Lloyd M. Yates, Director, President, and CEO of NiSource (NYSE:NI), is optimistic about the company’s future as he recently purchased its shares. NiSource operates as a regulated natural gas and electric utility in the United States and has a market cap of about $11 billion.
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In the recent SEC filing, Yates disclosed buying 40,000 shares of the company on August 23 at a weighted average price of $26.44 per share. The transaction’s total consideration stands at $1.06 million.
As per TipRanks’ data, Yates has had a success rate of 50% in his transactions over the past year. Also, he has been able to generate an average return of 3% per transaction.
It is worth highlighting that the CEO’s move is in contrast to other key insiders of the company. Earlier this month, three executives, including Melody Birmingham, NI’s Executive Vice President, and NiSource Utilities’ President, sold a total of $646,636 worth of shares of the company.
Based on the purchases of these corporate insiders, TipRanks’ Insider Trading Activity Tool shows that overall insider confidence in NiSource is currently Very Negative.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is NI a Good Stock?
The company’s efforts to improve its financial position by disposing of non-core assets and taking prudent cost control measures are encouraging. Importantly, NiSource increased its quarterly dividend by 6% in February and currently has an attractive dividend yield of 3.71%. Overall, analysts are optimistic about the stock’s prospects.
On TipRanks, NI stock commands a Strong Buy consensus rating based on six unanimous Buys. The average NiSource stock price target of $30.67 implies 15.39% upside potential. The stock is down 9.2% over the past year.
