Hawaiian Electric Industries (HE) Upgraded 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 research report released on Saturday, Zacks.com reports.

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 company's shares have outperformed the industry in the past twelve months. However, the company heavily on third-party suppliers for fuel and purchased power. Any delay in the supply of fuels may impact the company’s performance adversely and result in additional expenses. Hawaiian Electric utilizes natural gas as a key fuel for power production. Any rise in price of natural gas without a rise in power prices, or any disruption in fuel supplies will affect the company’s ability to generate power, which will ultimately impact its profit margins.”

Shares of NYSE HE opened at $41.42 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.08 and a quick ratio of 0.08. The firm has a market cap of $4.52 billion, a P/E ratio of 22.39, a P/E/G ratio of 3.39 and a beta of 0.26. Hawaiian Electric Industries has a 1-year low of $32.59 and a 1-year high of $41.71.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings data on Friday, February 15th. The utilities provider reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.02). Hawaiian Electric Industries had a return on equity of 9.60% and a net margin of 7.12%. The company had revenue of $761.65 million for the quarter, compared to analysts’ expectations of $524.89 million. During the same quarter last year, the company earned $0.43 earnings per share. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, equities analysts forecast that Hawaiian Electric Industries will post 1.95 EPS for the current fiscal year.

In other Hawaiian Electric Industries news, Director James K. Scott sold 5,500 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $38.85, for a total value of $213,675.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.94% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Retirement Systems of Alabama increased its holdings in shares of Hawaiian Electric Industries by 0.5% in the first quarter. Retirement Systems of Alabama now owns 141,809 shares of the utilities provider’s stock valued at $5,782,000 after purchasing an additional 641 shares during the period. Whitehelm Capital Pty Ltd increased its holdings in shares of Hawaiian Electric Industries by 3.8% in the first quarter. Whitehelm Capital Pty Ltd now owns 184,125 shares of the utilities provider’s stock valued at $7,507,000 after purchasing an additional 6,719 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of Hawaiian Electric Industries by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 29,200 shares of the utilities provider’s stock valued at $1,190,000 after purchasing an additional 300 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in shares of Hawaiian Electric Industries in the first quarter valued at about $291,000. Finally, State of Alaska Department of Revenue increased its holdings in shares of Hawaiian Electric Industries by 4.2% in the first quarter. State of Alaska Department of Revenue now owns 49,748 shares of the utilities provider’s stock valued at $2,027,000 after purchasing an additional 2,019 shares during the period. Institutional investors own 52.63% of the company’s stock.

About Hawaiian Electric Industries

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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