NiSource Net Worth
NiSource Net Worth Breakdown | NI |
NiSource Net Worth Analysis
NiSource's net worth analysis, or its valuation, is the process of determining the total value of the company. This involves assessing a range of factors, including NiSource's financial performance, assets, liabilities, and potential for growth. The ultimate goal is to provide a clear understanding of NiSource's overall worth, which can help investors make informed investment decisions. There are several methods that can be used to perform NiSource's net worth analysis. One common approach is to calculate NiSource's market capitalization.Another approach is to use the price-to-earnings ratio (P/E ratio), which compares NiSource's stock price to its earnings per share (EPS). Discounted cash flow (DCF) analysis is another popular method for assessing NiSource's net worth. This approach calculates the present value of NiSource's future cash flows, taking into account factors such as growth rate, profitability, and risk. By comparing the present value of NiSource's cash flows to its current stock price, investors can gain a better understanding of the company's overall value. Finally, investors may use comparable company analysis to evaluate NiSource's net worth. This involves comparing NiSource's financial metrics to similar companies in the same industry. By identifying companies with similar financial characteristics, investors can gain insight into NiSource's net worth relative to its peers.
Enterprise Value |
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To determine if NiSource is a good investment, evaluating the company's potential for future growth is also very important. This may include expanding into new markets, launching new products or services, or improving operational efficiency. Companies with strong growth prospects can be more attractive investments. This aspect of the research should be conducted in the context of the overall market and industry in which the company operates and should include an analysis of growth potential, competitive landscape, and any regulatory or economic factors that could impact the business. Some of the essential points regarding NiSource's net worth research are outlined below:
| NiSource reports 13.96 B of total liabilities with total debt to equity ratio (D/E) of 1.34, which is normal for its line of buisiness. NiSource has a current ratio of 0.62, implying that it has not enough working capital to pay out debt commitments in time. Note however, debt could still be an excellent tool for NiSource to invest in growth at high rates of return. | |
| Over 97.0% of NiSource shares are owned by institutional investors | |
| Latest headline from finance.yahoo.com: NiSources Quarterly Earnings Preview What You Need to Know |
NiSource Quarterly Good Will |
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NiSource uses earnings reports to provide investors with an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. Therefore, it is also crucial when considering investing in NiSource. Every quarterly earnings report provides investors with an overview of sales, expenses, and net income for the most recent period. It also may provide a comparison to NiSource's previous reporting period. The quarterly earnings reports are usually disseminated to the public via Form 10-Q, which is a legal document filed with the Securities and Exchange Commission every quarter.
| 28th of February 2024 Upcoming Quarterly Report | View | |
| 1st of May 2024 Next Financial Report | View | |
| 31st of December 2023 Next Fiscal Quarter End | View | |
| 28th of February 2024 Next Fiscal Year End | View | |
| 30th of September 2023 Last Quarter Report | View | |
| 31st of December 2022 Last Financial Announcement | View |
NiSource Target Price Consensus
NiSource target price is determined by taking all analyst projections and averaging them out. There is no one specific way to measure analysts' performance other than comparing it to past results via a very sophisticated attribution analysis. NiSource's target price projections below should be used in combination with other traditional price prediction techniques such as stock price forecasting, investor sentiment analysis, technical analysis, earnings estimate, and various momentum models.
| 17 | Strong Buy |
Most NiSource analysts issue ratings four times a year, at intervals of three months. Ratings are usually accompanied by a target price to help potential investors understand NiSource stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of NiSource, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationNiSource Target Price Projection
NiSource's current and average target prices are 40.90 and 42.23, respectively. The current price of NiSource is the price at which NiSource is currently trading. On the other hand, NiSource's target price is what analysts think the stock is worth or could sell for in the future. The more significant the discrepancy between the two prices, the more it stimulates investors to act.Target Price
Analyst Consensus On NiSource Target Price
Know NiSource's Top Institutional Investors
Have you ever been surprised when a price of an equity instrument such as NiSource is soaring high without any particular reason? This is usually happening because many institutional investors are aggressively trading NiSource backward and forwards among themselves. NiSource's institutional investor refers to the entity that pools money to purchase NiSource's securities or originate loans. Institutional investors include commercial and private banks, credit unions, insurance companies, pension funds, hedge funds, endowments, and mutual funds. Operating companies that invest excess capital in these types of assets may also be included in the term and may influence corporate governance by exercising voting rights in their investments.
| Shares | Capital Research & Mgmt Co - Division 3 | 2025-03-31 | 7 M | Franklin Resources Inc | 2025-03-31 | 6.6 M | Newport Trust Co. | 2025-03-31 | 6 M | Goldman Sachs Group Inc | 2025-03-31 | 5.5 M | Bank Of Montreal | 2025-03-31 | 5.4 M | Bmo Capital Markets Corp. | 2025-03-31 | 5.4 M | Norges Bank | 2024-12-31 | 5.3 M | Morgan Stanley - Brokerage Accounts | 2025-03-31 | 4.9 M | Royal Bank Of Canada | 2025-03-31 | 4.8 M | Vanguard Group Inc | 2025-03-31 | 60.8 M | Blackrock Inc | 2025-03-31 | 47.7 M |
Follow NiSource's market capitalization trends
The company currently falls under 'Large-Cap' category with a market capitalization of 19.25 B.Market Cap |
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Project NiSource's profitablity
| Last Reported | Projected for Next Year | ||
| Return On Tangible Assets | 0.03 | 0.02 | |
| Return On Capital Employed | 0.05 | 0.07 | |
| Return On Assets | 0.02 | 0.02 | |
| Return On Equity | 0.09 | 0.08 |
When accessing NiSource's net worth, it's important to look at multiple sources and consider different scenarios. For example, gross profit margin measures NiSource's profitability after accounting for the cost of goods sold, while net profit margin measures profitability after accounting for all expenses. Other important metrics include return on assets, return on equity, and free cash flow. By reviewing multiple sources and metrics, you can gain a complete picture of NiSource's profitability and make more informed investment decisions.
Evaluate NiSource's management efficiency
NiSource has Return on Asset (ROA) of 0.0325 % which means that for every $100 of assets, it generated a profit of $0.0325. This is way below average. Likewise, it shows a return on total equity (ROE) of 0.0936 %, which means that it produced $0.0936 on every 100 dollars invested by current stockholders. NiSource's management efficiency ratios could be used to measure how well NiSource manages its routine affairs as well as how well it operates its assets and liabilities. The NiSource's current Return On Capital Employed is estimated to increase to 0.07, while Return On Tangible Assets are projected to decrease to 0.02. As of now, NiSource's Non Currrent Assets Other are increasing as compared to previous years. The NiSource's current Other Current Assets is estimated to increase to about 579.1 M, while Total Assets are projected to decrease to under 19.7 B.| Last Reported | Projected for Next Year | ||
| Book Value Per Share | 23.49 | 13.45 | |
| Tangible Book Value Per Share | 20.22 | 21.23 | |
| Enterprise Value Over EBITDA | 11.90 | 6.68 | |
| Price Book Value Ratio | 1.92 | 2.02 | |
| Enterprise Value Multiple | 11.90 | 6.68 | |
| Price Fair Value | 1.92 | 2.02 | |
| Enterprise Value | 8.1 B | 4.6 B |
The operational strategies employed by NiSource management play a crucial role in its market positioning. Assessing these strategies alongside financial data helps us evaluate the stock's investment potential.
Enterprise Value Revenue 5.4478 | Revenue | Quarterly Revenue Growth 0.279 | Revenue Per Share | Return On Equity |
Some recent studies suggest that insider trading raises the cost of capital for securities issuers and decreases overall economic growth. Trading by specific NiSource insiders, such as employees or executives, is commonly permitted as long as it does not rely on NiSource's material information that is not in the public domain. Local jurisdictions usually require such trading to be reported in order to monitor insider transactions. In many U.S. states, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases NiSource insiders are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
NiSource Corporate Filings
8K | 27th of June 2025 Report filed with the SEC to announce major events that shareholders should know about | ViewVerify |
| 24th of June 2025 Prospectus used primarily for registering securities for public sale. | ViewVerify | |
| 23rd of June 2025 Other Reports | ViewVerify | |
| 18th of June 2025 Other Reports | ViewVerify |
NiSource Earnings Estimation Breakdown
The calculation of NiSource's earning per share is based on the data from the past 12 consecutive months, used for reporting the company's financial figures. The next projected EPS of NiSource is estimated to be 0.1937 with the future projection ranging from a low of 0.15 to a high of 0.232. Please be aware that this consensus of annual earnings estimates for NiSource is based on EPS before non-recurring items and includes expenses related to employee stock options.Last Reported EPS
0.15 Lowest | Expected EPS | 0.23 Highest |
NiSource Earnings Projection Consensus
Suppose the current estimates of NiSource's value are higher than the current market price of the NiSource stock. In this case, investors may conclude that NiSource is overpriced and will exhibit bullish sentiment. On the other hand, if the present value is lower than the stock price, analysts may conclude that the market undervalues the equity. These scenarios may suggest that the market is not as efficient as it should be at the estimation time, and NiSource's stock will quickly adjusts to the new information provided by the consensus estimate.
| Number of Analysts | Historical Accuracy | Last Reported EPS | Estimated EPS for 30th of September 2025 | Current EPS (TTM) | |
| 16 | 89.61% | 0.0 | 0.1937 | 1.85 |
NiSource Earnings per Share Projection vs Actual
Actual Earning per Share of NiSource refers to what the company shows during its earnings calls or quarterly reports. The Expected EPS is what analysts covering NiSource predict the company's earnings will be in the future. The higher the earnings per share of NiSource, the better is its profitability. While calculating the Earning per Share, we use the weighted ratio, as the number of shares outstanding can change over time.NiSource Estimated Months Earnings per Share
For an investor who is primarily interested in generating an income out of investing in entities such as NiSource, the EPS ratio can tell if the company is intending to increase its current dividend. Although EPS is an essential tool for investors, it should not be used in isolation. EPS of NiSource should always be considered in relation to other companies to make a more educated investment decision.NiSource Quarterly Analyst Estimates and Surprise Metrics
Earnings surprises can significantly impact NiSource's stock price both in the short term and over time. Negative earnings surprises usually result in a price decline. However, it has been seen that positive earnings surprises lead to an immediate rise in a stock's price and a gradual increase over time. This is why we often hear news about some companies beating earning projections. Financial analysts spend a large amount of time predicting earnings per share (EPS) along with other important future indicators. Many analysts use forecasting models, management guidance, and additional fundamental information to derive an EPS estimate.
| Reported | Fiscal Date | Estimated EPS | Reported EPS | Surprise | |||
|---|---|---|---|---|---|---|---|
null | null | null | null | null | 0 | ||
2025-05-06 | 2025-03-31 | 0.9113 | 0.98 | 0.0687 | 7 | ||
2025-02-19 | 2024-12-31 | 0.5016 | 0.49 | -0.0116 | 2 | ||
2024-10-30 | 2024-09-30 | 0.16 | 0.2 | 0.04 | 25 | ||
2024-08-07 | 2024-06-30 | 0.17 | 0.21 | 0.04 | 23 | ||
2024-05-08 | 2024-03-31 | 0.83 | 0.85 | 0.02 | 2 | ||
2024-02-21 | 2023-12-31 | 0.54 | 0.53 | -0.01 | 1 | ||
2023-11-01 | 2023-09-30 | 0.16 | 0.19 | 0.03 | 18 | ||
2023-08-02 | 2023-06-30 | 0.11 | 0.11 | 0.0 | 0 | ||
2023-05-03 | 2023-03-31 | 0.75 | 0.77 | 0.02 | 2 | ||
2023-02-22 | 2022-12-31 | 0.48 | 0.5 | 0.02 | 4 | ||
2022-11-07 | 2022-09-30 | 0.11 | 0.1 | -0.01 | 9 | ||
2022-08-03 | 2022-06-30 | 0.12 | 0.12 | 0.0 | 0 | ||
2022-05-04 | 2022-03-31 | 0.78 | 0.75 | -0.03 | 3 | ||
2022-02-23 | 2021-12-31 | 0.36 | 0.39 | 0.03 | 8 | ||
2021-11-03 | 2021-09-30 | 0.09 | 0.11 | 0.02 | 22 | ||
2021-08-04 | 2021-06-30 | 0.13 | 0.13 | 0.0 | 0 | ||
2021-05-05 | 2021-03-31 | 0.77 | 0.77 | 0.0 | 0 | ||
2021-02-17 | 2020-12-31 | 0.33 | 0.34 | 0.01 | 3 | ||
2020-11-02 | 2020-09-30 | 0.03 | 0.09 | 0.06 | 200 | ||
2020-08-05 | 2020-06-30 | 0.08 | 0.13 | 0.05 | 62 | ||
2020-05-06 | 2020-03-31 | 0.8 | 0.76 | -0.04 | 5 | ||
2020-02-26 | 2019-12-31 | 0.43 | 0.45 | 0.02 | 4 | ||
2019-10-30 | 2019-09-30 | 0.04 | -0.0192 | -0.0592 | 148 | ||
2019-07-31 | 2019-06-30 | 0.06 | 0.05 | -0.01 | 16 | ||
2019-05-01 | 2019-03-31 | 0.77 | 0.82 | 0.05 | 6 | ||
2019-02-20 | 2018-12-31 | 0.36 | 0.38 | 0.02 | 5 | ||
2018-11-01 | 2018-09-30 | 0.06 | 0.1 | 0.04 | 66 | ||
2018-08-01 | 2018-06-30 | 0.09 | 0.07 | -0.02 | 22 | ||
2018-05-02 | 2018-03-31 | 0.76 | 0.77 | 0.01 | 1 | ||
2018-02-20 | 2017-12-31 | 0.32 | 0.33 | 0.01 | 3 | ||
2017-11-01 | 2017-09-30 | 0.07 | 0.07 | 0.0 | 0 | ||
2017-08-02 | 2017-06-30 | 0.1 | 0.1 | 0.0 | 0 | ||
2017-05-03 | 2017-03-31 | 0.67 | 0.71 | 0.04 | 5 | ||
2017-02-22 | 2016-12-31 | 0.34 | 0.33 | -0.01 | 2 | ||
2016-11-01 | 2016-09-30 | 0.07 | 0.06 | -0.01 | 14 | ||
2016-08-02 | 2016-06-30 | 0.07 | 0.08 | 0.01 | 14 | ||
2016-05-03 | 2016-03-31 | 0.59 | 0.6 | 0.01 | 1 | ||
2016-02-18 | 2015-12-31 | 0.3 | 0.31 | 0.01 | 3 | ||
2015-11-03 | 2015-09-30 | 0.03 | 0.06 | 0.03 | 100 | ||
2015-08-03 | 2015-06-30 | 0.21 | 0.18 | -0.03 | 14 | ||
2015-04-30 | 2015-03-31 | 0.82 | 0.85 | 0.03 | 3 | ||
2015-02-18 | 2014-12-31 | 0.52 | 0.51 | -0.01 | 1 | ||
2014-10-30 | 2014-09-30 | 0.16 | 0.14 | -0.02 | 12 | ||
2014-07-31 | 2014-06-30 | 0.24 | 0.25 | 0.01 | 4 | ||
2014-04-30 | 2014-03-31 | 0.79 | 0.82 | 0.03 | 3 | ||
2014-02-18 | 2013-12-31 | 0.46 | 0.47 | 0.01 | 2 | ||
2013-10-31 | 2013-09-30 | 0.16 | 0.18 | 0.02 | 12 | ||
2013-07-31 | 2013-06-30 | 0.23 | 0.23 | 0.0 | 0 | ||
2013-04-30 | 2013-03-31 | 0.71 | 0.69 | -0.02 | 2 | ||
2013-02-19 | 2012-12-31 | 0.43 | 0.44 | 0.01 | 2 | ||
2012-11-02 | 2012-09-30 | 0.04 | 0.05 | 0.01 | 25 | ||
2012-07-31 | 2012-06-30 | 0.2 | 0.23 | 0.03 | 15 | ||
2012-05-01 | 2012-03-31 | 0.71 | 0.76 | 0.05 | 7 | ||
2012-02-01 | 2011-12-31 | 0.36 | 0.32 | -0.04 | 11 | ||
2011-10-28 | 2011-09-30 | 0.1 | 0.11 | 0.01 | 10 | ||
2011-08-02 | 2011-06-30 | 0.16 | 0.17 | 0.01 | 6 | ||
2011-05-03 | 2011-03-31 | 0.72 | 0.71 | -0.01 | 1 | ||
2011-02-01 | 2010-12-31 | 0.34 | 0.33 | -0.01 | 2 | ||
2010-10-29 | 2010-09-30 | 0.06 | 0.04 | -0.02 | 33 | ||
2010-08-03 | 2010-06-30 | 0.09 | 0.13 | 0.04 | 44 | ||
2010-05-04 | 2010-03-31 | 0.68 | 0.72 | 0.04 | 5 | ||
2010-02-01 | 2009-12-31 | 0.36 | 0.35 | -0.01 | 2 | ||
2009-10-30 | 2009-09-30 | -0.01 | 0.07 | 0.08 | 800 | ||
2009-08-04 | 2009-06-30 | 0.01 | 0.02 | 0.01 | 100 | ||
2009-05-01 | 2009-03-31 | 0.62 | 0.62 | 0.0 | 0 | ||
2009-02-04 | 2008-12-31 | 0.43 | 0.46 | 0.03 | 6 | ||
2008-11-04 | 2008-09-30 | 0.03 | 0.03 | 0.0 | 0 | ||
2008-08-04 | 2008-06-30 | 0.1 | 0.08 | -0.02 | 20 | ||
2008-05-02 | 2008-03-31 | 0.76 | 0.69 | -0.07 | 9 | ||
2008-01-30 | 2007-12-31 | 0.39 | 0.43 | 0.04 | 10 | ||
2007-11-02 | 2007-09-30 | 0.1 | 0.08 | -0.02 | 20 | ||
2007-08-02 | 2007-06-30 | 0.11 | 0.12 | 0.01 | 9 | ||
2007-05-03 | 2007-03-31 | 0.77 | 0.76 | -0.01 | 1 | ||
2007-01-30 | 2006-12-31 | 0.43 | 0.43 | 0.0 | 0 | ||
2006-11-02 | 2006-09-30 | 0.07 | 0.1 | 0.03 | 42 | ||
2006-08-02 | 2006-06-30 | 0.14 | 0.1 | -0.04 | 28 | ||
2006-05-03 | 2006-03-31 | 0.71 | 0.65 | -0.06 | 8 | ||
2006-01-31 | 2005-12-31 | 0.44 | 0.45 | 0.01 | 2 | ||
2005-11-04 | 2005-09-30 | 0.06 | 0.06 | 0.0 | 0 | ||
2005-07-28 | 2005-06-30 | 0.12 | 0.14 | 0.02 | 16 | ||
2005-04-29 | 2005-03-31 | 0.78 | 0.77 | -0.01 | 1 | ||
2005-01-31 | 2004-12-31 | 0.56 | 0.58 | 0.02 | 3 | ||
2004-10-27 | 2004-09-30 | 0.06 | 0.08 | 0.02 | 33 | ||
2004-07-29 | 2004-06-30 | 0.17 | 0.13 | -0.04 | 23 | ||
2004-04-30 | 2004-03-31 | 0.85 | 0.82 | -0.03 | 3 | ||
2004-01-30 | 2003-12-31 | 0.55 | 0.53 | -0.02 | 3 | ||
2003-10-30 | 2003-09-30 | 0.02 | 0.05 | 0.03 | 150 | ||
2003-07-30 | 2003-06-30 | 0.07 | 0.15 | 0.08 | 114 | ||
2003-04-29 | 2003-03-31 | 0.94 | 0.88 | -0.06 | 6 | ||
2003-01-30 | 2002-12-31 | 0.6 | 0.59 | -0.01 | 1 | ||
2002-10-28 | 2002-09-30 | 0.09 | 0.11 | 0.02 | 22 | ||
2002-07-30 | 2002-06-30 | 0.1 | 0.1 | 0.0 | 0 | ||
2002-04-23 | 2002-03-31 | 0.92 | 1.16 | 0.24 | 26 | ||
2002-01-30 | 2001-12-31 | 0.59 | 0.59 | 0.0 | 0 | ||
2001-11-01 | 2001-09-30 | 0.04 | -0.1 | -0.14 | 350 | ||
2001-07-31 | 2001-06-30 | 0.07 | 0.01 | -0.06 | 85 | ||
2001-04-27 | 2001-03-31 | 0.91 | 0.88 | -0.03 | 3 | ||
2001-01-30 | 2000-12-31 | 0.75 | 0.76 | 0.01 | 1 | ||
2000-10-30 | 2000-09-30 | 0.29 | 0.24 | -0.05 | 17 | ||
2000-07-28 | 2000-06-30 | 0.22 | 0.18 | -0.04 | 18 | ||
2000-04-25 | 2000-03-31 | 0.63 | 0.62 | -0.01 | 1 | ||
2000-01-28 | 1999-12-31 | 0.56 | 0.32 | -0.24 | 42 | ||
1999-10-28 | 1999-09-30 | 0.33 | 0.31 | -0.02 | 6 | ||
1999-07-29 | 1999-06-30 | 0.23 | 0.18 | -0.05 | 21 | ||
1999-04-14 | 1999-03-31 | 0.56 | 0.62 | 0.06 | 10 | ||
1999-01-28 | 1998-12-31 | 0.55 | 0.51 | -0.04 | 7 | ||
1998-10-29 | 1998-09-30 | 0.36 | 0.35 | -0.01 | 2 | ||
1998-07-30 | 1998-06-30 | 0.26 | 0.24 | -0.02 | 7 | ||
1998-04-29 | 1998-03-31 | 0.54 | 0.48 | -0.06 | 11 | ||
1998-01-29 | 1997-12-31 | 0.47 | 0.44 | -0.03 | 6 | ||
1997-10-30 | 1997-09-30 | 0.29 | 0.28 | -0.01 | 3 | ||
1997-07-30 | 1997-06-30 | 0.2 | 0.22 | 0.02 | 10 | ||
1997-04-29 | 1997-03-31 | 0.54 | 0.59 | 0.05 | 9 | ||
1997-01-30 | 1996-12-31 | 0.42 | 0.43 | 0.01 | 2 | ||
1996-10-24 | 1996-09-30 | 0.26 | 0.28 | 0.02 | 7 | ||
1996-07-30 | 1996-06-30 | 0.21 | 0.19 | -0.02 | 9 | ||
1996-04-29 | 1996-03-31 | 0.5 | 0.54 | 0.04 | 8 |
NiSource Corporate Directors
| Aristides Candris | Independent Director | Profile | |
| Peter Altabef | Independent Director | Profile | |
| Deborah Henretta | Independent Director | Profile | |
| Theodore Bunting | Independent Director | Profile |
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in NiSource. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product. For more detail on how to invest in NiSource Stock please use our How to Invest in NiSource guide.You can also try the Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Is Multi-Utilities space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of NiSource. If investors know NiSource will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about NiSource listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 0.302 | Dividend Share 1.09 | Earnings Share 1.85 | Revenue Per Share | Quarterly Revenue Growth 0.279 |
The market value of NiSource is measured differently than its book value, which is the value of NiSource that is recorded on the company's balance sheet. Investors also form their own opinion of NiSource's value that differs from its market value or its book value, called intrinsic value, which is NiSource's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because NiSource's market value can be influenced by many factors that don't directly affect NiSource's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between NiSource's value and its price as these two are different measures arrived at by different means. Investors typically determine if NiSource is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, NiSource's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.