Zacks Investment Research downgraded shares of Hawaiian Electric Industries (NYSE:HE) from a buy rating to a hold rating in a research note issued to investors on Monday, May 21st.
According to Zacks, “Hawaiian Electric kick started 2018 on a mixed note. While the company’s first-quarter earnings came in line with the Zacks Consensus Estimate, revenues beat the consensus mark. The company is the largest provider of electricity in the state of Hawaii, as a result of which it outperformed the broader industry in past twelve months. It continues to make systematic investments in utility infrastructure development projects, primarily adding new generation facilities, replacing aging infrastructure and restoring transmission and distribution assets. However, Hawaiian Electric depends heavily on third-party suppliers for fuel and purchased power. With the Federal Reserve set to hike interest rate thrice in 2018, Hawaiian Electric’s operational performance may get hampered in coming days. Fluctuations in the oil price in the global market tend to push up Hawaiian Electric’s expenses.”
Other equities research analysts have also recently issued research reports about the stock. UBS Group began coverage on shares of Hawaiian Electric Industries in a report on Friday, February 2nd. They issued a sell rating and a $29.00 price target on the stock. JPMorgan Chase & Co. lowered their price target on shares of Hawaiian Electric Industries from $34.00 to $32.00 and set a neutral rating on the stock in a report on Thursday, January 25th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $33.25.
Shares of NYSE HE traded up $0.06 during midday trading on Monday, reaching $32.79. The company’s stock had a trading volume of 636,100 shares, compared to its average volume of 469,826. Hawaiian Electric Industries has a 12-month low of $31.71 and a 12-month high of $38.72. The company has a market capitalization of $3.56 billion, a PE ratio of 19.84, a PEG ratio of 2.43 and a beta of 0.36. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.81.
Hawaiian Electric Industries (NYSE:HE) last announced its earnings results on Thursday, May 10th. The utilities provider reported $0.37 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.37. Hawaiian Electric Industries had a return on equity of 8.96% and a net margin of 6.64%. The firm had revenue of $645.87 million for the quarter, compared to the consensus estimate of $595.98 million. research analysts expect that Hawaiian Electric Industries will post 1.91 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 12th. Shareholders of record on Wednesday, May 23rd were issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, May 22nd. This represents a $1.24 dividend on an annualized basis and a yield of 3.78%. Hawaiian Electric Industries’s payout ratio is 75.15%.
In other Hawaiian Electric Industries news, Director Thomas B. Fargo sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 16th. The shares were sold at an average price of $33.29, for a total transaction of $332,900.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.87% of the company’s stock.
A number of hedge funds have recently modified their holdings of HE. Robeco Institutional Asset Management B.V. grew its position in shares of Hawaiian Electric Industries by 1,928.8% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,383,916 shares of the utilities provider’s stock valued at $47,581,000 after purchasing an additional 1,315,703 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Hawaiian Electric Industries by 34.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,227,642 shares of the utilities provider’s stock valued at $42,206,000 after purchasing an additional 316,249 shares in the last quarter. BlackRock Inc. grew its position in shares of Hawaiian Electric Industries by 2.8% during the 1st quarter. BlackRock Inc. now owns 9,360,275 shares of the utilities provider’s stock valued at $321,806,000 after purchasing an additional 258,820 shares in the last quarter. Prudential Financial Inc. grew its position in shares of Hawaiian Electric Industries by 89.1% during the 1st quarter. Prudential Financial Inc. now owns 513,467 shares of the utilities provider’s stock valued at $17,653,000 after purchasing an additional 242,000 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Hawaiian Electric Industries by 4.7% during the 1st quarter. Wells Fargo & Company MN now owns 3,061,380 shares of the utilities provider’s stock valued at $105,249,000 after purchasing an additional 137,280 shares in the last quarter. 49.47% of the stock is currently owned by institutional investors and hedge funds.
Hawaiian Electric Industries Company Profile
Hawaiian Electric Industries, Inc, through its subsidiaries, engages in the electric utility and banking businesses primarily in the state of Hawaii. The company's Electric Utility segment is involved in generating, purchasing, transmitting, distributing, and selling electric energy. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, sugarcane waste, municipal waste, and other bio fuels.
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