ALLETE (NYSE:ALE) Releases Quarterly Earnings Results, Misses Estimates By $0.30 EPS

ALLETE (NYSE:ALE) released 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 company had revenue of $354.50 million for the quarter, compared to analyst estimates of $547.24 million. During the same quarter last year, the company earned $0.90 EPS. The firm’s revenue for the quarter was down 33.6% on a year-over-year basis.

ALLETE Trading Up 0.9 %

ALLETE stock traded up $0.60 during trading on Friday, reaching $64.65. 508,616 shares of the company were exchanged, 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 stock’s 50 day simple moving average is $63.18 and its two-hundred day simple moving average is $60.68. The company has a market capitalization of $3.73 billion, a P/E ratio of 15.54 and a beta of 0.80. ALLETE has a 52-week low of $49.29 and a 52-week high of $65.86.

ALLETE Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. StockNews.com began coverage on ALLETE in a research report on Saturday. They issued a “hold” rating on the stock. Mizuho lifted their target price on shares of ALLETE from $57.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday, May 16th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, ALLETE presently has a consensus rating of “Hold” and an average price target of $62.00.

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.