ALLETE (ALE) Set to Announce Quarterly Earnings on Thursday

ALLETE (NYSE:ALE) will be posting its quarterly earnings results before the market opens on Thursday, May 9th. Analysts expect ALLETE to post 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.Individual that wish to register for the company’s earnings conference call can do so using this link.

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

ALLETE Stock Performance

NYSE ALE opened at $62.99 on Tuesday. The company has a 50-day simple moving average of $58.81 and a 200 day simple moving average of $58.37. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.78 and a current ratio of 1.24. ALLETE has a 52-week low of $49.29 and a 52-week high of $65.86. The company has a market capitalization of $3.63 billion, a PE ratio of 14.65 and a beta of 0.75.

ALLETE Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders 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 annualized dividend and a dividend yield of 4.48%. ALLETE’s payout ratio is presently 65.58%.

Wall Street Analyst Weigh In

ALE has been the subject of several research reports. Wells Fargo & Company increased their price target on ALLETE from $57.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 21st. Guggenheim upgraded shares of ALLETE from a “sell” rating to a “neutral” rating and set a $58.00 price objective for the company in a research note on Monday, January 22nd. Finally, Sidoti downgraded ALLETE from a “buy” rating to a “neutral” rating and set a $64.00 target price on the stock. in a research report on Wednesday, January 10th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $58.60.

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.