Zacks Investment Research upgraded shares of Hawaiian Electric Industries (NYSE:HE) from a sell rating to a hold rating in a report issued on Wednesday, Zacks.com reports. The brokerage currently has $47.00 price target on the utilities provider’s stock.
According to Zacks, “Hawaiian Electric continues making systematic investments in utility infrastructure development projects, primarily adding new generation facilities, replacing aging infrastructure and restoring transmission and distribution assets. These initiatives will allow Hawaiian Electric to meet increasing utility demand from customers, besides improving reliability. The introduction of Southwest Airlines to the Hawaii market is projected to boost visitor arrivals over the next few months. In a year’s time, shares of Hawaiian Electric have outperformed the industry. However, the company depends heavily on third-party suppliers for fuel and purchased power. Any delay in the supply of fuels may hurt the company’s performance and result in additional expenses. Moreover, increasing crude oil price has the potential to hurt this stock's growth.”
Several other research firms have also issued reports on HE. ValuEngine lowered Hawaiian Electric Industries from a buy rating to a hold rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. lowered Hawaiian Electric Industries from a neutral rating to an underweight rating and raised their price objective for the company from $37.00 to $38.00 in a research note on Friday, August 9th. Finally, UBS Group raised their price objective on Hawaiian Electric Industries from $35.00 to $37.00 and gave the company a sell rating in a research note on Friday, September 13th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. The company presently has an average rating of Sell and a consensus target price of $39.00.
Hawaiian Electric Industries (NYSE:HE) last announced its quarterly earnings results on Friday, August 2nd. The utilities provider reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.05). The firm had revenue of $715.49 million for the quarter, compared to the consensus estimate of $592.84 million. Hawaiian Electric Industries had a net margin of 7.07% and a return on equity of 9.47%. During the same period in the previous year, the company posted $0.42 earnings per share. As a group, research analysts predict that Hawaiian Electric Industries will post 1.88 EPS for the current fiscal year.
In other news, Director Micah A. Kane sold 2,800 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $44.60, for a total value of $124,880.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey N. Watanabe sold 5,700 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $44.21, for a total value of $251,997.00. The disclosure for this sale can be found here. Corporate insiders own 0.94% of the company’s stock.
Several institutional investors have recently bought and sold shares of HE. Personal Wealth Partners acquired a new stake in shares of Hawaiian Electric Industries in the 2nd quarter worth $48,000. Flagship Harbor Advisors LLC lifted its position in Hawaiian Electric Industries by 153.7% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 1,139 shares of the utilities provider’s stock worth $49,000 after acquiring an additional 690 shares during the period. Westside Investment Management Inc. acquired a new stake in Hawaiian Electric Industries during the 2nd quarter worth about $52,000. CWM LLC lifted its position in Hawaiian Electric Industries by 40.0% during the 2nd quarter. CWM LLC now owns 1,329 shares of the utilities provider’s stock worth $58,000 after acquiring an additional 380 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new stake in Hawaiian Electric Industries during the 2nd quarter worth about $62,000. 54.12% of the stock is owned by hedge funds and other institutional investors.
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, municipal waste, and other bio fuels.
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