Merrillville, Indiana-based NiSource Inc. (NI) is an energy holding company that operates as a regulated natural gas and electric utility company. Valued at $19.1 billion by market cap, the company provides natural gas to approximately 2.4 million residential, commercial, and industrial customers, and also generates, transmits, and distributes electricity to approximately 0.5 million customers in various counties in the northern part of Indiana.

Shares of this leading natural gas distribution company have outperformed the broader market over the past year. NI has gained 37.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 9.2%. In 2025, NI stock is up 7.8%, surpassing SPX’s 3.7% decline on a YTD basis. 

Zooming in further, NI’s outperformance is also apparent compared to the Utilities Select Sector SPDR Fund (XLU). The exchange-traded fund has gained about 14% over the past year. Moreover, NI’s returns on a YTD basis outshine the ETF’s 5.8% gains over the same time frame.

On May 7, NI shares closed up by 2.9% after reporting its Q1 results. Its adjusted EPS of $0.98 beat Wall Street expectations of $0.90. NI expects full-year adjusted EPS in the range of $1.85 to $1.89.

For the current fiscal year, ending in December, analysts expect NI’s EPS to grow 6.7% to $1.87 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.

Among the 15 analysts covering NI stock, the consensus is a “Strong Buy.” That’s based on 14 “Strong Buy” ratings, and one “Hold.”

The configuration is consistent over the past three months.

On Apr. 25, Barclays PLC (BCS) analyst Nicholas Campanella keeps an “Overweight” rating on NI and raised the price target to $42, implying a potential upside of 6% from current levels.

The mean price target of $43 represents an 8.6% premium to NI’s current price levels. The Street-high price target of $46 suggests an upside potential of 16.1%.