Hawaiian Electric Industries, Inc. (NYSE:HE – Get Free Report) gapped up prior to trading on Monday following a better than expected earnings announcement. The stock had previously closed at $8.42, but opened at $9.14. Hawaiian Electric Industries shares last traded at $9.4030, with a volume of 722,931 shares trading hands.
The utilities provider reported $0.13 EPS for the quarter, topping the consensus estimate of $0.09 by $0.04. Hawaiian Electric Industries had a net margin of 6.58% and a return on equity of 7.16%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.01 billion.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on HE. LADENBURG THALM/SH SH assumed coverage on shares of Hawaiian Electric Industries in a research report on Tuesday, September 8th. They set a “sell” rating and a $7.00 price objective for the company. Weiss Ratings downgraded Hawaiian Electric Industries from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, October 14th. Jefferies Financial Group decreased their target price on Hawaiian Electric Industries from $8.75 to $7.00 and set an “underperform” rating on the stock in a research report on Tuesday, October 6th. Barclays lowered their target price on Hawaiian Electric Industries from $12.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 30th. Finally, Zacks Research raised Hawaiian Electric Industries from a “strong sell” rating to a “hold” rating in a report on Friday, October 9th. Two equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Hawaiian Electric Industries currently has an average rating of “Strong Sell” and a consensus target price of $7.67.
Check Out Our Latest Research Report on Hawaiian Electric Industries
Institutional Trading of Hawaiian Electric Industries
A number of institutional investors have recently modified their holdings of HE. EagleClaw Capital Managment LLC grew its holdings in shares of Hawaiian Electric Industries by 4.3% during the 3rd quarter. EagleClaw Capital Managment LLC now owns 453,450 shares of the utilities provider’s stock worth $4,054,000 after purchasing an additional 18,700 shares in the last quarter. Maryland State Retirement & Pension System lifted its position in Hawaiian Electric Industries by 52.4% during the third quarter. Maryland State Retirement & Pension System now owns 38,140 shares of the utilities provider’s stock worth $341,000 after purchasing an additional 13,113 shares during the period. Illinois Municipal Retirement Fund grew its stake in Hawaiian Electric Industries by 3.4% during the third quarter. Illinois Municipal Retirement Fund now owns 95,355 shares of the utilities provider’s stock worth $852,000 after buying an additional 3,122 shares in the last quarter. Fulcrum Asset Management LLP grew its stake in Hawaiian Electric Industries by 9,309.1% during the third quarter. Fulcrum Asset Management LLP now owns 4,140 shares of the utilities provider’s stock worth $38,000 after buying an additional 4,096 shares in the last quarter. Finally, Atlas Wealth Partners LLC grew its stake in Hawaiian Electric Industries by 1.3% during the third quarter. Atlas Wealth Partners LLC now owns 117,617 shares of the utilities provider’s stock worth $1,051,000 after buying an additional 1,500 shares in the last quarter. 59.91% of the stock is currently owned by institutional investors.
Hawaiian Electric Industries Trading Up 12.2%
The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $1.63 billion, a P/E ratio of 7.16 and a beta of 0.50. The firm’s fifty day simple moving average is $9.31 and its 200 day simple moving average is $12.98.
About Hawaiian Electric Industries
Hawaiian Electric Industries, Inc (NYSE: HE) is a Hawaii-based holding company whose principal business is providing electric utility service across the state. Through its regulated utility subsidiaries—Hawaiian Electric Company, Maui Electric Company and Hawaii Electric Light—the company generates, purchases, transmits, distributes and sells electricity to residential, commercial and industrial customers on the islands of Oahu, Maui, Molokai, Lanai and Hawaii.
The utility uses a combination of renewable and conventional energy resources and supports Hawaii’s transition toward a cleaner electric system.
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