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Investing.com - Jefferies upgraded NiSource (NYSE:NI) from Hold to Buy and raised its price target to $50.00 from $46.00 following the company’s third-quarter results. The utility company, currently trading at a P/E ratio of 22.38, has delivered impressive returns with a 22.39% gain over the past year and 17.07% year-to-date.
The upgrade comes as Jefferies sees upside potential to its projected 8.4% earnings per share compound annual growth rate for 2026-2030, compared to the 8.5% consensus, with no immediate regulatory risk in Indiana. InvestingPro data shows NiSource has maintained dividend payments for 39 consecutive years, offering investors a steady 2.68% yield alongside its growth potential.
NiSource’s inaugural generation company earnings per share results exceeded both Jefferies’ expectations and broader market estimates, with the firm noting more datacenter opportunities on the horizon.
The company’s shares had previously pulled back on lower-than-expected 8-9% earnings per share compound annual growth rate guidance and lower generation company earnings per share before 2030, despite a sharp acceleration in the 2030-2033 earnings outlook.
Jefferies highlighted that pre-earnings debate centered around whether NiSource would confirm approximately 2 gigawatts of capacity, but the company instead confirmed 3 gigawatts, with an additional 6 gigawatt opportunity still available.
In other recent news, NiSource Inc. reported its third-quarter 2025 earnings, which showed mixed results. The company posted an adjusted earnings per share (EPS) of $0.19, slightly below the projected $0.20. However, NiSource’s revenue reached $1.14 billion, surpassing expectations of $1.04 billion, marking a positive highlight for the quarter. Additionally, NiSource has established a $1.5 billion at-the-market equity offering program, set to continue through December 31, 2028. This program involves equity distribution agreements with 11 financial institutions, including Barclays, BMO Capital Markets, and Goldman Sachs, among others. These recent developments reflect NiSource’s strategic financial moves and operational performance.
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