Keybanc Cuts NiSource (NI) Price Target to $48

Keybanc has reaffirmed its Overweight rating on NiSource Inc. (NYSE: NI) on October 13, 2026, setting a price target of $48.00. This is a decrease from the previous target of $50.00. The recent price for NiSource shares is $42.65 as of October 16, 2026.

Keybanc's Call on NiSource

Keybanc reiterated its Overweight rating on NiSource, reflecting confidence in the company despite lowering the target price. The new target suggests potential upside, as it remains above the current trading level.

Other Institutional Activity in NiSource

Several other institutional investors have also adjusted their stakes in NiSource. Blackrock Inc. holds 54,957,602 shares, valued at approximately $2.35 billion, after increasing its holdings by 3,484,714 shares, a 6.8% rise. Vanguard Capital Management LLC owns 31,351,094 shares worth around $1.34 billion, having added 208,654 shares, a 0.7% increase. In contrast, T. Rowe Price Investment Management, Inc. reduced its position by 19,981,337 shares to 29,835,011 shares, resulting in a 40.1% drop in its holdings, valued at $1.27 billion. State Street Corporation slightly increased its stake by 520,366 shares, bringing its total to 27,622,784 shares valued at about $1.18 billion, up 1.9%. Vanguard Portfolio Management LLC also saw a small increase, adding 86,341 shares for a total of 27,067,956 shares worth approximately $1.16 billion, a 0.3% rise.

NiSource Inc. Stock Up 5.1%

NiSource shares recently traded at $42.65, which is below the new analyst target of $48.00. This positioning indicates a potential for growth if the stock can rally toward the target price. The stock's performance may be influenced by the upcoming earnings report.

Recent Earnings

In its most recent earnings, NiSource reported trailing twelve-month revenue of approximately $6.88 billion and earnings per share (EPS) of $1.88. The company has shown a year-over-year revenue growth of 4.6% and a net margin of 13.2%. Investors will be looking for further details in the next earnings report scheduled for October 28, 2026.

Insider Buying and Selling at NiSource Inc.

Recent insider transactions include Chief Executive Officer Lloyd M. Yates, who sold 19,905 shares at an average price of $47.73 for a total value of about $950,066 on May 21, 2026. Officer Melody Birmingham-Byrd sold 12,500 shares on May 20, 2026, valued at $590,425. Additionally, Melanie B. Berman sold 15,000 shares on May 22, 2026, at an average price of $47.68, totaling $715,200. Another sale by Melody Birmingham-Byrd occurred on August 14, 2026, where she sold 37,509 shares at an average price of $42.40, worth about $1.59 million.

Analysts Set New Price Targets

On October 13, 2026, Keybanc maintained its Overweight rating on NiSource with a target price of $48.00, down from $50.00. This follows other recent analyst activity, including Mizuho, which maintained an Outperform rating with a target of $48.00 on August 26, 2026, and BMO Capital, which maintained an Outperform rating with a target of $45.00 on September 28, 2026. The consensus among analysts suggests a positive outlook, with several firms maintaining their ratings despite target adjustments.

About NiSource

NiSource Inc. is an energy holding company based in Merrillville, Indiana. It operates as a regulated natural gas and electric utility in the United States, primarily through its Columbia Operations and NIPSCO Operations segments. The company employs around 7,668 people and focuses on providing reliable energy solutions to its customers.

Bottom Line

Investors will be watching for NiSource's next earnings report on October 28, 2026, to assess the company's performance and outlook. Keybanc's recent rating reaffirmation indicates ongoing confidence in the company's potential despite the adjusted price target.