Hawaiian Electric Industries (NYSE:HE) Issues Quarterly Earnings Results, Meets Expectations

Hawaiian Electric Industries (NYSE:HE) released its earnings results on Friday. The utilities provider reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24, Zacks reports. Hawaiian Electric Industries had a return on equity of 9.51% and a net margin of 0.56%.The firm had revenue of $805.82 million during the quarter.

Here are the key takeaways from Hawaiian Electric Industries’ conference call:

• Maui wildfire settlement moved materially forward — the Hawaii Supreme Court affirmed denial of insurer intervention, the circuit court granted summary judgment on insurers’ direct claims, and the class settlement has final approval steps remaining, bringing the company closer to triggering the first payment.
• Financial results improved sharply with 2025 net income of $123.1 million (core consolidated net income $149.3 million), stable customer bills in 2025, and material liquidity on hand at both the holding company and utility.
• The first $479 million settlement payment is expected only after outstanding appeals are resolved and now targeted for the second half of 2026, with HEI planning to fund subsequent settlement payments via debt or convertible debt (currently leaning toward convertibles), which could increase leverage or dilute shareholders.
• Management reiterated elevated capital spending — 2026 CapEx $550M–$700M and higher spend in 2027–2028 — and outlined a March 6 joint PBR rebasing proposal (with PBR Phase 6/PIM redesign and potential securitization for wildfire safety) to address rate design and affordability amid the large investment cycle.

Hawaiian Electric Industries Stock Down 0.3%

NYSE HE opened at $15.45 on Friday. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a 50-day simple moving average of $14.69 and a 200 day simple moving average of $12.73. Hawaiian Electric Industries has a twelve month low of $9.06 and a twelve month high of $17.38. The stock has a market cap of $2.67 billion, a PE ratio of 21.76 and a beta of 0.63.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Jefferies Financial Group downgraded shares of Hawaiian Electric Industries from a “hold” rating to an “underperform” rating and lowered their price objective for the company from $13.50 to $12.50 in a research report on Tuesday, January 20th. Barclays raised their price target on Hawaiian Electric Industries from $11.00 to $13.00 and gave the stock a “positive” rating in a research note on Monday, January 26th. Weiss Ratings reissued a “sell (d)” rating on shares of Hawaiian Electric Industries in a research note on Monday, December 29th. Finally, Zacks Research upgraded shares of Hawaiian Electric Industries to a “hold” rating in a research note on Monday, February 9th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $13.17.

Hedge Funds Weigh In On Hawaiian Electric Industries

Several large investors have recently added to or reduced their stakes in HE. State Street Corp grew its holdings in shares of Hawaiian Electric Industries by 56.9% during the 4th quarter. State Street Corp now owns 7,005,768 shares of the utilities provider’s stock worth $86,171,000 after purchasing an additional 2,540,134 shares in the last quarter. Public Sector Pension Investment Board acquired a new position in shares of Hawaiian Electric Industries in the fourth quarter valued at $7,348,000. Quantinno Capital Management LP lifted its position in Hawaiian Electric Industries by 56.0% in the second quarter. Quantinno Capital Management LP now owns 1,324,999 shares of the utilities provider’s stock worth $14,085,000 after purchasing an additional 475,443 shares during the period. Invesco Ltd. boosted its stake in Hawaiian Electric Industries by 160.8% during the fourth quarter. Invesco Ltd. now owns 682,036 shares of the utilities provider’s stock worth $8,389,000 after buying an additional 420,560 shares in the last quarter. Finally, Yaupon Capital Management LP bought a new stake in Hawaiian Electric Industries in the 4th quarter valued at $5,086,000. Institutional investors and hedge funds own 59.91% of the company’s stock.

Hawaiian Electric Industries Company Profile

Hawaiian Electric Industries, Inc is a diversified holding company operating in the energy and financial services sectors in the state of Hawaii. Its principal subsidiary, Hawaiian Electric Company, provides generation, transmission, distribution and customer service to the island of Oahu, while its Maui Electric and Hawaii Electric Light Company subsidiaries serve Maui, Molokai, Lanai and Hawaii Island. The roots of the electric utility business trace back to 1891 when service first commenced in Honolulu.

Through its subsidiary Hawaii Gas, HEI extends its energy portfolio to include the distribution of natural gas and propane, supporting residential, commercial and industrial customers across the islands.