Allete stock hits 52-week high at 66.42 USD

Allete Inc (NYSE:ALE)’s stock reached a 52-week high, hitting 66.42 USD, marking a significant milestone for the company. With a market capitalization of $3.85 billion and an attractive 4.42% dividend yield, the utility company has demonstrated remarkable stability with a beta of 0.77. This peak comes amidst a 1-year total return of 8.73%, reflecting the company’s steady performance over the past year. The Minnesota-based energy company has been navigating the evolving energy landscape, and this recent stock performance highlights investor confidence in its strategic direction. According to InvestingPro, the company has maintained dividend payments for 55 consecutive years, demonstrating exceptional financial stability. As Allete continues to adapt and innovate, the stock’s recent high underscores its resilience and potential for future growth in the energy sector. InvestingPro analysis indicates the stock is currently trading near its Fair Value.

In other recent news, ALLETE, Inc. has announced that its board of directors declared a quarterly dividend of 73 cents per share on its common stock, maintaining consistency with the previous quarter. This dividend, scheduled to be paid on June 1, 2025, demonstrates the company’s ongoing commitment to providing returns to its shareholders. In another significant development, the Minnesota Department of Commerce has expressed support for the proposed acquisition of ALLETE by Canada Pension Plan Investment Board and Global Infrastructure Partners. The transaction includes customer benefits such as a one-year base rate freeze for Minnesota Power customers and a slight reduction in the company’s Return on Equity. Additionally, the agreement establishes a $50 million Clean Firm Technology Fund to support local energy transition projects. The acquisition has already received approvals from various regulatory bodies and remains subject to approval by the Minnesota Public Utilities Commission. ALLETE has also committed to retaining its workforce and maintaining its headquarters in Duluth, Minnesota.

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