Zacks Investment Research Upgrades Spire Inc. (SR) to Buy
Spire Inc. (NYSE:SR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $84.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.11% from the company’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. “
Other equities analysts also recently issued research reports about the stock. Stifel Nicolaus reissued a “hold” rating and issued a $71.00 target price on shares of Spire in a research note on Thursday, August 3rd. Morgan Stanley raised their target price on shares of Spire from $68.00 to $73.00 and gave the company an “underweight” rating in a research note on Thursday, August 10th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $73.00 target price on shares of Spire in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Spire has a consensus rating of “Hold” and a consensus target price of $73.33.
Shares of Spire (NYSE SR) opened at 75.60 on Wednesday. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 21.84 and a beta of 0.32. The stock’s 50 day moving average price is $75.92 and its 200-day moving average price is $71.75. Spire has a 52-week low of $59.54 and a 52-week high of $78.00.
Spire (NYSE:SR) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.05. Spire had a net margin of 9.12% and a return on equity of 8.77%. The business had revenue of $323.50 million for the quarter, compared to the consensus estimate of $293.99 million. During the same quarter last year, the firm posted $0.33 EPS. The business’s revenue for the quarter was up 29.8% compared to the same quarter last year. On average, analysts predict that Spire will post $3.57 earnings per share for the current fiscal year.
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A number of institutional investors have recently added to or reduced their stakes in the stock. Mosaic Family Wealth LLC increased its stake in Spire by 0.3% during the 2nd quarter. Mosaic Family Wealth LLC now owns 4,890 shares of the utilities provider’s stock worth $341,000 after buying an additional 17 shares during the period. Teacher Retirement System of Texas increased its stake in Spire by 0.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 11,042 shares of the utilities provider’s stock worth $770,000 after buying an additional 35 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Spire by 1.7% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 4,078 shares of the utilities provider’s stock worth $284,000 after buying an additional 69 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Spire by 8.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,825 shares of the utilities provider’s stock worth $127,000 after buying an additional 144 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp increased its stake in Spire by 3.5% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 5,709 shares of the utilities provider’s stock worth $398,000 after buying an additional 193 shares during the period. 79.06% of the stock is currently owned by hedge funds and other 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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