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

ALLETE (NYSE:ALE) issued its earnings results on Thursday. The utilities provider reported $0.57 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.30), Briefing.com reports. The business had revenue of $354.50 million during the quarter, compared to analyst estimates of $547.24 million. ALLETE had a return on equity of 7.07% and a net margin of 14.36%. The business’s quarterly revenue was down 33.6% on a year-over-year basis. During the same period last year, the business earned $0.90 EPS.

ALLETE Stock Up 0.9 %

NYSE ALE traded up $0.60 during trading on Friday, hitting $64.65. 508,616 shares of the company traded hands, compared to its average volume of 418,477. ALLETE has a 12 month low of $49.29 and a 12 month high of $65.86. The business has a fifty day simple moving average of $63.18 and a 200 day simple moving average of $60.68. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $3.73 billion, a P/E ratio of 15.54 and a beta of 0.80.

ALLETE Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

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.