In a remarkable display of market confidence, NI Source Inc's stock has surged to an all-time high, reaching a price level of $33.58. This significant milestone underscores a period of robust growth for the company, with the stock price reflecting a substantial 1-year change of 23.56%. Investors have shown increasing enthusiasm for NI Source Inc, as the company's strategic initiatives and financial performance continue to resonate positively within the investment community, propelling the stock to unprecedented heights.
In other recent news, NiSource Inc (NYSE:NI). has made significant strides in its financial and operational developments. The energy holding company recently closed a $500 million debt offering in the form of junior subordinated notes, which will pay semi-annual interest starting from March 2025. The offering was made under NiSource's existing shelf registration statement and was issued following a Terms Agreement with underwriters including BofA Securities, Inc., Goldman Sachs & Co (NYSE:GS). LLC, and J.P. Morgan Securities LLC.
NiSource's subsidiary, Northern Indiana Public Service Company (NIPSCO), has also expanded its solar capacity with the operational Cavalry Solar project. The project, which is expected to power about 60,000 homes, is part of NIPSCO's long-term electric generation transition plan. This complements NiSource's financial performance, with Q2 2024 earnings exceeding expectations, leading BMO Capital to raise the share target to $34.
The company has completed approximately $500 million of its 2024 equity issuance plan and projects a 6% to 8% adjusted EPS growth and 8% to 10% rate base growth from 2023 to 2028. NiSource also plans to issue up to $600 million of at-the-market equity in 2024. Despite potential challenges such as increased financing costs and regulatory outcomes, NiSource remains optimistic about load growth, particularly from data centers, as highlighted by BMO Capital's maintained Outperform rating.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.