Allete Inc Stock Price, News & Analysis

ALLETE Inc. (NYSE: ALE) has appointed Charles Matthews to its board of directors, effective July 6, 2022. Matthews brings over 40 years of experience in the energy sector, notably serving as president and CEO of Peoples Gas and North Shore Gas where he improved financial performance and customer satisfaction. ALLETE's leadership believes Matthews' background in strategic planning and risk management will enhance their sustainability strategy. His previous roles include senior vice president at WE Energies and leadership positions at Mirant Corp. and Southern Company.

ALLETE, Inc. (NYSE: ALE) reported first quarter 2022 earnings of $1.24 per share, up from 99 cents per share last year, with net income rising to $66.3 million. This includes $1.4 million in transaction costs from the New Energy acquisition. The company's Regulated Operations saw net income increase to $51.5 million, supported by rate recovery and higher sales to residential customers. ALLETE reaffirms its 2022 earnings guidance of $3.60 - $3.90 per share, despite expecting immaterial impacts from the recent acquisition and equity offering.

ALLETE, Inc. (NYSE:ALE) has declared a quarterly dividend of 65 cents per share, maintaining an annual dividend of $2.60. The dividend is payable on June 1 to shareholders of record as of the close of business on May 16, 2022. This decision reflects the company's commitment to providing consistent income to its shareholders. ALLETE operates electric utilities and clean energy businesses, contributing to its ongoing financial stability.

ALLETE has successfully completed the acquisition of New Energy Equity for approximately $165.5 million. New Energy Equity, a leading distributed solar developer based in Annapolis, Maryland, boasts over 250 completed solar projects totaling more than 330 megawatts and has a development pipeline of approximately 2 gigawatts across 26 states. ALLETE aims to enhance its sustainability strategy with this acquisition, as noted by CEO Bethany Owen, who emphasizes the solar expertise and financial success that New Energy Equity brings to the company.

ALLETE, Inc. (NYSE:ALE) will announce its first-quarter financial results on May 5, 2022, before market opening. Following this, ALLETE executives, including Chair and CEO Bethany M. Owen and CFO Steve W. Morris, will provide an overview of the results during a conference call at 10 a.m. Eastern time. Interested parties can join the call by dialing (877) 303-5852 or through a webcast on ALLETE's website, www.allete.com. A replay will be available until May 12, 2022.

ALLETE, Inc. (NYSE:ALE) announced the pricing of a public offering of 3,200,000 shares of common stock at $63.00 per share, an increase from the previously planned 2,950,000 shares. The offering includes an option for underwriters to purchase an additional 480,000 shares. Proceeds will be utilized for corporate purposes, including acquiring New Energy Equity. The offering is expected to close on April 5, 2022. J.P. Morgan, BofA Securities, RBC Capital Markets, and Wells Fargo Securities are the joint book-running managers for this offering.

ALLETE, Inc. (NYSE:ALE) has announced plans for an underwritten public offering of up to 2,950,000 shares of its common stock, with an option for underwriters to purchase an additional 442,500 shares. The company aims to utilize the net proceeds for corporate purposes, including funding the acquisition of New Energy Equity and making capital investments. The offering is being managed by J.P. Morgan and BofA Securities, and will occur under an existing shelf registration statement effective since July 31, 2019.

On March 2, ALLETE (NYSE: ALE) announced its acquisition of IPS Solar, a leading solar company, through New Energy Equity LLC for $165.5 million. The acquisition aims to enhance ALLETE's solar strategy and expand clean energy access across the U.S. IPS Solar will maintain its brand and operations in Roseville, Minnesota. The deal is expected to close in mid-April 2022, pending regulatory approval. Executives from both companies expressed optimism about the synergies that the partnership could generate in the rapidly growing solar market.