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 HE opened at $41.05 on Friday. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.87. Hawaiian Electric Industries has a twelve month low of $32.59 and a twelve month high of $41.71. The stock has a market cap of $4.51 billion, a price-to-earnings ratio of 22.19, a P/E/G ratio of 3.43 and a beta of 0.26.
Hawaiian Electric Industries (NYSE:HE) last issued its earnings results on Friday, February 15th. The utilities provider reported $0.45 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $524.89 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. Equities analysts anticipate that Hawaiian Electric Industries will post 1.95 EPS for the current year.
In other news, Director James K. Scott sold 5,500 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $38.85, for a total value of $213,675.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.94% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in HE. Bank of New York Mellon Corp grew its position in shares of Hawaiian Electric Industries by 1.7% in the third quarter. Bank of New York Mellon Corp now owns 1,565,307 shares of the utilities provider’s stock valued at $55,709,000 after purchasing an additional 26,641 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Hawaiian Electric Industries by 1.8% during the third quarter. BlackRock Inc. now owns 9,464,115 shares of the utilities provider’s stock valued at $336,830,000 after buying an additional 164,235 shares during the period. Credit Suisse AG lifted its stake in shares of Hawaiian Electric Industries by 10.3% during the third quarter. Credit Suisse AG now owns 108,910 shares of the utilities provider’s stock valued at $3,877,000 after buying an additional 10,160 shares during the period. Great West Life Assurance Co. Can lifted its stake in shares of Hawaiian Electric Industries by 19.0% during the third quarter. Great West Life Assurance Co. Can now owns 75,925 shares of the utilities provider’s stock valued at $2,705,000 after buying an additional 12,132 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Hawaiian Electric Industries by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 1,334,435 shares of the utilities provider’s stock valued at $47,490,000 after buying an additional 3,780 shares during the period. Institutional investors and hedge funds 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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