Envestnet Asset Management Inc. Cuts Stock Position in NiSource Inc. (NYSE:NI)

Envestnet Asset Management Inc. cut its holdings in NiSource Inc. (NYSE:NIGet Rating) by 43.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 551,866 shares of the utilities provider’s stock after selling 428,018 shares during the quarter. Envestnet Asset Management Inc. owned 0.14% of NiSource worth $17,549,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in NI. Rise Advisors LLC purchased a new stake in shares of NiSource in the fourth quarter valued at approximately $32,000. US Asset Management LLC purchased a new stake in shares of NiSource during the first quarter worth approximately $44,000. Clearview Wealth Advisors LLC increased its position in shares of NiSource by 177.3% during the fourth quarter. Clearview Wealth Advisors LLC now owns 2,218 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 1,418 shares in the last quarter. Covestor Ltd purchased a new stake in shares of NiSource during the fourth quarter worth approximately $72,000. Finally, Cyrus J. Lawrence LLC purchased a new stake in shares of NiSource during the first quarter worth approximately $77,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NI has been the subject of several research reports. Wells Fargo & Company boosted their price target on NiSource from $31.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 19th. Barclays dropped their price target on NiSource from $35.00 to $32.00 and set an “overweight” rating for the company in a research report on Monday, July 18th. Credit Suisse Group initiated coverage on NiSource in a research note on Monday, April 25th. They set a “neutral” rating and a $32.00 price objective on the stock. Finally, Edward Jones raised NiSource from a “hold” rating to a “buy” rating in a research note on Wednesday, July 27th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.50.

NiSource Stock Performance

Shares of NiSource stock opened at $30.27 on Thursday. NiSource Inc. has a 52 week low of $23.65 and a 52 week high of $32.58. The business’s fifty day simple moving average is $29.33 and its 200-day simple moving average is $29.68. The firm has a market cap of $12.28 billion, a PE ratio of 19.78, a price-to-earnings-growth ratio of 2.95 and a beta of 0.38. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 1.53.

NiSource (NYSE:NIGet Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The utilities provider reported $0.12 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.02). NiSource had a net margin of 13.70% and a return on equity of 11.34%. During the same period last year, the business posted $0.13 earnings per share. Equities analysts forecast that NiSource Inc. will post 1.45 earnings per share for the current year.

NiSource Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 19th. Stockholders of record on Friday, July 29th will be paid a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Thursday, July 28th. NiSource’s dividend payout ratio (DPR) is presently 61.44%.

About NiSource

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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 853,000 customers in northern Indiana, as well as approximately 2.4 million residential, commercial, and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland.

Further Reading

Institutional Ownership by Quarter for NiSource (NYSE:NI)

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