Spire (NYSE:SR) Shares Gap Down After Earnings Miss

Spire Inc. (NYSE:SR) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $71.05, but opened at $68.48. Spire shares last traded at $71.43, with a volume of 15,113 shares trading hands.

The utilities provider reported $1.34 EPS for the quarter, missing the consensus estimate of $1.42 by ($0.08). Spire had a net margin of 9.52% and a return on equity of 8.10%.

Spire Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Tuesday, March 11th will be paid a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date of this dividend is Tuesday, March 11th. Spire’s payout ratio is 72.85%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. LADENBURG THALM/SH SH lowered shares of Spire from a “neutral” rating to a “sell” rating and reduced their target price for the company from $65.50 to $60.50 in a research note on Thursday, October 17th. Stifel Nicolaus reduced their target price on shares of Spire from $70.00 to $69.00 and set a “hold” rating for the company in a research note on Friday, November 22nd. Bank of America assumed coverage on shares of Spire in a research note on Friday, December 13th. They set a “neutral” rating and a $70.00 target price for the company. Wells Fargo & Company boosted their target price on shares of Spire from $73.00 to $75.00 and gave the company an “equal weight” rating in a research note on Thursday, November 21st. Finally, Janney Montgomery Scott started coverage on shares of Spire in a research note on Tuesday, December 17th. They set a “neutral” rating and a $73.00 target price for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $71.50.

Insiders Place Their Bets

In other Spire news, Director Paul D. Koonce bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were acquired at an average cost of $73.61 per share, for a total transaction of $73,610.00. Following the acquisition, the director now directly owns 2,425 shares of the company’s stock, valued at $178,504.25. This trade represents a 70.18 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Treasurer Adam W. Woodard sold 1,150 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $67.47, for a total transaction of $77,590.50. Following the completion of the sale, the treasurer now owns 2,587 shares in the company, valued at $174,544.89. The trade was a 30.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Spire

A number of large investors have recently made changes to their positions in the company. Meeder Asset Management Inc. purchased a new position in Spire during the third quarter valued at approximately $25,000. Golden State Wealth Management LLC bought a new stake in Spire in the fourth quarter worth approximately $27,000. GAMMA Investing LLC boosted its holdings in shares of Spire by 87.2% during the 4th quarter. GAMMA Investing LLC now owns 438 shares of the utilities provider’s stock worth $30,000 after buying an additional 204 shares during the period. Larson Financial Group LLC boosted its holdings in shares of Spire by 1,318.4% during the 3rd quarter. Larson Financial Group LLC now owns 539 shares of the utilities provider’s stock worth $36,000 after buying an additional 501 shares during the period. Finally, R Squared Ltd bought a new stake in shares of Spire during the 4th quarter worth $37,000. Institutional investors and hedge funds own 87.36% of the company’s stock.

Spire Trading Up 1.6 %

The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 2.71 and a beta of 0.58. The company’s 50 day moving average is $68.95 and its 200 day moving average is $66.98. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.30 and a current ratio of 0.45.

About Spire

Spire Inc, together with its subsidiaries, engages in the purchase, retail distribution, and sale of natural gas to residential, commercial, industrial, and other end-users of natural gas in the United States. The company operates through three segments: Gas Utility, Gas Marketing, and Midstream. It is also involved in the marketing of natural gas and related services; and transportation and storage of natural gas.