Hawaiian Electric Industries (HE) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Hawaiian Electric Industries (NYSE:HE) 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. 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.”
Several other research firms have also recently issued reports on HE. J P Morgan Chase & Co upped their price objective on Hawaiian Electric Industries from $33.00 to $34.00 and gave the stock a neutral rating in a research report on Thursday, October 12th. BidaskClub raised Hawaiian Electric Industries from a sell rating to a hold rating in a research note on Saturday, August 26th. Finally, Bank of America assumed coverage on Hawaiian Electric Industries in a research note on Tuesday, October 24th. They set an underperform rating and a $34.00 target price for the company. Three research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The company currently has a consensus rating of Hold and an average target price of $32.33.
Hawaiian Electric Industries (NYSE:HE) opened at $38.35 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $4,160.00, a price-to-earnings ratio of 23.14, a price-to-earnings-growth ratio of 5.44 and a beta of 0.49. Hawaiian Electric Industries has a 52-week low of $30.26 and a 52-week high of $38.38.
Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.02). The company had revenue of $673.19 million for the quarter, compared to analysts’ expectations of $648.93 million. Hawaiian Electric Industries had a return on equity of 8.64% and a net margin of 7.14%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.58 earnings per share. equities research analysts forecast that Hawaiian Electric Industries will post 1.63 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Shareholders of record on Wednesday, November 22nd will be paid a dividend of $0.31 per share. The ex-dividend date is Tuesday, November 21st. This represents a $1.24 annualized dividend and a yield of 3.23%. Hawaiian Electric Industries’s dividend payout ratio is 76.07%.
In related news, Director Thomas B. Fargo sold 5,500 shares of the 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 document filed with the SEC, which can be accessed through this link. 0.90% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Great West Life Assurance Co. Can raised its holdings in shares of Hawaiian Electric Industries by 12.9% during the second quarter. Great West Life Assurance Co. Can now owns 72,717 shares of the utilities provider’s stock worth $2,353,000 after acquiring an additional 8,324 shares during the period. Stifel Financial Corp grew its position in shares of Hawaiian Electric Industries by 35.1% in the 2nd quarter. Stifel Financial Corp now owns 21,906 shares of the utilities provider’s stock valued at $705,000 after acquiring an additional 5,688 shares during the period. Marshall Wace North America L.P. bought a new position in shares of Hawaiian Electric Industries in the 2nd quarter valued at about $1,031,000. Legal & General Group Plc grew its position in shares of Hawaiian Electric Industries by 12.1% in the 2nd quarter. Legal & General Group Plc now owns 200,558 shares of the utilities provider’s stock valued at $6,495,000 after acquiring an additional 21,628 shares during the period. Finally, Royal Bank of Canada grew its position in shares of Hawaiian Electric Industries by 42.3% in the 2nd quarter. Royal Bank of Canada now owns 89,418 shares of the utilities provider’s stock valued at $2,895,000 after acquiring an additional 26,594 shares during the period. Institutional investors own 49.25% of the company’s stock.
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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