, a price-to-earnings-growth ratio of 2.84 and a beta of 0.53. The company has a fifty day simple moving average of $40.74 and a 200 day simple moving average of $39.68. The company has a current ratio of 0.59, a quick ratio of 0.48 and a debt-to-equity ratio of 1.32. NiSource, Inc has a 12-month low of $31.70 and a 12-month high of $43.51.

NiSource (NYSE:NI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $0.22 EPS for the quarter, topping the consensus estimate of $0.21 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.16 billion. NiSource had a net margin of 14.46% and a return on equity of 8.25%. During the same quarter last year, the company posted $0.21 earnings per share. On average, equities research analysts anticipate that NiSource, Inc will post 1.91 EPS for the current fiscal year.

NiSource Dividend Announcement

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

Insider Buying and Selling at NiSource

In other news, EVP Melanie B. Berman sold 6,227 shares of NiSource stock in a transaction dated Friday, May 30th. The shares were 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 of the company's stock, valued at approximately $1,138,528.44. The trade was a 17.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.24% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wells Fargo & Company raised their price target on shares of NiSource from $43.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Barclays reiterated an "overweight" rating and issued a $44.00 price target (up from $42.00) on shares of NiSource in a report on Monday, August 4th. Zacks Research upgraded NiSource to a "hold" rating in a research note on Monday, August 11th. Guggenheim raised their target price 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 cut 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, one has issued a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, NiSource currently has an average rating of "Moderate Buy" and a consensus target price of $42.56.

NiSource Company 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.

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