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

Spire Inc. (NYSE:SR - Get Free Report)'s share price gapped down prior to trading 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 changing hands.

The utilities provider reported $1.34 earnings per share for the quarter, missing analysts' consensus estimates of $1.42 by ($0.08). Spire had a net margin of 9.70% and a return on equity of 7.88%.

Spire Cuts Dividend

The company 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 $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 4.40%. The ex-dividend date of this dividend is Tuesday, March 11th. Spire's dividend payout ratio is currently 76.03%.

Wall Street Analysts Forecast Growth

SR has been the topic of several recent research reports. LADENBURG THALM/SH SH cut Spire from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $65.50 to $60.50 in a research note on Thursday, October 17th. Bank of America assumed coverage on shares of Spire in a research report on Friday, December 13th. They issued a "neutral" rating and a $70.00 target price on the stock. Janney Montgomery Scott initiated coverage on shares of Spire in a research report on Tuesday, December 17th. They set a "neutral" rating and a $73.00 price target for the company. Stifel Nicolaus cut their price objective on shares of Spire from $70.00 to $69.00 and set a "hold" rating on the stock in a report on Friday, November 22nd. Finally, UBS Group lifted their target price on shares of Spire from $75.00 to $80.00 and gave the company a "buy" rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $71.50.

Insider Activity

In other news, Treasurer Adam W. Woodard sold 1,150 shares of the firm's stock in a transaction 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 transaction, the treasurer now directly owns 2,587 shares in the company, valued at $174,544.89. This trade represents a 30.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Paul D. Koonce acquired 1,000 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was purchased at an average cost of $73.61 per share, with a total value 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 disclosure for this purchase can be found here. Corporate insiders own 2.33% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. purchased a new stake in shares of Spire in the 3rd quarter worth $25,000. Golden State Wealth Management LLC bought a new stake in Spire during the fourth quarter valued at about $27,000. GAMMA Investing LLC increased its position in Spire by 87.2% in 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 in the last quarter. Larson Financial Group LLC raised its stake in shares of Spire by 1,318.4% in 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 period. Finally, R Squared Ltd purchased a new position in shares of Spire during the 4th quarter valued at about $37,000. 87.36% of the stock is owned by hedge funds and other institutional investors.

Spire Trading Down 1.3 %

The stock has a 50 day moving average of $68.89 and a 200-day moving average of $67.06. The company has a market capitalization of $4.16 billion, a P/E ratio of 17.27, a P/E/G ratio of 2.76 and a beta of 0.58. The company has a current ratio of 0.50, a quick ratio of 0.30 and a debt-to-equity ratio of 1.21.

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.