Spire Inc. and its subsidiaries purchase, distribute, and sell natural gas to residential, commercial, industrial, and other end-users in the United States. The company operates through three segments: Gas Utility, Gas Marketing, and Midstream. It also markets natural gas and related services, and provides natural gas transportation and storage. In addition, it operates a propane pipeline and engages in risk management and other activities. Spire Inc. was formerly known as The Laclede Group, Inc. and changed its name to Spire Inc. in April 2016. It was founded in 1857 and is based in Saint Louis, Missouri.
Spire reaffirms 5% to 7% long-term adjusted EPS growth target backed by $11.2B 10-year capital plan
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 Reports Wider-Than-Expected Q3 Loss as Revenues Edge Lower
Spire Inc. reported a third-quarter fiscal 2026 adjusted loss of 26 cents per share, wider than the Zacks Consensus Estimate of a loss of 24 cents and down from adjusted earnings of 1 cent in the year-ago quarter. Total revenues were $420.2 billion, beating the consensus estimate of $398 billion by 5.6% but declining 0.4% from $421.9 billion a year earlier. Operating expenses rose 20.1% to $396.8 million, driven by higher natural gas costs and operation and maintenance expenses, while net interest expense surged 78.7% to $85.6 million. The company completed divestitures of its Marketing and Storage businesses during the quarter and maintained its fiscal 2026 adjusted earnings guidance of $3.90 to $4.10 per share, with fiscal 2027 adjusted earnings expected between $5.40 and $5.60 per share.
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 completes transformation into pure-play regulated gas utility
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.
SR · Capital · Positive Completed transformation into pure-play regulated gas utility, with strategic acquisitions and divestitures, supporting 5-7% adjusted EPS growth
Delta Utilities · Demand · Positive Agreed to acquire Spire's Mississippi natural-gas business for $75 million, expanding its regulated footprint
Piedmont Natural Gas Tennessee · Demand · Positive Acquired by Spire, adding 200,000 customers and $1.6 billion rate base
Bear River Midstream launches as independent gas storage firm backed by I Squared Capital
Bear River Midstream launched as an independent midstream energy company following I Squared Capital's acquisition of Spire Inc.'s natural gas storage assets in Wyoming and Oklahoma. The company will operate with a dedicated management team and a long-term investment mandate, focusing on expanding storage capacity to meet growing demand driven by AI data centers, LNG exports, and load growth. The acquired assets include Stallion Gas Storage in southwestern Wyoming, which has up to 55 billion cubic feet of working gas capacity and peak withdrawal of about 980 million cubic feet per day, and Salt Plains Gas Storage in Oklahoma with 17 billion cubic feet of working gas capacity. Existing contracts, operations, and service teams remain unchanged, and the facilities have been renamed from Spire Storage West and Spire Storage Salt Plains to Stallion Gas Storage and Salt Plains Gas Storage, respectively.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Supply
Bear River Midstream LLC · Demand · Positive Bear River Midstream launched to expand storage capacity driven by AI data centers, LNG exports, and load growth.
SR · Capital · Negative Spire Inc. sold its natural gas storage assets, losing future cash flows from those operations.
I Squared Capital · Capital · Positive I Squared Capital acquired the assets, expanding its midstream portfolio with a new platform.
Spire completes sale of natural gas storage businesses to I Squared Capital for $650 million
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.
SR · Capital · Positive Spire completed the sale of storage businesses for $650M, providing cash to fund its acquisition and sharpen focus on regulated utilities.
I Squared Capital · Capital · Positive I Squared Capital acquired natural gas storage assets for $650M, expanding its midstream portfolio.
Bear River Midstream LLC · Capital · Positive Bear River Midstream, an I Squared portfolio company, now operates the acquired storage assets.
Spire Inc. raised full-year guidance to $5.40–$5.60 per share
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.
Southwest Gas Outperforms Spire on Earnings Growth, Debt, and Stock Price
Southwest Gas holds an edge over Spire based on stronger earnings estimate revisions, a lower debt-to-capital ratio, and superior recent stock price performance, according to a Zacks Investment Research analysis. The Zacks Consensus Estimate for Southwest Gas projects earnings per share of $4.27 in 2026 and $4.85 in 2027, implying year-over-year growth of 16.99% and 13.63%, while Spire's estimates of $4.00 in 2026 and $5.51 in 2027 represent a 9.91% decline followed by 37.75% growth. Southwest Gas' debt-to-capital stands at 46.11%, well below Spire's 69.95% and the industry average of 54.47%, and its shares have gained 5.8% over the past three months compared with a 12.9% decline for Spire. Southwest Gas plans to invest $6.3 billion from 2026 to 2030, while Spire's capital plan totals $4.8 billion over the same period. Both stocks currently carry a Zacks Rank of 3, or Hold.
SR · Capital · Negative Spire has weaker earnings growth estimates, higher debt-to-capital ratio, and worse stock performance compared to Southwest Gas.
SWX · Capital · Positive Southwest Gas has stronger earnings estimate revisions, lower debt-to-capital ratio, and better stock price performance than Spire.
United States