Allete (ALE)

ALLETE, Inc. engages in the provision of electric and natural gas utility services. It operates through the following business segments: Regulated Operations, ALLETE Clean Energy, U.S. Water Services, and Corporate and Other. The Regulated Operations segment includes regulated utilities; Minnesota Power; SWL&P; and investment in ATC, which regulates utilities that owns and maintains electric transmission assets. The ALLETE Clean Energy segment develops, acquires, and operates clean and renewable energy projects. The U.S. Water Services segment provides integrated water management for industry by combining chemical, equipment, engineering, and service for customized solutions to reduce water and energy usage and improve efficiency. The Corporate and Other segment consists of other business development and corporate expenditure of the firm. The company was founded in 1906 and is headquartered in Duluth, MN.

Company profile

Ticker

ALE

Exchange

NYSE

Website

www.allete.com/

CEO

Bethany M. Owen

Incorporated

Minnesota

Location

Minnesota

Fiscal year end

Dec 31

Sector

Utilities > Nuclear Electric Power Generation

Industry (SIC)

Electric & Other Services Combined

Duke Energy • PG&E • Louisville Gas & Electric • LG&E & KU Energy • Consolidated Edison • Consolidated Edison Co Of New York • San Diego Gas & Electric • Public Service Enterprise • Xcel Energy • Public Service Electric & Gas ...

Former names

ALLETE, MINNESOTA POWER & LIGHT CO, MINNESOTA POWER INC

SEC CIK

0000066756

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

ALLETE Automotive Services, LLC • ALLETE Enterprises, Inc. • ALLETE Clean Energy, Inc. • ACE O&M, LLC • ACE Solar LLC • ACE Wind LLC • ACE Mid-West Holdings, LLC • ACE Gopher Holdings, LLC • ACE Lincoln Heights Holdings, LLC • Cisco Holdings, LLC ...

IRS number

410418150

ALE stock data

1M 1Y 5Y

News

From Benzinga Pro

Recap: ALLETE Q2 Earnings

3 Aug 22

ALLETE (NYSE:ALE) reported its Q2 earnings results on Wednesday, August 3, 2022 at 07:00 AM. Here's what investors need to know about the announcement.

ALLETE Q2 EPS $0.67 Beats $0.63 Estimate, Sales $373.10M Beat $342.82M Estimate

3 Aug 22

ALLETE (NYSE:ALE) reported quarterly earnings of $0.67 per share which beat the analyst consensus estimate of $0.63 by 6.35 percent. This is a 26.42 percent increase over earnings of $0.53 per share from the same period

Earnings Scheduled For August 3, 2022

3 Aug 22

Companies Reporting Before The Bell • Fresh Del Monte Produce (NYSE:FDP) is likely to report quarterly earnings at $0.79 per share on revenue of $1.15 billion.

Benzinga's Top Ratings Upgrades, Downgrades For May 25, 2022

25 May 22

B of A Securities Initiates Coverage On ALLETE with Neutral Rating, Announces Price Target of $63

25 May 22

Press releases

From Benzinga Pro

ALLETE, Inc. Reports Second Quarter Earnings of 67 Cents Per Share, Reaffirms 2022 Earnings Guidance Range of $3.60 - $3.90 Per Share

3 Aug 22

ALLETE, Inc. (NYSE:ALE) today reported second quarter 2022 earnings of 67 cents per share on net income of $37.6 million. Last year's results were 53 cents per share on net income of $27.9 million. Included in this

ALLETE Board of Directors declares dividend on common stock

28 Jul 22

The ALLETE, Inc. (NYSE:ALE) board of directors has declared a quarterly dividend of 65 cents per share of common stock. On an annual basis, the dividend is equivalent to $2.60 per share, unchanged from the previous

Minnesota Power and Great River Energy to Build Transmission Line to Bolster Electric Reliability in Northern Minnesota

25 Jul 22

Minnesota Power, a utility division of ALLETE Inc. (NYSE:ALE), and Great River Energy today announced their intent to build an approximately 150-mile, double-circuit 345-kV transmission line from northern Minnesota to

ALLETE to Announce Second Quarter Financial Results August 3

11 Jul 22

Charles Matthews Named to ALLETE Board of Directors

6 Jul 22

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings

Securities sold

Number of investors

Calendar

2 Aug 22

9 Aug 22

31 Dec 22

Financial summary

Financial statements Chart ALE financial data

Quarter (USD)	Jun 22	Mar 22	Dec 21	Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 21	Dec 20	Dec 19	Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	81.7M	81.7M	81.7M	81.7M	81.7M	81.7M
Cash burn (monthly)	(no burn)	(no burn)	(no burn)	(no burn)	1.03M	(no burn)
Cash used (since last report)	n/a	n/a	n/a	n/a	1.39M	n/a
Cash remaining	n/a	n/a	n/a	n/a	80.31M	n/a
Runway (months of cash)	n/a	n/a	n/a	n/a	77.7	n/a

Beta Read what these cash burn values mean

Financial data from Allete earnings reports.

Recent insider trades

ALE insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	#Shares	#Remaining
1 Jun 22	Thomas Charlene A	Common Stock	Grant	Acquire A	No	No	1,585.37	3,090.88
1 Jun 22	Nestegard Susan K	Common Stock	Grant	Acquire A	No	No	1,585.37	8,110.12
1 Jun 22	Ludlow Madeleine W	Common Stock	Grant	Acquire A	Yes	No	1,585.37	15,563.78
1 Jun 22	Neve Douglas C	Common Stock	Grant	Acquire A	No	No	1,585.37	13,631.77

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q1 2022

ALE institutional ownership history Ownership history

69.5% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	284	279	+1.8%
Opened positions	47	50	-6.0%
Closed positions	42	35	+20.0%
Increased positions	97	100	-3.0%
Reduced positions	93	78	+19.2%

13F shares	Current	Prev Q	Change
Total value	2.69B	2.63B	+2.2%
Total shares	39.66M	39.23M	+1.1%
Total puts	9.2K	3.2K	+187.5%
Total calls	4.6K	0	NEW
Total put/call ratio	2.0	Infinity	NaN%

Largest owners	Shares	Value	Change
BLK Blackrock	6.02M	$403.35M	-3.6%
Vanguard	5.54M	$371.15M	+2.2%
STT State Street	2.2M	$147.04M	+12.3%
Victory Capital Management	1.63M	$109.32M	+4.8%
ATLAS Infrastructure Partners	1.62M	$112.05M	-6.7%
GS Goldman Sachs	1.21M	$81.17M	+0.1%
MCQEF Macquarie	1.19M	$79.66M	-0.9%
First Trust Advisors	1.03M	$69.2M	-0.7%
BK Bank Of New York Mellon	948.81K	$63.55M	-4.4%
Geode Capital Management	923.23K	$61.84M	+3.8%

Largest transactions	Shares	Bought/sold	Change
Deprince Race & Zollo	764.46K	+546.53K	+250.8%
BAM Brookfield Asset Management	36.25K	-546.41K	-93.8%
Allspring Global Investments	455.64K	-307.68K	-40.3%
IVZ Invesco	759.22K	+289.53K	+61.6%
STT State Street	2.2M	+240.25K	+12.3%
Heartland Advisors	226.4K	+226.4K	NEW
BLK Blackrock	6.02M	-225.62K	-3.6%
Citadel Advisors	6.46K	-124.59K	-95.1%
Vanguard	5.54M	+118.44K	+2.2%
ATLAS Infrastructure Partners	1.62M	-116.02K	-6.7%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Management Discussion

Net income attributable to ALLETE in 2021 was $169.2 million, or $3.23 per diluted share, compared to $174.2 million, or $3.35 per diluted share, in 2020. Net income in 2021 included South Shore Energy’s sale of a portion of its interest in NTEC to Basin Electric Cooperative. The closing of the transaction between South Shore Energy and Basin resulted in the recognition of an approximately $8.5 million after-tax gain, or $0.16 per share, related to prior development costs and risks incurred. Net income in 2021 also included an approximately $5 million after-tax, or $0.10 per share, negative impact related to ALLETE Clean Energy’s Diamond Spring wind energy facility due to an extreme winter storm event in the southwest United States in February 2021. This winter storm event caused volatility in power prices in the regional power market resulting in losses being incurred under one of the facility’s power sales agreements during portions of the winter storm event. Additionally, net income in 2021 included a $3.6 million after-tax, or $0.07 per share, charge resulting from the MPUC’s decision to order refunds in Minnesota Power’s fuel adjustment clause filing covering the period July 2018 through December 2019. Net income in 2020 included margins of $10.2 million after-tax, or $0.20 per share, in Regulated Operations for sales under a 100 MW PSA which expired in April 2020. Net income in 2020 also included reserves for interim rates of $8.3 million after-tax, or $0.16 per share, for the refund of interim rates collected between January 1, 2020, and April 30, 2020. Earnings per share dilution in 2021 was $0.03 due to additional shares of common stock outstanding as of December 31, 2021.

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	7th grade Avg

New words: accuracy, Aetna, al, arc, BATW, Boiler, build, CCA, central, congestion, corridor, County, cycle, decommissioning, discount, discounted, doctrine, DRI, enable, feedstock, forma, found, HBI, highly, hub, intangible, Itasca, long, MACT, Midwest, milder, node, opine, Pool, purpose, reclassification, refiled, repricing, reserve, retention, Rock, shifting, shown, statute, Unified, Upper, workforce

Removed: addressed, basin, fee, Husky, identified, professional, revise, unknown

From filing 10-Q 2022 Q2

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