ALLETE (ALE) to Release Earnings on Thursday

ALLETE (NYSE:ALE) will be issuing its quarterly earnings data before the market opens on Thursday, May 9th. Analysts expect the company to announce earnings of $1.09 per share for the quarter. ALLETE has set its FY 2024 guidance at 3.600-3.900 EPS and its FY23 guidance at $3.60-3.90 EPS.Parties that wish to listen to the company’s conference call can do so using this link.

ALLETE (NYSE:ALE) last released its quarterly earnings data on Tuesday, February 20th. The utilities provider reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.08). ALLETE had a net margin of 13.15% and a return on equity of 7.31%. The company had revenue of $402.70 million for the quarter, compared to analysts’ expectations of $425.21 million. During the same period in the previous year, the firm earned $0.90 earnings per share. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, analysts expect ALLETE to post $4 EPS for the current fiscal year and $4 EPS for the next fiscal year.

ALLETE Trading Up 0.1 %

Shares of ALE stock opened at $63.09 on Wednesday. The company has a current ratio of 1.24, a quick ratio of 0.78 and a debt-to-equity ratio of 0.49. ALLETE has a 12-month low of $49.29 and a 12-month high of $65.86. The stock has a market capitalization of $3.63 billion, a P/E ratio of 14.67 and a beta of 0.75. The firm’s 50 day moving average is $58.94 and its 200 day moving average is $58.44.

ALLETE Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Wednesday, May 15th will be paid a $0.705 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.82 dividend on an annualized basis and a dividend yield of 4.47%. ALLETE’s dividend payout ratio (DPR) is currently 65.58%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ALE. Sidoti cut ALLETE from a “buy” rating to a “neutral” rating and set a $64.00 price objective for the company. in a research report on Wednesday, January 10th. Wells Fargo & Company upped their price target on shares of ALLETE from $57.00 to $59.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 21st. Finally, Guggenheim raised shares of ALLETE from a “sell” rating to a “neutral” rating and set a $58.00 price objective on the stock in a report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat, ALLETE presently has an average rating of “Hold” and a consensus target price of $58.60.

ALLETE Company Profile

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.