ALE Stock Summary and Trading Ideas (Allete | NYSE:ALE)

ALLETE Inc is a provider of competitively-priced energy in America's Upper Midwest region and invests in transmission infrastructure and other energy-centric businesses. The company's two reportable segments are 1) Regulated Operations includes the company's regulated utilities, Minnesota Power and SWL&P, as well as investment in ATC, a Wisconsin-based regulated utility that owns and maintains electric transmission assets in portions of Wisconsin, Michigan, Minnesota and Illinois. 2) ALLETE Clean Energy focuses on developing, acquiring, and operating clean and renewable energy projects.

Allete trades on the NYSE stock market under the symbol ALE.

As of March 29, 2023, ALE stock price climbed to $63.90 with 208,251 million shares trading.

ALE has a beta of 0.73, meaning it tends to be less sensitive to market movements. ALE has a correlation of 0.31 to the broad based SPY ETF.

ALE has a market cap of $3.66 billion. This is considered a Mid Cap stock.

Last quarter Allete reported $426 million in Revenue and $.90 earnings per share. This beat revenue expectation by $21 million and missed earnings estimates by -$.25.

In the last 3 years, ALE stock traded as high as $73.10 and as low as $47.77.

The top ETF exchange traded funds that ALE belongs to (by Net Assets): IJH, VTI, VB, IWM, FVD.

ALE has outperformed the market in the last year with a return of +0.6%, while the SPY ETF lost -10.6%. However, in the most recent history, ALE shares have underperformed the stock market with its stock returning 0.0% in the last 3 month period and +1.5% for the last 2 week period, while SPY has returned +7.0% and +2.8%, respectively.

ALE support price is $62.16 and resistance is $64.64 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that ALE stock will trade within this expected range on the day.