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. 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 145,000 retail customers and 15 non-affiliated municipal customers. It also owns and maintains electric transmission assets in Wisconsin, Michigan, Minnesota, and Illinois. In addition, the company focuses on developing, acquiring, and operating clean and renewable energy projects; and owns and operates approximately 1,000 megawatts of wind energy generation facility. Further, it is involved in the coal mining operations in North Dakota; and real estate investment activities in Florida. The company owns and operates 158 substations with a total capacity of 10,066 megavolt amperes. It serves taconite mining, paper, pulp and secondary wood products, pipeline, and other industries. The company was formerly known as Minnesota Power, Inc. and changed its name to ALLETE, Inc. in May 2001. ALLETE, Inc. was incorporated in 1906 and is headquartered in Duluth, Minnesota.
IPO Year:
Exchange: NYSE
Website: allete.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 1/22/2024 | $58.00 | Sell → Neutral | Guggenheim |
| 1/10/2024 | $64.00 | Buy → Neutral | Sidoti |
| 6/27/2023 | $63.00 → $54.00 | Neutral → Underperform | BofA Securities |
| 5/5/2023 | $66.00 → $63.00 | Buy → Neutral | BofA Securities |
| 4/6/2023 | $74.00 | Neutral → Buy | Sidoti |
| 1/23/2023 | $53.00 → $54.00 | Neutral → Sell | Guggenheim |
| 11/17/2022 | $65.00 | Underweight → Neutral | JP Morgan |
| 11/14/2022 | $53.00 → $66.00 | Neutral → Buy | BofA Securities |
| 5/25/2022 | $63.00 | Neutral | BofA Securities |
| 3/2/2022 | $66.00 → $60.00 | Neutral | Mizuho |
ALLETE, Inc. (NYSE:ALE) announced that the Public Service Commission of Wisconsin (PSCW) today approved the company's proposed transaction with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). "The PSCW's decision brings us another step closer to completing this transaction for the benefit of our customers, our communities, and our employees after the resounding approval from our shareholders last year as well as the approval of the Federal Energy Regulatory Commission (FERC)," said ALLETE Chair, President, and CEO Bethany Owen. "As we plan our long-term energy and infrastructure investments, we appreciate the commission's timely consideratio
ALLETE, Inc. (NYSE:ALE) announced today that ALLETE Vice President and Corporate Treasurer Jeff Scissons has been promoted to chief financial officer. He succeeds Steven W. Morris, who recently announced his plan to retire in July. Scissons joined the company in 2013 and was promoted to ALLETE vice president and corporate treasurer in 2024 after serving in key strategic roles throughout his tenure. Over a dozen years at ALLETE, he led various strategic initiatives, including the acquisition of New Energy Equity and the divestiture of U.S. Water. He currently leads the transition committee for the acquisition of ALLETE by Canada Pension Plan Investments Board (CPPIB) and Global Infrastructu
ANNAPOLIS, Md., March 6, 2025 /PRNewswire/ -- New Energy Equity, a national leader in developing and financing community and commercial solar projects, is pleased to announce a new partnership with the Harlem Consolidated School District to bring a 5.54 MWdc solar energy project to the district in Illinois. ALE), develops, finances, operates and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. (PRNewsfoto/New Energy Equity)" alt="New Energy Equity, a wholly-owned subsidiary of ALLETE (NYSE:ALE), develops, finances, operat
ALLETE, Inc. (NYSE:ALE) today reported 2024 earnings of $3.10 per share on net income of $179.3 million and operating revenue of $1.5 billion. Reported results from 2023 were $4.30 per share on net income of $247.1 million and operating revenue of $1.9 billion. Results for 2024 reflect approximately 39 cents per share of transaction expenses related to the merger agreement entered into May 5, 2024, with Canada Pension Plan Investment Board and Global Infrastructure Partners. Earnings in 2024 were positively impacted by the implementation of interim rates on January 1, 2024, net of reserves, related to Minnesota Power's rate case settlement. Net income in 2023 included approximately 6 cents
ALLETE, Inc. (NYSE:ALE) today announced that its Board of Directors has increased the quarterly dividend on the company's common stock to $0.73 per share, a 3.5 percent increase. "This dividend increase reflects the ALLETE Board of Directors' confidence in our growth outlook for ALLETE," said ALLETE Chair, President and CEO Bethany Owen. "We are pleased to deliver another dividend increase to our shareholders – adding to our track record of more than 75 consecutive years of dividends paid." On an annual basis the increased dividend is equivalent to $2.92 per share. The regular quarterly dividend is payable Mar. 1 to common shareholders of record at the close of business Feb. 14, 2025.
ALLETE, Inc. (NYSE:ALE) announced today that Chief Financial Officer Steven W. Morris will retire later this year after a distinguished nearly 25-year career with the company. In the interim and as part of an orderly succession plan, Morris, 63, will remain with the company until July. Morris joined the Duluth-based company in 2001 and was promoted to Senior Vice President and Chief Financial Officer in Feb. 2022 after serving in numerous key strategic roles throughout his tenure. "Steve has been an integral member of the ALLETE team during his long career. His ethical, strategic, steady and consistent leadership is a strong reflection of how we do business here at ALLETE," said CEO Bet
Expects transaction to close in mid-2025 ALLETE, Inc. (NYSE:ALE) announced that the Federal Energy Regulatory Commission (FERC) approved the company's proposed transaction with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP). "FERC's approval of ALLETE's proposed transaction with CPP Investments and GIP marks an important milestone and brings us one step closer to realizing the benefits of this transaction for our customers, our communities, our co-workers, and our shareholders," said ALLETE Chair, President, and CEO Bethany Owen. "We are pleased with this decision and look forward to the tremendous opportunity this transaction creates for
NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (NASDAQ:NWE) is joining new high voltage transmission projects to expand Montana's grid, meet the state's increasing energy demand, enhance energy security and create opportunities to serve regional energy needs that will benefit all of our customers. NorthWestern Energy joins North Plains Connector east-west transmission line NorthWestern Energy has signed a nonbinding memorandum of understanding with North Plains Connector LLC, a wholly owned entity of Grid United, to own 10% (300 megawatts) of North Plains Connector, a 3,000-megawatt, 420-mile high-voltage direct current (HVDC) transmission line to be constructed with endpoint
Bellevue, WA, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Puget Sound Energy (PSE) today announced that it has signed a nonbinding memorandum of understanding with North Plains Connector LLC, a wholly owned entity of Grid United, to participate in the development of North Plains Connector, a 420-mile, 3,000 megawatt high-voltage direct-current (HVDC) transmission line. Under the terms of the MOU, PSE would own 750 megawatts, the largest share of North Plains Connector among the participating utilities. Grid United will continue to fund the development of North Plains Connector. PSE would invest when project regulatory approvals and permits are in place. Once completed, the project will establish
ALLETE Clean Energy, a wholly owned subsidiary of ALLETE (NYSE:ALE), has fully contracted the output of its Armenia Mountain Wind site for another seven years through agreements with two customers. ALLETE Clean Energy acquired the 100.5-megawatt Armenia Mountain Wind site near Troy, Pennsylvania, in 2015. Located in the dynamic PJM electricity market near the New York-Pennsylvania border, Armenia Mountain consists of 67 General Electric turbines installed in 2009. "That we have fully recontracted the Armenia Mountain Wind site is a testament to the hard work and dedication of the team that keeps turbines available at a high rate for customers who increasingly desire more renewable energ
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Guggenheim upgraded Allete from Sell to Neutral and set a new price target of $58.00
Sidoti downgraded Allete from Buy to Neutral and set a new price target of $64.00
BofA Securities downgraded Allete from Neutral to Underperform and set a new price target of $54.00 from $63.00 previously
BofA Securities downgraded Allete from Buy to Neutral and set a new price target of $63.00 from $66.00 previously
Sidoti upgraded Allete from Neutral to Buy and set a new price target of $74.00
Guggenheim downgraded Allete from Neutral to Sell and set a new price target of $54.00 from $53.00 previously
JP Morgan upgraded Allete from Underweight to Neutral and set a new price target of $65.00
BofA Securities upgraded Allete from Neutral to Buy and set a new price target of $66.00 from $53.00 previously
BofA Securities initiated coverage of Allete with a rating of Neutral and set a new price target of $63.00
Mizuho reiterated coverage of ALLETE with a rating of Neutral and set a new price target of $60.00 from $66.00 previously
ANNAPOLIS, Md., March 6, 2025 /PRNewswire/ -- New Energy Equity, a national leader in developing and financing community and commercial solar projects, is pleased to announce a new partnership with the Harlem Consolidated School District to bring a 5.54 MWdc solar energy project to the district in Illinois. ALE), develops, finances, operates and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. (PRNewsfoto/New Energy Equity)" alt="New Energy Equity, a wholly-owned subsidiary of ALLETE (NYSE:ALE), develops, finances, operat
WASHINGTON, April 25, 2024 /PRNewswire/ -- NT Solar, a national tax credit syndicator with a mission to provide affordable clean energy access through investments in renewables and battery projects with strong ESG attributes, is thrilled to announce a series of four strategic solar tax credit (ITC) investments across the country, establishing new partnerships, building upon successful ongoing relationships, and continuing the growth of our network of investment partners. These investments supported the development of 4 solar projects, including the largest solar installation t
ANNAPOLIS, Md., Feb. 7, 2024 /PRNewswire/ -- New Energy Equity, national developer and financier of community and commercial solar projects, has welcomed Jackie Chambers to its leadership team as chief investment officer. Chambers will be responsible for shaping project finance strategy and the execution of monetizing and financing New Energy Equity's pipeline of projects. With 13 years in the solar industry, Chambers brings valuable perspective to New Energy Equity and significant experience in project finance, direct project origination and project acquisitions. At PNC Energ
The ALLETE Inc. (NYSE:ALE) board of directors has named President and Chief Executive Officer Bethany M. Owen chair of the ALLETE board of directors effective May 11, 2021. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210511006184/en/Bethany M. Owen ALLETE Chair, President & CEO (Photo: Business Wire) Owen has served as ALLETE's president since 2019 and chief executive officer since February 2020. Owen assumed the role of CEO as the worldwide pandemic was escalating, and has successfully navigated challenges related to COVID-19, maintaining a steadfast focus on the health and safety of employees, customers, and communities, whi
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ALLETE, Inc. (NYSE:ALE) today reported 2024 earnings of $3.10 per share on net income of $179.3 million and operating revenue of $1.5 billion. Reported results from 2023 were $4.30 per share on net income of $247.1 million and operating revenue of $1.9 billion. Results for 2024 reflect approximately 39 cents per share of transaction expenses related to the merger agreement entered into May 5, 2024, with Canada Pension Plan Investment Board and Global Infrastructure Partners. Earnings in 2024 were positively impacted by the implementation of interim rates on January 1, 2024, net of reserves, related to Minnesota Power's rate case settlement. Net income in 2023 included approximately 6 cents
ALLETE, Inc. (NYSE:ALE) today announced that its Board of Directors has increased the quarterly dividend on the company's common stock to $0.73 per share, a 3.5 percent increase. "This dividend increase reflects the ALLETE Board of Directors' confidence in our growth outlook for ALLETE," said ALLETE Chair, President and CEO Bethany Owen. "We are pleased to deliver another dividend increase to our shareholders – adding to our track record of more than 75 consecutive years of dividends paid." On an annual basis the increased dividend is equivalent to $2.92 per share. The regular quarterly dividend is payable Mar. 1 to common shareholders of record at the close of business Feb. 14, 2025.
ALLETE, Inc. (NYSE:ALE) today reported third quarter 2024 earnings of 78 cents per share on net income of $45.0 million. Last year's third quarter results were $1.49 per share on net income of $85.9 million. Net income for the same quarter in 2023 included approximately 71 cents per share for the favorable arbitration ruling involving a subsidiary of ALLETE Clean Energy. Net income for the third quarter this year included approximately 7 cents per share of transaction expenses related to the merger agreement entered into on May 5, 2024, with Canada Pension Plan Investment Board and Global Infrastructure Partners. "It has been a busy year thus far, and I couldn't be prouder of our entire AL
ALLETE Clean Energy, a wholly owned subsidiary of ALLETE, Inc. (NYSE:ALE), today announced the company has sold the Whitetail wind project in southwestern Wisconsin to Invenergy, with the intent that it be constructed and subsequently sold to WEC Energy Group utilities We Energies and Wisconsin Public Service Corp. (WPS) as well as Madison Gas and Electric Co. (MGE). ALLETE Clean Energy acquired the Whitetail wind project in 2021 and developed it for sale to help companies advance their carbon-reduction goals. The approximately 70-megawatt Whitetail project will consist of up to 21 turbines on about 5,938 acres in Clifton and Wingville townships in Grant County. It will produce enough ener
The ALLETE, Inc. (NYSE:ALE) board of directors has declared a quarterly dividend of 70.5 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.82 per share, unchanged from the previous quarter. The regular quarterly dividend is payable December 1 to common stock shareholders of record at the close of business November 15, 2024. ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, ND; New Energy Equity, headquartered in Annapolis, MD; and has an 8% equity interest
ROSEVILLE, M.N., Oct. 17, 2024 /PRNewswire/ -- New Energy Equity, national developer and financier of community and commercial solar projects, announces the successful completion of 14 Public Storage solar projects across Minnesota. This significant milestone marks a major step forward in Public Storage's commitment to installing solar on over 1,300 of its properties by 2025. "We are thrilled to have partnered with Public Storage on these important projects," said Nick Kerwin, Senior Vice President at New Energy Equity's Commercial and Industrial division. "Our team worked dil
ALLETE, Inc. (NYSE:ALE) today reported second quarter 2024 earnings of 57 cents per share on net income of $33.0 million. Last year's second quarter results were 90 cents per share on net income of $51.5 million. Net income for the second quarter this year includes 25 cents per share of transaction expenses related to the merger agreement entered into on May 5, 2024, with Canada Pension Plan Investment Board and Global Infrastructure Partners, and a 4 cent per share negative impact due to mild weather. Net income for the same quarter in 2023 included approximately 8 cents per share for the favorable impact of an updated estimate for property taxes, and ALLETE Clean Energy recorded a 7 cent
The ALLETE, Inc. (NYSE:ALE) board of directors has declared a quarterly dividend of 70.05 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.82 per share, unchanged from the previous quarter. The regular quarterly dividend is payable September 1 to common stock shareholders of record at the close of business August 15, 2024. ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, ND; New Energy Equity, headquartered in Annapolis, MD; and has an 8% equity intere
ALLETE, Inc. (NYSE:ALE) today reported first quarter 2024 earnings of 88 cents per share on net income of $50.7 million. Last year's first quarter results were $1.02 per share on net income of $58.2 million. Net income in 2024 includes interim rate refund reserves of 7 cents per share due to Minnesota Power's rate case settlement, a 6 cent per share negative impact due to warmer winter weather, and 2 cents per share of transaction expenses related to the recently announced merger. "I am proud of our entire ALLETE team, working diligently on many fronts to execute our Sustainability in Action strategy. We are pleased that Minnesota Power worked collaboratively to reach a balanced resolutio
Positions ALLETE to Execute Clean-Energy Future for Customers, Communities and Employees as a Private Company ALLETE to Remain Locally Managed and Operated with Headquarters in Duluth, Minnesota Agreement Contains Meaningful Commitments to Retain ALLETE's Workforce and Maintain Compensation Levels and Benefits Programs Utilities Minnesota Power and Superior Water, Light and Power to Continue Being Regulated by Minnesota Public Utilities Commission (MPUC) and Public Service Commission of Wisconsin (PSCW) Union Agreements to be Honored Shareholders to Receive $67.00 Per Share in Cash ALLETE, Inc. (NYSE:ALE) and a partnership led by Canada Pension Plan Investment Board ("CPP