Hawaiian Electric Industries (HE) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Hawaiian Electric Industries (NYSE:HE) from a sell rating to a hold rating in a research note published on Monday morning, Zacks.com reports.

According to Zacks, “Hawaiian Electric ended first-quarter 2019 on a solid note, wherein earnings and revenues outpaced the respective Zacks Consensus Estimate. Both the metrics also improved year over year. Additionally, the company’s consistent efforts to make systematic investments in utility infrastructure development projects, primarily by adding new generation facilities, replacing aging infrastructure and restoring transmission and distribution assets are impressive. In a year’s time, shares of Hawaiian Electric have outperformed the industry. However, it depends 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. Moreover, 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, ultimately impacting its profit margins.”

HE opened at $41.89 on Monday. Hawaiian Electric Industries has a one year low of $32.59 and a one year high of $42.59. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.07 and a current ratio of 0.07. The firm has a market capitalization of $4.56 billion, a PE ratio of 22.64, a PEG ratio of 3.90 and a beta of 0.26.

Hawaiian Electric Industries (NYSE:HE) last announced its earnings results on Tuesday, May 7th. The utilities provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The company had revenue of $661.62 million for the quarter, compared to analyst estimates of $563.95 million. Hawaiian Electric Industries had a return on equity of 9.75% and a net margin of 7.27%. Hawaiian Electric Industries’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.37 earnings per share. On average, research analysts forecast that Hawaiian Electric Industries will post 1.94 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Thursday, May 23rd will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Wednesday, May 22nd. Hawaiian Electric Industries’s dividend payout ratio (DPR) is presently 69.19%.

In other news, Director James K. Scott sold 5,500 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $38.85, for a total transaction of $213,675.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.94% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in HE. Rockefeller Capital Management L.P. acquired a new stake in shares of Hawaiian Electric Industries during the first quarter worth $27,000. Signaturefd LLC raised its position in shares of Hawaiian Electric Industries by 60.9% during the first quarter. Signaturefd LLC now owns 872 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 330 shares during the period. Ffcm LLC raised its position in shares of Hawaiian Electric Industries by 50.0% during the fourth quarter. Ffcm LLC now owns 1,005 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 335 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Hawaiian Electric Industries by 3,562.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,567,995 shares of the utilities provider’s stock worth $43,000 after purchasing an additional 1,525,177 shares during the period. Finally, Altshuler Shaham Ltd raised its position in shares of Hawaiian Electric Industries by 21.3% during the first quarter. Altshuler Shaham Ltd now owns 1,496 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 263 shares during the period. 52.66% of the stock is currently owned by 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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