ALLETE (NYSE:ALE) Releases Earnings Results

ALLETE (NYSE:ALE) posted its quarterly earnings results on Thursday. The utilities provider reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.30), Briefing.com reports. ALLETE had a return on equity of 7.07% and a net margin of 14.36%. The business had revenue of $354.50 million during the quarter, compared to analysts’ expectations of $547.24 million. During the same quarter in the prior year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was down 33.6% compared to the same quarter last year.

ALLETE Stock Performance

Shares of NYSE:ALE traded up $0.60 during trading on Friday, hitting $64.65. The company’s stock had a trading volume of 508,616 shares, compared to its average volume of 418,477. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.96. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 15.54 and a beta of 0.80. The company has a 50-day moving average of $63.18 and a 200-day moving average of $60.68. ALLETE has a 12 month low of $49.29 and a 12 month high of $65.86.

ALLETE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th will be given a dividend of $0.7005 per share. This represents a $2.80 annualized dividend and a dividend yield of 4.33%. The ex-dividend date of this dividend is Thursday, August 15th. ALLETE’s payout ratio is currently 67.79%.

Analyst Ratings Changes

A number of equities analysts have weighed in on ALE shares. Mizuho boosted their target price on ALLETE from $57.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, May 16th. StockNews.com initiated coverage on shares of ALLETE in a research report on Saturday. They set a “hold” rating on the stock. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $62.00.

About ALLETE

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 150,000 retail customers and 14 non-affiliated municipal customers.