Spire Inc

Spire Inc. reaffirmed its long-term adjusted earnings per share growth target of 5% to 7%, supported by a $11.2 billion 10-year capital plan. The company also reaffirmed its fiscal 2026 adjusted EPS guidance from continuing operations of $3.90 to $4.10 per share and fiscal 2027 adjusted EPS guidance of $5.40 to $5.60 per share. In the first nine months of the year, Spire invested nearly $600 million in capital expenditures and continues to expect full year 2026 capital expenditures of approximately $800 million across its utilities. The company completed the divestitures of Spire Marketing and Spire Storage, transforming into a fully regulated utility. Management noted that the Missouri rate case settlement does not include recovery of past margin impacts, and a future test year rate case filing is expected in early November 2026.

Spire declared a quarterly dividend of $0.825 per share, payable October 2, 2026, to shareholders of record as of September 11, continuing an uninterrupted cash dividend record since 1946 and marking the 23rd consecutive year of annualized common stock dividend increases. The announcement comes as Spire's share price has softened in the short term, with a 7-day return of 4.11% and a 90-day return of 11.67% from its recent high, though longer-term total shareholder returns of 11.96% over one year and 50.05% over three years remain positive. Against a last close of $79.86, the most followed analyst narrative points to a fair value of $95.00, implying the stock is 15.9% undervalued, supported by infrastructure investments and constructive regulatory frameworks that are expected to grow Spire's regulated asset base and net income. However, risks include pressure from electrification and decarbonization policies, as well as potential regulatory lag on heavy infrastructure spending.

Drugs shares led Tuesday trading, rising about 2% as a group, with Crinetics Pharmaceuticals surging roughly 98.8% and Pyxis Oncology gaining about 18.7%. Gas utilities also showed relative strength, advancing about 1.4% as a group, led by ONE Gas up around 3.5% and Spire up about 3.3%.

Spire Inc. has completed its transformation into a pure-play regulated gas utility through strategic acquisitions and divestitures. The company sold its Wyoming and Oklahoma natural gas storage businesses for $650 million on June 30, 2026, and Spire Marketing for $215 million on April 30, 2026, with proceeds helping fund the March 31, 2026 acquisition of Piedmont Natural Gas Tennessee. The Tennessee acquisition adds 200,000 customers, 3,800 pipeline miles, and a $1.6 billion rate base, expanding Spire's regulated footprint. Spire also agreed to sell its Mississippi natural-gas business to Delta Utilities for $75 million, expected to close in fiscal 2027. The company plans to invest $11.2 billion over 10 years, supporting 5-7% adjusted EPS growth and rate base growth of 7% in Missouri and 7.5% in Tennessee.

Spire has completed the sale of its natural gas storage businesses in Wyoming and Oklahoma to I Squared Capital for $650 million. The transaction includes $600 million in cash at closing and a $50 million fixed, non-contingent deferred payment due in Spire's fiscal year 2027. Proceeds will partially fund Spire's previously completed acquisition of the Piedmont Natural Gas Tennessee business. The storage assets, now part of I Squared portfolio company Bear River Midstream, include two fields in Wyoming with up to 55 billion cubic feet of working gas capacity and one in Oklahoma with up to 17 billion cubic feet. Spire says the sale sharpens its focus on regulated natural gas utility operations.

Spire Inc. reported adjusted earnings of $3.76 per share for fiscal Q2 2026, up from $3.60 a year earlier, and raised its full-year guidance to a range of $5.40 to $5.60 per share. Revenue was approximately $1.02 billion, while operating income rose to $303.5 million. The St. Louis-based regulated gas utility, which operates across Missouri, Alabama, and Mississippi, continues to expand its rate base through investments in storage, transmission, and distribution infrastructure. Spire offers a 2.26% dividend yield with an annual payout of $3.80 per share, supported by a 58.00% payout ratio and a 22-year streak of consecutive dividend increases.