Is NiSource Stock Underperforming the Dow?

Merrillville, Indiana-based NiSource Inc. (NI) is an energy holding company that operates as a regulated natural gas and electric utility company in the United States. The company has a market cap of $22.7 billion and operates in two segments, Columbia Operations and NIPSCO Operations and provides natural gas to residential, commercial, and industrial customers. 

Companies with a market cap of $10 billion or more are typically referred to as “big-cap stocks.” NI fits squarely into that category, with its market cap exceeding this threshold and reflecting its substantial size and influence in the regulated gas utilities industry.       

However, NI stock is down 3.5% from its 52-week high of $48.98 touched on May 1. Moreover, NI has risen 1.4% over the past three months and has lagged behind the Dow Jones Industrial Average ($DOWI), which rose 12% during the same period.   

Zooming out a little further, the scenario remains the same. Over the past 52 weeks, NI has grown 20.3%, underperforming DOWI’s 22.3% gain.      

NI has been trading above its 200-day trading average since last year, indicating long-term bullish momentum and above its 50-day moving average since the last trading session. 

On May 6, NI stock declined 1.4% following the release of its Q1 2026 earnings. The company’s revenue for the quarter amounted to $2.4 billion, which missed the Street’s estimates. Moreover, its adjusted EPS came in at $1.06, beating Wall Street’s estimates. NiSource expects full-year earnings in the range of $2.02 to $2.07 per share. 

When stacked against its peer, UGI Corporation (UGI), NI has outperformed. Over the past year, UGI stock has declined 7%.   

Wall Street currently has a highly bullish view of the stock. Among the 15 analysts tracking NI, the overall consensus stands at a “Strong Buy.” Its mean price target of $51.53 offers a 9% upside potential from current prices.