5 Most Undervalued Utility Stocks To Buy According To Hedge Funds

3. NiSource Inc. (NYSE:NI)

PE Ratio as of January 26: 17.92

NiSource Inc. (NYSE:NI) is an Indiana-based utility company that serves millions of natural gas and electricity customers in the US. In November, NiSource Inc. (NYSE:NI) posted its third quarter results. NiSource Inc. (NYSE:NI)’s adjusted EPS in the period came in at $0.10, in-line with estimates. However, NiSource Inc. (NYSE:NI) narrowed its 2022 adjusted net operating earnings per share (NOEPS) guidance to $1.44 to $1.46 versus the consensus estimate of $1.45. NiSource Inc. (NYSE:NI) also gave 2023 guidance of $1.50 to $1.57 non-GAAP diluted NOEPS vs. consensus of $1.55.

Hedge fund sentiment for NiSource Inc. (NYSE:NI) saw a huge jump in the third quarter. A total of 32 hedge funds tracked by Insider Monkey reported owning stakes in NiSource Inc. (NYSE:NI) as of the end of the period, compared to 23 funds that had stakes in NiSource Inc. (NYSE:NI) at the conclusion of the second quarter of 2022.