Spire (SR)
NYSEUtilitiesRegulated GasSnapshot 2026-09-04
$82.68-0.78%
Close 2026-09-04 · 1-day change
NYSEUtilitiesRegulated GasSnapshot 2026-09-04
Broken: Primary pillar broken — Adjusted EPS growth reflecting Piedmont Tennessee acquisition: FY27 EPS guide $5.40-$5.60 vs $5.65 target.
Spire grows earnings with the Piedmont Tennessee acquisition. Adjusted EPS is guided to $5.65–$5.85 in fiscal 2027. Regulated gas utility earnings rose to $234.8 million in Q2 2026. Dividends increased to $0.825 per share, showing steady shareholder returns.
Litigation risks and volatile management could hurt results. Free cash flow is negative, which may pressure capital allocation. The sector faces headwinds that could slow growth and margin gains.
The price is about 10% below our valuation range and 6% below the Street median. Analysts expect roughly 12% revenue growth. Our view aligns with these expectations but sees risks from management volatility and sector headwinds.
Breaks if: Dividend per share falls below $0.79
Sustain dividend payments at $0.825 per share to provide shareholder returns and financial stability.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a utility company with a focus on growth through acquisitions. The current thesis state is stable, supported by strong recent financial performance, but management execution remains volatile.
The market currently prices SR as cheap compared to its peers, reflecting a low expectations gap. However, there is a fragility in the sector due to ongoing challenges in the heating market.
Fundamentals are likely to improve as management successfully integrates recent acquisitions, although there is a moderate risk of earnings misses. The company's commitment to maintaining dividends shows financial discipline.
The thesis hinges on management's ability to execute on strategic priorities, particularly the integration of acquisitions. Additionally, external factors like Federal Reserve rate cuts and performance of sector peers will influence SR's trajectory.
The most important moves since the prior daily snapshot.
Mixed, the news cuts both ways. The company reaffirmed its revenue outlook, supporting operational income growth. However, it reported a miss in earnings, which raises concerns about performance.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Stated as a priority in 3 of last 3 quarters. Dividends per share have been consistently maintained at $0.825 from 2025-Q4 through 2026-Q2. This demonstrates management's commitment to stable shareholder returns and financial discipline. The trajectory is delivering as dividends remain steady.
“Dividends declared per common share $0.825”
“Dividends declared per common share $0.825”
“Dividends declared per common share $0.825”
Breaks if: Fiscal 2027 EPS guidance falls below $5.65
Successfully close and integrate the Piedmont Natural Gas Tennessee acquisition to expand regulated utility operations.
Stated as a priority in 3 of last 3 quarters. The acquisition of Piedmont Natural Gas Tennessee business was completed on March 31, 2026. Gas Utility segment adjusted earnings grew from $273.0 million in 2025-Q2 to $335.5 million in 2026-Q2, reflecting integration benefits and regulated growth. The trajectory is delivering as management has successfully closed the acquisition and earnings have improved.
“Completed acquisition of the Piedmont Natural Gas Tennessee business on March 31, 2026”
“Spire entered into agreements to sell Spire Marketing, Spire Storage and Spire Mississippi; acquisition pending regulatory approvals”
“Affirmed fiscal 2026 adjusted earnings guidance excludes results of pending acquisition of Piedmont Natural Gas Tennessee business”
Breaks if: Gas Utility adjusted earnings fall below $195 million in any quarter
Drive operational income growth by leveraging new rates, infrastructure investments, and disciplined cost management in regulated utilities.
Stated as a priority in 3 of last 3 quarters. Gas Utility segment operating income increased from $277.9 million in 2025-Q2 to $303.5 million in 2026-Q2, and adjusted earnings grew from $273.0 million to $335.5 million over the same period. Management consistently attributes growth to new rates, infrastructure investment, and cost discipline. The trajectory is delivering with clear financial improvement.
“Gas Utility earnings improved year-over-year, driven by new rates, infrastructure investment and disciplined cost management”
“Second quarter results reflected solid performance across Spire's gas utilities, supported by new rates, infrastructure investment and disciplined cost management”
“Gas Utility earnings increased primarily due to new Spire Missouri rates and Spire Alabama rates under the RSE mechanism”
Over the next 1 to 3 years, SR's performance will depend on management execution and external economic conditions. Not investment advice.