Nisource INC.: insider trades · United States · SEC (Form 4)

About Nisource INC.

NiSource Inc. is a U.S. energy utility holding company listed on the NYSE under the ticker NI. Headquartered in Merrillville, Indiana, and operating in the United States, the company is a regulated utility platform focused primarily on natural gas and electric service. Its business model is anchored in rate-regulated network assets, which typically provide more predictable cash generation than commodity-exposed energy businesses. NiSource’s corporate roots trace back to the historic Northern Indiana Public Service Company (NIPSCO), while the modern holding company structure was established in 1987. That long operating history matters because it reflects a deep utility footprint, an established regulatory presence, and a large installed base of essential infrastructure. Over time, the company has been reshaped into a more concentrated regulated-utility franchise, with a clear emphasis on core network operations. Operationally, NiSource’s main businesses center on regulated gas distribution and, through NIPSCO, regulated electric utility service. The company serves residential, commercial, and industrial customers across its service territories through extensive distribution and transmission infrastructure. Its earnings profile is driven by capital investment, system modernization, safety, reliability improvements, and the gradual transition of its asset base toward a more resilient and lower-carbon operating model. For equity investors, this makes NiSource closer to a defensive utility than a cyclical energy company. From a competitive standpoint, NiSource benefits from captive service areas and regulatory frameworks that limit direct competition in its core distribution markets. Its key strengths include scale, a sizable regulated asset base, recurring infrastructure investment opportunities, and longstanding relationships with state regulators. At the same time, the company remains exposed to regulatory outcomes, rate-case timing, compliance obligations, and operational risk, all of which are especially important in gas and electric utilities. Recent company developments have been centered on execution and guidance. NiSource released full-year 2025 results and stated that it is reaffirming a 2026-2033 consolidated non-GAAP adjusted EPS CAGR target of 8%-9%, underscoring management’s confidence in its regulated growth pipeline. Recent disclosures also emphasize customer service improvements, grid and pipeline modernization, and operational efficiency. For French-speaking investors evaluating U.S. listed utilities, NiSource stands out as a classic defensive regulated utility on the NYSE in the United States, with a growth profile tied more to rate base expansion and execution discipline than to commodity prices.