Spire (NYSE:SR) Shares Gap Down on Disappointing Earnings

Spire Inc. (NYSE:SR) shares gapped down before the market opened on Wednesday following a dissappointing earnings announcement. 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 traded.

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

Spire Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Tuesday, March 11th will be paid a $0.785 dividend. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $3.14 annualized dividend and a dividend yield of 4.39%. Spire’s payout ratio is 72.85%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group boosted their price target on Spire from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Wells Fargo & Company boosted their price target on Spire from $73.00 to $75.00 and gave the company an “equal weight” rating in a research note on Thursday, November 21st. Bank of America initiated coverage on Spire in a research note on Friday, December 13th. They issued a “neutral” rating and a $70.00 price target for the company. Morgan Stanley decreased their target price on Spire from $77.00 to $75.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. Finally, Mizuho raised Spire from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $65.00 to $76.00 in a research report on Friday, December 20th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Spire currently has an average rating of “Hold” and an average target price of $71.50.

Insider Activity at Spire

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

Hedge Funds Weigh In On Spire

Hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new position in Spire in the third quarter valued at about $25,000. Golden State Wealth Management LLC bought a new position in Spire during the fourth quarter worth about $27,000. GAMMA Investing LLC boosted its holdings in Spire by 87.2% during the fourth 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 last quarter. Larson Financial Group LLC boosted its holdings in Spire by 1,318.4% during the third 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 last quarter. Finally, R Squared Ltd bought a new position in shares of Spire during the 4th quarter valued at about $37,000. Institutional investors own 87.36% of the company’s stock.

Spire Price Performance

The company has a fifty day moving average price of $68.98 and a two-hundred day moving average price of $66.95. The firm has a market cap of $4.14 billion, a P/E ratio of 16.57, a PEG ratio of 2.71 and a beta of 0.58. The company has a current ratio of 0.45, a quick ratio of 0.30 and a debt-to-equity ratio of 1.24.

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.