Shares of Allete Inc. (NYSE:ALE) traded today at $71.61, eclipsing its 52-week high. This new high was reached on below average trading volume as 117,000 shares traded hands, while the average 30-day volume is approximately 366,000 shares.
Over the past year, Allete Inc. has traded in a range of $48.22 to $71.61 and is now at $71.33, 48% above that low.
ALLETE Inc is a regulated electric utility company operating primarily in America’s Upper Midwest region. Through its subsidiaries, ALLETE provides regulated electric, natural gas, and water services. The company’s Regulated Operations division, which houses its energy generation, transmission, and distribution activities, is responsible for most of ALLETE’s total revenue by way of electricity sales and transmission service fees. The majority of the energy sold and distributed by ALLETE is produced by its own portfolio of coal-fired, wind, natural gas-fired, biomass, and hydroelectric power plants. Coal fuel sources, specifically, account for most of this. The company’s major customers are industrial entities, such as major iron ore, wood product, and pipeline producers.
Allete Inc. (NYSE:ALE) is currently priced 1.9% above its average consensus analyst price target of $70.02.
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