Barclays Maintains an 'Equalweight' on NiSource (NI); Good Q3, Utica Potential Disclosed

Barclays maintains an 'Equalweight' on NiSource (NYSE: NI) price target raised $1 to $22.00.

Barclays analyst says, "NI reported good Q3'11 results and guided to the upper half of current '11 guidance: NI reported Q3'11 EPS of $0.11 vs. $0.04 Q3'10 and guided to the upper half of its $1.25-$1.35 2011 guidance range. The primary reason for the Y/Y improvement was improved rate design at the gas LDCs (primarily NIPSCO-Gas)."

"Biggest data point was disclosure of Utica acreage in the 100K-200K range: This is in-line with our view that potential acreage was in the ~150K range. While details around location of this potential acreage are still light, the work that we've done makes us think that larger portions of this potential acreage could lie in the most western portions of the play, although, in our view, it is still very early to be making firm conclusions at this point. Management will give more details around location as we head into 2012."

For more ratings news on NiSource click here and for the rating history of NiSource click here.

Shares of NiSource closed at $22.52 yesterday.

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