Zacks Investment Research Upgrades Hawaiian Electric Industries (HE) to “Hold”
Hawaiian Electric Industries (NYSE:HE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note 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. The company's shares outperformed the broader industry in the last year. However, any disruption in fuel supplies is likely to affect the company’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. Also, Hawaiian Electric’s heavy reliance on third-party suppliers for fuel and purchased power are expected to adversely impact the company’s performance and result in additional expenses, in case of delayed fuel supply.”
A number of other research firms have also recently issued reports on HE. Bank of America began coverage on shares of Hawaiian Electric Industries in a research report on Tuesday, October 24th. They set an “underperform” rating and a $34.00 price objective for the company. J P Morgan Chase & Co upped their price objective on shares of Hawaiian Electric Industries from $33.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, October 12th. Finally, BidaskClub upgraded shares of Hawaiian Electric Industries from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Three analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $32.33.
Hawaiian Electric Industries (HE) opened at $38.13 on Tuesday. The stock has a market cap of $4,103.41, a P/E ratio of 23.14, a P/E/G ratio of 5.44 and a beta of 0.49. Hawaiian Electric Industries has a 12-month low of $30.26 and a 12-month high of $38.30. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.77.
Hawaiian Electric Industries (NYSE:HE) last released its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.02). The company had revenue of $673.19 million for the quarter, compared to analyst estimates of $648.93 million. Hawaiian Electric Industries had a return on equity of 8.64% and a net margin of 7.14%. Hawaiian Electric Industries’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.58 earnings per share. analysts anticipate that Hawaiian Electric Industries will post 1.63 earnings per share for the current year.
In other Hawaiian Electric Industries news, Director Thomas B. Fargo sold 5,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $36.46, for a total value of $200,530.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. IFP Advisors Inc increased its position in Hawaiian Electric Industries by 0.5% in the 2nd quarter. IFP Advisors Inc now owns 9,320 shares of the utilities provider’s stock valued at $302,000 after acquiring an additional 42 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Hawaiian Electric Industries by 0.7% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 10,146 shares of the utilities provider’s stock valued at $329,000 after acquiring an additional 70 shares during the period. World Asset Management Inc increased its position in Hawaiian Electric Industries by 2.2% in the 2nd quarter. World Asset Management Inc now owns 6,873 shares of the utilities provider’s stock valued at $223,000 after acquiring an additional 150 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Hawaiian Electric Industries by 0.8% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 28,710 shares of the utilities provider’s stock valued at $930,000 after purchasing an additional 217 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Hawaiian Electric Industries by 8.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,859 shares of the utilities provider’s stock valued at $125,000 after purchasing an additional 297 shares during the last quarter. Hedge funds and other institutional investors own 49.25% 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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