NiSource Shares Rise After Microsoft Power Deal Expands Indiana Data Center Opportunity

NiSource (NI) is up 3.1% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver is NiSource’s newly announced long-term energy agreement with Microsoft for a northwest Indiana data center campus. Investors appear to be responding to the added visibility around large-load growth, customer-funded infrastructure, and higher projected savings for existing utility customers.

Details:

NiSource announced a 20-year agreement under which Microsoft is expected to begin taking electric service in 2028 for its previously announced northwest Indiana campus.

The company said the deal lifts expected savings for existing NIPSCO electric customers to about $1.75 billion over the life of its data center contracts, up from the previously disclosed $1.4 billion.

NiSource said the arrangement is structured so large-load customers fully fund the generation and transmission needed to serve them, which may have reassured investors that growth should not burden existing customers.

A newly filed 8-K also showed GenCo entered a tolling agreement tied to a 600 MW battery storage project, adding another concrete piece of infrastructure behind the broader data center strategy.

Sources:

NIPSCO, SEC, NiSource

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$NI Insider Trading Activity

$NI insiders have traded $NI stock on the open market 5 times in the past 6 months. Of those trades, 0 have been purchases and 5 have been sales.

Here’s a breakdown of recent trading of $NI stock by insiders over the last 6 months:

MELODY BIRMINGHAM (EVP & Grp President, Utilities) has made 0 purchases and 3 sales selling 50,009 shares for an estimated $2,180,813.
LLOYD M YATES (Director and President & CEO) sold 19,905 shares for an estimated $950,065
MELANIE B. BERMAN (EVP Administration & CHRO) sold 15,000 shares for an estimated $715,200

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

EARLY ACCESS

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$NI Hedge Fund Activity

We have seen 478 institutional investors add shares of $NI stock to their portfolio, and 311 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 6,990,395 shares (-19.0%) from their portfolio in Q2 2026, for an estimated $332,393,282
JPMORGAN CHASE & CO added 6,963,215 shares (+inf%) to their portfolio in Q2 2026, for an estimated $331,100,873
SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 4,515,728 shares (+inf%) to their portfolio in Q2 2026, for an estimated $214,722,866
UBS GROUP AG removed 3,827,420 shares (-65.2%) from their portfolio in Q2 2026, for an estimated $181,993,821
BLACKROCK, INC. added 3,482,756 shares (+6.8%) to their portfolio in Q2 2026, for an estimated $165,605,047
BALYASNY ASSET MANAGEMENT L.P. added 3,445,111 shares (+27379.1%) to their portfolio in Q2 2026, for an estimated $163,815,028
QUBE RESEARCH & TECHNOLOGIES LTD added 2,392,990 shares (+2320.0%) to their portfolio in Q2 2026, for an estimated $113,786,674

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$NI Government Contracts

We have seen $2,135,014 of award payments to $NI over the last year.

Here are some of the awards which we have have seen pay out the most over the last year:

NATURAL GAS UTILITY SERVICES (TRANSPORTATION): $424,049
COLUMBIA GAS OF OHIO TRANSPORTATION FY26: $249,106
NATURAL GAS UTILITY SERVICE: $218,333
COLUMBIA GAS FY-26 Q1 NATURAL GAS LDC UTILITY SERVICE - FCI CUMBERLAND FOR FY26 52.232-18 AVAILABILITY OF F...: $200,027
COLUMBIA GAS FY-26 Q3 NATURAL GAS LDC UTILITY SERVICE - FCI CUMBERLAND FOR FY26 52.232-18 AVAILABILITY OF F...: $129,376

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard. You can access data on government contracts through the Quiver Quantitative API government contracts endpoint.

$NI Price Targets

Multiple analysts have issued price targets for $NI recently. We have seen 3 analysts offer price targets for $NI in the last 6 months, with a median target of $52.0.

Here are some recent targets:

Stephen D'Ambrisi from RBC Capital set a target price of $52.0 on 07/02/2026
Ryan Levine from Citigroup set a target price of $49.0 on 05/11/2026
Shahriar Pourreza from Wells Fargo set a target price of $52.0 on 05/07/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.