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 |
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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
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
The ALLETE, Inc. (NYSE:ALE) board of directors has declared a quarterly dividend of 70.50 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 June 1 to common stock shareholders of record at the close of business May 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; New Energy Equity based in Annapolis, MD; BNI Energy, based in Bismarck, ND; and has an 8 percent equity interest in
ALLETE Inc. (NYSE:ALE) will announce its financial results for the first quarter before the stock markets open on Thursday, May 9, 2024. Following the release, ALLETE Chair, President and Chief Executive Officer Bethany M. Owen, and Senior Vice President and Chief Financial Officer Steven W. Morris will present an overview of results and discuss other factors related to performance during a conference call beginning at 10 a.m. Eastern time. Interested parties may participate in the conference call live by registering at www.allete.com/earningscall, or by accessing the listen-only webcast on ALLETE's website, www.allete.com. The webcast will be accessible for one year at www.allete.com.
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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
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
The Minnesota Public Utilities Commission (MPUC) on Thursday approved a settlement agreement on Minnesota Power's 2024 electric rate proposal that will lower rates for all customers in early 2025. Minnesota Power reached the agreement with the Minnesota Department of Commerce, Minnesota Attorney General's Office and Large Power Intervenors in April after making its initial rate request in November 2023.. The MPUC approved a final rate increase of about 4.9% over 2023 rates for residential and small business customers, or about $5 per month for the average residential customer, and about 4.4% over 2023 rates for industrial and large commercial customers. The final rate is lower than the in
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) will announce its financial results for the third quarter before the stock markets open on Wednesday, October 30, 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, N.D.; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP View source version on businesswire.com: https://www.businesswire.com/news/home/20241004600592/en/
Minnesota Power, a utility division of ALLETE Inc. (NYSE:ALE), announced today it plans to build two large solar projects in northern Minnesota as part of its continued transition toward a cleaner energy future while prioritizing regional renewable energy investments. The Regal Solar project near Royalton, Minnesota, and the Boswell Solar project in Cohasset, Minnesota, were chosen in an open process from competitive bids in Minnesota Power's 2023 solar request for proposals. The process included an independent evaluator who monitored it and concurred with the selections as being the most cost-competitive for Minnesota Power customers. The Boswell Solar project will have a capacity of 85
ALLETE continues to expect transaction to close in mid-2025 ALLETE, Inc. (NYSE:ALE) announced that its shareholders voted today to approve the company's proposed transaction with Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) at a special meeting of shareholders. As previously announced, under the terms of the merger agreement, CPP Investments and GIP will acquire all outstanding common shares of ALLETE for $67 per share in cash, or $6.2 billion, without interest. "We thank our shareholders for this strong demonstration of support for our transaction with CPP Investments and GIP, and for their investment in ALLETE over the past decades,
ALLETE (NYSE:ALE), a co-developer of the North Plains Connector transmission project, applauds the U.S. Department of Energy for its support of the Montana Department of Commerce Grid Resilience and Innovation Partnership application and for the planned approximately 415-mile high-voltage direct-current (HVDC) transmission line from central North Dakota to Colstrip, Montana, through a $700 million grant. The North Plains Connector, a joint project between ALLETE and North Plains Connector LLC, a subsidiary of Grid United LLC, will be the nation's first HVDC transmission connection between three regional U.S. electric energy markets—the Midcontinent Independent System Operator, the Western
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
Mizuho analyst Anthony Crowdell maintains ALLETE (NYSE:ALE) with a Neutral and raises the price target from $57 to $67.
ALLETE (NYSE:ALE) reported quarterly earnings of $0.88 per share which missed the analyst consensus estimate of $1.02 by 13.73 percent. This is a 13.73 percent decrease over earnings of $1.02 per share from the same period last year. The company reported quarterly sales of $403.30 million which missed the analyst consensus estimate of $504.75 million by 20.10 percent. This is a 28.61 percent decrease over sales of $564.90 million the same period last year.
ALLETE, Inc. (NYSE:ALE) inked a deal to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners for $6.2 billion, including the assumption of debt. As per the terms, CPP Investments and GIP will acquire ALLETE for $67.00 per share in cash, representing an premium of around 19.1% to ALLETE’s closing share price on December 4, 2023, the date prior to a media article reporting that ALLETE was exploring a sale. The consideration also represents a 22.1% premium to the 30-day volume weighted average share price prior to that date. The acquisition, which was unanimously approved by the Board of Directors, is expected to close in mid-2025, su
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ALLETE (NYSE:ALE) reported quarterly earnings of $0.89 per share which missed the analyst consensus estimate of $0.97 by 8.25 percent. This is a 1.11 percent decrease over earnings of $0.90 per share from the same period last year. The company reported quarterly sales of $402.70 million which missed the analyst consensus estimate of $425.30 million by 5.31 percent. This is a 5.43 percent decrease over sales of $425.80 million the same period last year.
ALLETE (NYSE:ALE) reported its Q4 earnings results on Tuesday, February 20, 2024 at 06:15 AM. Here's what investors need to know about the announcement. Earnings ALLETE missed estimated earnings by 8.25%, reporting an EPS of $0.89 versus an estimate of $0.97. Revenue was down $23.10 million from the same period last year. Past Earnings Performance Last quarter the company beat on EPS by $0.81 which was followed by a 0.82% drop in the share price the next day. Here's a look at ALLETE's past performance: Quarter Q3 2023 Q2 2023 Q1 2023 Q4 2022 EPS Estimate 0.68 0.78 1.18 1.15 EPS Actual 1.49 0.90 1.02 0.90 Revenue Estimate 397.25M 378.53M 394.75M 404.81M Revenue Actual 378.80M 533
ALLETE, Inc. (NYSE:ALE) today initiated its 2024 earnings guidance range of $3.60 to $3.90 per share on net income of $210 million to $225 million. This guidance range is comprised of our Regulated Operations segment earnings within a range of $2.65 to $2.85 per share, and ALLETE Clean Energy and Corporate and Other operations earnings within a range of $0.95 to $1.05 per share. The Company also updated its five-year capital expenditure plan to $4.3 billion, which is a $1 billion increase from its previous five-year plan. The plan includes increased capital investments in renewable and transmission projects, and the Company expects this capital expenditure plan to drive multi-year earnin
ALLETE (NYSE:ALE) is set to give its latest quarterly earnings report on Tuesday, 2024-02-20. Here's what investors need to know before the announcement. Analysts estimate that ALLETE will report an earnings per share (EPS) of $0.97. ALLETE bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Past Earnings Performance Last quarter the company beat EPS by $0.81, which was followed by a 0.82% drop in the share price the next day. Here'