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

Spire Inc. (NYSE:SR)’s share price 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.

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 net margin of 9.52% and a return on equity of 8.10%.

Spire Cuts Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Mizuho upgraded Spire from a “neutral” rating to an “outperform” rating and upped their target price for the company from $65.00 to $76.00 in a research report on Friday, December 20th. Morgan Stanley lowered their price target on Spire from $77.00 to $75.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Wells Fargo & Company increased 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. UBS Group increased 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. Finally, StockNews.com cut Spire from a “hold” rating to a “sell” rating in a research note on Sunday, January 19th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.50.

Insiders Place Their Bets

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

Institutional Trading of Spire

Institutional investors and hedge funds have recently modified their holdings of the business. Crossmark Global Holdings Inc. boosted its holdings in shares of Spire by 5.2% in the third quarter. Crossmark Global Holdings Inc. now owns 3,572 shares of the utilities provider’s stock worth $240,000 after acquiring an additional 177 shares during the period. Creative Planning grew its position in Spire by 2.7% during the 3rd quarter. Creative Planning now owns 7,126 shares of the utilities provider’s stock worth $480,000 after acquiring an additional 190 shares during the last quarter. Missouri Trust & Investment Co grew its position in Spire by 28.6% during the 3rd quarter. Missouri Trust & Investment Co now owns 900 shares of the utilities provider’s stock worth $61,000 after acquiring an additional 200 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Spire by 87.2% in 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. Finally, Verdence Capital Advisors LLC lifted its holdings in Spire by 4.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 5,327 shares of the utilities provider’s stock worth $358,000 after buying an additional 228 shares during the period. 87.36% of the stock is owned by hedge funds and other institutional investors.

Spire Trading Up 0.7 %

The firm has a market cap of $4.14 billion, a PE 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. The firm has a fifty day simple moving average of $68.98 and a two-hundred day simple moving average of $66.95.

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.