Hawaiian Electric Industries, Inc. (HE) Cut to “Sell” at Zacks Investment Research

Hawaiian Electric Industries, Inc. (NYSE:HE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.

According to Zacks, “Hawaiian Electric operations remain heavily dependent on weather conditions. Moreover, disruption in fuel supplies will affect the company’s ability to generate power, which in turn will impact its profit margins. Moreover, elevating fuel oil price expense has earlier pushed up the company’s total expense and in turn affected its operating profit rate. Also, Hawaiian Electric’s heavy reliance on third-party suppliers for fuel and purchased power,  may impact the company’s performance adversely and result in additional expenses, in case of delayed fuel supply. Further, Hawaiian Electric underperformed the broader industry in past six months. Nevertheless, the company remains the largest provider of electricity in the state of Hawaii, supplying power to more than 95% of the state’s population.”

Several other equities analysts also recently issued reports on HE. J P Morgan Chase & Co upped their target price on Hawaiian Electric Industries from $33.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday. BidaskClub raised Hawaiian Electric Industries from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 19th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The stock has an average rating of “Sell” and an average target price of $31.50.

Hawaiian Electric Industries (NYSE:HE) traded up 0.49% during mid-day trading on Friday, hitting $34.52. The company’s stock had a trading volume of 150,148 shares. Hawaiian Electric Industries has a 12-month low of $28.43 and a 12-month high of $34.78. The company has a market cap of $3.76 billion, a P/E ratio of 15.37 and a beta of 0.47. The firm’s 50-day moving average is $33.69 and its 200-day moving average is $33.23.

Hawaiian Electric Industries (NYSE:HE) last released its earnings results on Thursday, August 3rd. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.03). Hawaiian Electric Industries had a net margin of 9.91% and a return on equity of 8.83%. The firm had revenue of $556.90 million during the quarter, compared to analyst estimates of $568.00 million. During the same period in the previous year, the company earned $0.43 earnings per share. Hawaiian Electric Industries’s revenue was up 12.4% on a year-over-year basis. Analysts predict that Hawaiian Electric Industries will post $1.63 EPS for the current fiscal year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in HE. UBS Asset Management Americas Inc. grew its position in Hawaiian Electric Industries by 23.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 105,208 shares of the utilities provider’s stock worth $3,504,000 after purchasing an additional 19,676 shares during the period. Stifel Financial Corp grew its position in Hawaiian Electric Industries by 6.4% during the 1st quarter. Stifel Financial Corp now owns 16,218 shares of the utilities provider’s stock worth $537,000 after purchasing an additional 974 shares during the period. SG Americas Securities LLC acquired a new stake in Hawaiian Electric Industries during the 1st quarter worth about $488,000. Credit Agricole S A acquired a new stake in Hawaiian Electric Industries during the 1st quarter worth about $334,000. Finally, United Services Automobile Association acquired a new stake in Hawaiian Electric Industries during the 1st quarter worth about $3,042,000. 48.49% of the stock is currently owned by hedge funds and other institutional investors.

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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