Hawaiian Electric Industries (NYSE:HE) Shares Gap Down on Disappointing Earnings

Hawaiian Electric Industries, Inc. (NYSE:HE)’s stock price gapped down before the market opened on Monday following a weaker than expected earnings announcement. The stock had previously closed at $10.76, but opened at $10.43. Hawaiian Electric Industries shares last traded at $10.42, with a volume of 882,089 shares.

The utilities provider reported $0.20 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.19). Hawaiian Electric Industries had a negative net margin of 35.38% and a positive return on equity of 11.12%. The firm had revenue of $799.18 million during the quarter.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. StockNews.com lowered Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, February 11th. Barclays initiated coverage on shares of Hawaiian Electric Industries in a research note on Thursday, February 6th. They issued an “equal weight” rating and a $10.00 price target on the stock. Jefferies Financial Group lowered their price objective on shares of Hawaiian Electric Industries from $11.50 to $10.50 and set a “hold” rating for the company in a research report on Friday, January 3rd. Finally, Evercore ISI cut their target price on shares of Hawaiian Electric Industries from $11.00 to $10.00 and set an “in-line” rating on the stock in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, Hawaiian Electric Industries presently has an average rating of “Hold” and an average price target of $10.50.

Hedge Funds Weigh In On Hawaiian Electric Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its holdings in shares of Hawaiian Electric Industries by 203.0% during the fourth quarter. Blue Trust Inc. now owns 3,078 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 2,062 shares during the period. R Squared Ltd bought a new stake in shares of Hawaiian Electric Industries in the 4th quarter valued at $36,000. KBC Group NV raised its holdings in shares of Hawaiian Electric Industries by 34.8% during the third quarter. KBC Group NV now owns 3,956 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 1,021 shares during the period. Comerica Bank boosted its position in shares of Hawaiian Electric Industries by 69.3% during the 4th quarter. Comerica Bank now owns 4,189 shares of the utilities provider’s stock worth $41,000 after purchasing an additional 1,715 shares in the last quarter. Finally, Quarry LP grew its stake in shares of Hawaiian Electric Industries by 156.6% in the 3rd quarter. Quarry LP now owns 4,503 shares of the utilities provider’s stock valued at $44,000 after buying an additional 2,748 shares during the period. 59.91% of the stock is currently owned by institutional investors and hedge funds.

Hawaiian Electric Industries Price Performance

The business has a 50-day moving average of $9.56 and a 200 day moving average of $10.36. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 1.80. The firm has a market capitalization of $1.79 billion, a P/E ratio of -0.88 and a beta of 0.53.

Hawaiian Electric Industries Company Profile

Hawaiian Electric Industries, Inc, together with its subsidiaries, engages in the electric utility businesses in the United States. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai.