Hawaiian Electric Industries (NYSE:HE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Hawaiian Electric remains the largest provider of electricity in the state of Hawaii, supplying power to more than 95% of the state’s population. Again, its focus on growing its renewable assets and systematic investments in transmission and distribution projects will drive growth over the long haul. Thye company also outperformed the broader industry in the last year. However, any disruption in fuel supplies is likely to affect Hawaiian Electric’s ability to generate power, which in turn might impact its profit margins. Moreover, elevating fuel oil price expense has earlier pushed up the company’s total expenses and in turn affected its operating profit rate.”
Other analysts also recently issued research reports about the company. BidaskClub upgraded Hawaiian Electric Industries from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. J P Morgan Chase & Co upped their target price on Hawaiian Electric Industries from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, October 12th. Finally, Bank of America initiated coverage on Hawaiian Electric Industries in a research note on Tuesday, October 24th. They issued an “underperform” rating and a $34.00 target price on the stock. Three research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Hawaiian Electric Industries presently has an average rating of “Hold” and a consensus price target of $32.33.
Shares of Hawaiian Electric Industries (NYSE:HE) traded down $0.11 on Tuesday, hitting $37.22. The stock had a trading volume of 480,000 shares, compared to its average volume of 446,449. Hawaiian Electric Industries has a 1 year low of $31.71 and a 1 year high of $38.72. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $4,060.98, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 5.36 and a beta of 0.50.
Hawaiian Electric Industries (NYSE:HE) last issued its earnings results on Thursday, November 2nd. The utilities provider reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.02). Hawaiian Electric Industries had a return on equity of 8.64% and a net margin of 7.14%. The company had revenue of $673.19 million during the quarter, compared to analysts’ expectations of $648.93 million. During the same quarter in the previous year, the company earned $0.58 EPS. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. equities research analysts expect that Hawaiian Electric Industries will post 1.64 EPS for the current fiscal year.
In other Hawaiian Electric Industries news, Director Thomas B. Fargo sold 5,500 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $36.46, for a total transaction of $200,530.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.90% of the company’s stock.
A number of hedge funds have recently modified their holdings of HE. US Bancorp DE lifted its position in shares of Hawaiian Electric Industries by 19.0% in the second quarter. US Bancorp DE now owns 7,291 shares of the utilities provider’s stock valued at $236,000 after acquiring an additional 1,162 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of Hawaiian Electric Industries by 12.9% in the second quarter. Great West Life Assurance Co. Can now owns 72,717 shares of the utilities provider’s stock valued at $2,353,000 after purchasing an additional 8,324 shares during the last quarter. World Asset Management Inc increased its holdings in shares of Hawaiian Electric Industries by 2.2% in the second quarter. World Asset Management Inc now owns 6,873 shares of the utilities provider’s stock valued at $223,000 after purchasing an additional 150 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Hawaiian Electric Industries by 52.2% in the second quarter. Sei Investments Co. now owns 64,356 shares of the utilities provider’s stock valued at $2,084,000 after purchasing an additional 22,082 shares during the last quarter. Finally, IFP Advisors Inc increased its holdings in shares of Hawaiian Electric Industries by 0.5% in the second quarter. IFP Advisors Inc now owns 9,320 shares of the utilities provider’s stock valued at $302,000 after purchasing an additional 42 shares during the last quarter. Institutional investors own 49.26% of the company’s stock.
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Hawaiian Electric Industries Company Profile
Hawaiian Electric Industries, Inc is a holding company with its principal subsidiaries engaged in electric utility and banking businesses operating primarily in the State of Hawaii. The Company’s subsidiaries include Hawaiian Electric Company, Inc (Hawaiian Electric) and ASB Hawaii, Inc (ASB Hawaii).
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