Hawaiian Electric Industries (NYSE:HE) Shares Up 2.9% – Should You Buy?

Hawaiian Electric Industries, Inc. (NYSE:HE) traded up 2.9% on Monday . The stock traded as high as $12.43 and last traded at $12.4770. 381,546 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 2,421,546 shares. The stock had previously closed at $12.12.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Weiss Ratings restated a “sell (d)” rating on shares of Hawaiian Electric Industries in a research note on Monday, December 22nd. Jefferies Financial Group restated a “hold” rating on shares of Hawaiian Electric Industries in a research note on Friday, December 19th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Hawaiian Electric Industries currently has a consensus rating of “Hold” and an average price target of $12.13.

Hawaiian Electric Industries Stock Performance

The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.79. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 156.31 and a beta of 0.64. The stock has a fifty day moving average price of $11.66 and a 200-day moving average price of $11.39.

Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings results on Friday, November 7th. The utilities provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.39. Hawaiian Electric Industries had a return on equity of 9.51% and a net margin of 0.56%.The firm had revenue of $790.61 million for the quarter. As a group, analysts anticipate that Hawaiian Electric Industries, Inc. will post 1.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hawaiian Electric Industries

Several institutional investors have recently added to or reduced their stakes in HE. Allworth Financial LP grew its stake in Hawaiian Electric Industries by 43.3% during the third quarter. Allworth Financial LP now owns 6,598 shares of the utilities provider’s stock worth $73,000 after buying an additional 1,993 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in shares of Hawaiian Electric Industries in the 3rd quarter worth approximately $205,000. Dark Forest Capital Management LP grew its position in Hawaiian Electric Industries by 359.2% during the 3rd quarter. Dark Forest Capital Management LP now owns 214,310 shares of the utilities provider’s stock worth $2,366,000 after acquiring an additional 167,637 shares during the last quarter. Polymer Capital Management US LLC bought a new stake in Hawaiian Electric Industries during the 3rd quarter worth approximately $312,000. Finally, Qube Research & Technologies Ltd acquired a new stake in Hawaiian Electric Industries during the 3rd quarter valued at $1,498,000. 59.91% of the stock is owned by institutional investors.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc is a diversified holding company operating in the energy and financial services sectors in the state of Hawaii. Its principal subsidiary, Hawaiian Electric Company, provides generation, transmission, distribution and customer service to the island of Oahu, while its Maui Electric and Hawaii Electric Light Company subsidiaries serve Maui, Molokai, Lanai and Hawaii Island. The roots of the electric utility business trace back to 1891 when service first commenced in Honolulu.

Through its subsidiary Hawaii Gas, HEI extends its energy portfolio to include the distribution of natural gas and propane, supporting residential, commercial and industrial customers across the islands.