Hawaiian Electric Industries (NYSE:HE) Shares Gap Down Following Weak Earnings

Hawaiian Electric Industries, Inc. (NYSE:HE)’s stock price gapped down before the market opened on Monday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $15.50, but opened at $12.12. Hawaiian Electric Industries shares last traded at $12.41, with a volume of 2,781,699 shares traded.

The utilities provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). The firm had revenue of $792.30 million during the quarter. Hawaiian Electric Industries had a return on equity of 9.58% and a net margin of 5.16%. Hawaiian Electric Industries’s revenue was down .2% compared to the same quarter last year.

Analyst Ratings Changes

HE has been the topic of several research reports. Evercore ISI lifted their price target on shares of Hawaiian Electric Industries from $11.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 5th. StockNews.com upgraded shares of Hawaiian Electric Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company boosted their price target on shares of Hawaiian Electric Industries from $9.00 to $14.00 and gave the stock an “underweight” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $14.13.

Institutional Investors Weigh In On Hawaiian Electric Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HE. Gladius Capital Management LP raised its position in Hawaiian Electric Industries by 686.9% during the 4th quarter. Gladius Capital Management LP now owns 2,109 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 1,841 shares during the last quarter. New Covenant Trust Company N.A. purchased a new position in shares of Hawaiian Electric Industries during the first quarter valued at approximately $32,000. Abich Financial Wealth Management LLC increased its stake in shares of Hawaiian Electric Industries by 54.4% during the first quarter. Abich Financial Wealth Management LLC now owns 3,226 shares of the utilities provider’s stock valued at $36,000 after buying an additional 1,137 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of Hawaiian Electric Industries during the first quarter valued at approximately $42,000. Finally, Cape Investment Advisory Inc. purchased a new stake in Hawaiian Electric Industries in the fourth quarter worth $43,000. 59.91% of the stock is currently owned by institutional investors.

Hawaiian Electric Industries Trading Up 3.8 %

The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 1.19. The firm’s fifty day moving average is $11.94 and its two-hundred day moving average is $11.62. The firm has a market cap of $1.52 billion, a P/E ratio of 8.00 and a beta of 0.57.

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.