Spire Inc. (SR) Rating Increased to Buy at Zacks Investment Research
Spire Inc. (NYSE:SR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $84.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.53% from the stock’s current price.
According to Zacks, “Spire Inc. is a public utility company which is engaged in the purchase, retail distribution, sale and marketing of natural gas. Its operating segment consists of Gas Utility and Gas Marketing. Gas Utility segment includes the regulated operations of Laclede Gas and Alabama Gas Corporation. Gas Marketing segment is engaged in the marketing of natural gas and related activities on a non-regulated basis. Spire Inc, formerly known as The Laclede Group Inc., is headquartered in St. Louis, Missouri. “
A number of other analysts have also weighed in on the company. Stifel Nicolaus reissued a “hold” rating and set a $71.00 price objective on shares of Spire in a research note on Thursday, August 3rd. Morgan Stanley raised their target price on shares of Spire from $73.00 to $75.00 and gave the stock an “underweight” rating in a report on Friday, September 8th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $73.00 target price on shares of Spire in a research note on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. Spire currently has a consensus rating of “Hold” and an average price target of $73.33.
Shares of Spire (SR) traded up 0.40% during mid-day trading on Wednesday, reaching $74.95. 32,381 shares of the company’s stock were exchanged. The stock has a market cap of $3.62 billion, a PE ratio of 21.66 and a beta of 0.32. The company has a 50 day moving average price of $75.95 and a 200-day moving average price of $71.69. Spire has a one year low of $59.54 and a one year high of $78.00.
Spire (NYSE:SR) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.05. The business had revenue of $323.50 million for the quarter, compared to analyst estimates of $293.99 million. Spire had a return on equity of 8.77% and a net margin of 9.12%. Spire’s revenue for the quarter was up 29.8% compared to the same quarter last year. During the same period last year, the company earned $0.33 EPS. On average, analysts predict that Spire will post $3.57 EPS for the current year.
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A number of hedge funds have recently made changes to their positions in SR. Bruderman Asset Management LLC bought a new stake in Spire in the second quarter valued at $124,000. LS Investment Advisors LLC increased its position in Spire by 13.0% during the 2nd quarter. LS Investment Advisors LLC now owns 1,793 shares of the utilities provider’s stock valued at $125,000 after purchasing an additional 206 shares during the period. Archford Capital Strategies LLC raised its holdings in Spire by 66.5% in the 2nd quarter. Archford Capital Strategies LLC now owns 1,807 shares of the utilities provider’s stock worth $168,000 after purchasing an additional 722 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Spire by 8.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,825 shares of the utilities provider’s stock worth $127,000 after purchasing an additional 144 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in Spire by 11.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,070 shares of the utilities provider’s stock worth $144,000 after purchasing an additional 209 shares in the last quarter. 79.06% of the stock is owned by institutional investors.
Spire Company Profile
Spire Inc, formerly The Laclede Group, Inc, is engaged to transform its business and pursue growth by growing its gas utility business through prudent investment in infrastructure upgrades and organic growth initiatives; acquire and integrate gas utilities; modernize its gas assets, and invest in innovation.
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