NiSource IncNYSE: NI
Utilities · Multi-Utilities
$47.23
+0.97%
Vol: 2.6M
Research Digest
Friday, June 19, 2026
NiSource raised its long-term EPS CAGR outlook to 9-10% through 2033 backed by Alphabet and Amazon data center partnerships.
NiSource announced Q1 2026 results on May 6, 2026, raising its 2026-2033 non-GAAP adjusted EPS compound annual growth rate to 9%-10%, up from prior guidance, driven by cost savings of approximately $1.4 billion for existing customers through collaborations with Alphabet and Amazon. Evercore ISI raised its price target to $52 from $50 in May, while Citi trimmed to $47 from $49 on the same date, reflecting mixed views on regulatory risk. The stock has gained 9.9% year-to-date with a 20.2% total shareholder return over the past year, aided by senior note issuance in May to fund growth. No material new announcements have been made in the past 48 hours, but the raised long-term earnings growth outlook and data center tailwinds remain an active investment thesis. Near-term risk centers on commission approval timelines for its Alphabet/Amazon contracts.
Previous Market Intelligence
13 daysJun 18No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 17No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21NiSource closes $1.25B senior notes offering to fund data center capacity expansionPositive▶
NiSource completed a $1.25 billion public offering on May 18, 2026, comprising $500M of 4.750% notes due 2031 and $750M of 5.300% notes due 2036, with the terms agreement signed May 11. Proceeds fund the company expanded data center strategy after recent long-term energy agreements with Alphabet (new) and Amazon (expanded), bringing ~800 MW under contract and lifting the Genco capital plan by $7.6B for ~$1.4B in customer savings. NiSource raised its EPS CAGR by 100bps to 9-10% through 2033 and reaffirmed 2026 EPS guidance of $2.02-$2.07. Wells Fargo raised PT to $51 (from $49), BMO to $51 (from $50), Barclays to $49 (from $45). Risk: rising debt load and execution on multi-year capex.
May 20NiSource raised long-term EPS growth target to 9-10% on Alphabet and Amazon hyperscaler deals, completed $1.25B notes offering.Positive▶
NiSource reported Q1 2026 GAAP net income of $510.7M, or $1.06 per diluted share, up from $474.8M and $1.00 in Q1 2025, on revenue of $2.37B. The company raised its 2026-2033 non-GAAP adjusted EPS CAGR to 9-10% and reaffirmed FY26 EPS guidance of $2.02-$2.07, citing approximately $1.4B in GenCo cost savings expanding through Alphabet and Amazon hyperscaler collaboration. NiSource priced $500M of 4.750% notes due 2031 and $750M of 5.300% notes due 2036, totaling ~$1.25B. The 2026 annual shareholder meeting was held May 11 (virtual) electing 12 directors. The Board declared a $0.30 quarterly dividend payable August 20.
May 19No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 18NiSource Q1 2026 adjusted EPS rises 8% to $1.06; raises long-term EPS CAGR to 9-10% on Amazon/Alphabet dealsPositive▶
NiSource reported Q1 2026 net income of $510.7M ($1.06 EPS) vs $474.8M ($1.00) prior year, with non-GAAP adjusted EPS up 8% to $1.06. The company reaffirmed FY2026 adjusted EPS guidance of $2.02-$2.07 and raised its long-term adjusted EPS CAGR to 9%-10% through 2033 (from prior 6-8%). New and expanded collaborations with Alphabet and Amazon are expected to deliver ~$1.4B in customer value and support data center growth in Indiana. The Board declared a quarterly dividend of $0.30 per share payable August 20. Wells Fargo raised its price target to $51 from $49 (Overweight); Evercore ISI raised target to $52 from $50. Stock trading around $46.30 on May 17.
May 15NiSource raised long-term EPS CAGR target to 9-10% (from 8-9%) after Q1 2026 EPS of $1.06; data center deals with Alphabet and Amazon support $1.4B in customer savings.Positive▶
NiSource reported Q1 2026 adjusted EPS of $1.06 (up 8% from $0.98 YoY) on revenue of $2.36B and reaffirmed 2026 consolidated adjusted EPS guidance of $2.02-$2.07. Importantly, NiSource raised its long-term 2023-2033 EPS CAGR target to 9-10% from 8-9%, citing momentum in its data center strategy. New and expanded partnerships with Amazon and Alphabet via NiSource's GenCo model are expected to support $1.4B in customer savings over 15 years and could lift residential bill savings by as much as $124/customer/year. Shareholders on May 11 re-elected the full director slate and approved executive pay. $19.4B infrastructure program funded through new debt. Quarterly dividend of $0.30 paid May 20. Stock at $47.42 on May 14. 9 Buy, 1 Hold ratings. Risk: regulatory approval timing and balance sheet leverage.
May 14NiSource raised long-term EPS CAGR to 9-10% through 2033 on May 6, signing expanded Amazon and new Alphabet data center deals adding 800MWPositive▶
NiSource Q1 2026 adjusted EPS of $1.06 beat consensus, on revenue of $2.36B (missed $2.52B estimate). Reaffirmed 2026 adj EPS guidance $2.02-$2.07 and raised long-term consolidated adj EPS CAGR to 9-10% through 2033. Expanded Amazon partnership lifting commitment by 400MW to 2,800MW by 2032; new Alphabet partnership signed. Total ~800MW new data center capacity contracted, raising Genco capital plan by $7.6B. Annual meeting May 11 approved directors and exec comp. Quarterly dividend of $0.30 payable Aug 20. Stock $46.72. Risk: regulatory approval timing and capex execution.
May 13NiSource raised long-term EPS CAGR target to 9-10% (from 8-9%) and inked Alphabet partnership/Amazon expansion bringing 800MW under contract.Positive▶
NiSource reported Q1 2026 adjusted EPS of $1.06 and reaffirmed FY26 adjusted EPS guidance of $2.02-$2.07. The company raised its 2023-2033 consolidated adjusted EPS CAGR target to 9-10%, supported by expanded data center agreements with Amazon and a new Alphabet partnership totaling ~800MW under contract. Contracts support ~$1.4B in customer savings over 15 years. The Annual Meeting on May 11-12 saw director nominees elected. Stock trades $47.03. Analysts maintain Strong Buy consensus with PT range $51-$55.
May 12NiSource signed expanded data center pacts with Amazon and new partnership with Alphabet adding ~800 MW under contract and raising Genco capital plan by $7.6B.Positive▶
NiSource reported Q1 2026 adjusted EPS of $1.06 (vs $0.98 prior-year), beating estimates while revenue of $2.36B missed the $2.52B consensus. The data center strategy is the key catalyst: NiSource signed expanded agreements with Amazon and a new partnership with Alphabet, bringing ~800 MW under contract and raising the Genco-related capital plan by $7.6B. Management increased its 10-year adjusted EPS CAGR outlook to 9-10% and reaffirmed FY 2026 EPS guidance of $2.02-$2.07. A $0.30 quarterly dividend pays May 20. Shares at $47.03 (2.5% yield) on a $22.55B market cap.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| NINISOURCE | $47.23 | +0.97% | +0.4% | 21.3x | 0.54 | $22.9B |
| NEENEXTERA | $86.62 | +1.04% | +0.8% | 20.1x | 0.67 | $184.2B |
| DDOMINION | $68.51 | +0.72% | +0.7% | 18.3x | 0.64 | $61.3B |
| SRESEMPRA | $90.62 | +0.41% | +0.4% | 16.8x | 0.57 | $60.8B |
| XELXCEL | $77.44 | -0.03% | +0.6% | 18.1x | 0.41 | $51.2B |
| EDCONSOLIDATED | $106.44 | -0.56% | +3.0% | 17.6x | 0.26 | $42.0B |
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