Hawaiian Electric Industries (NYSE:HE) Shares Down 9.2% Following Weak Earnings

Key Points

• Hawaiian Electric Industries shares fell 9.2% after the company reported weaker-than-expected quarterly earnings, with EPS of $0.18 missing the consensus estimate of $0.27.
• Revenue for the quarter came in at $746.45 million, matching analyst expectations, but the earnings miss pressured the stock lower in trading.
• Wall Street sentiment remains cautious, with analysts assigning a consensus “Reduce” rating and an average price target of $13.25.

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Get Free Report) traded down 9.2% during trading on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $13.45 and last traded at $13.46. 1,077,427 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 2,548,618 shares. The stock had previously closed at $14.83.

The utilities provider reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.09). The firm had revenue of $746.45 million during the quarter, compared to analysts' expectations of $746.45 million. Hawaiian Electric Industries had a net margin of 4.19% and a return on equity of 9.13%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Zacks Research cut shares of Hawaiian Electric Industries from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 6th. Barclays increased their price objective on shares of Hawaiian Electric Industries from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Monday, March 2nd. Wall Street Zen cut shares of Hawaiian Electric Industries from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. Jefferies Financial Group cut shares of Hawaiian Electric Industries from a "hold" rating to an "underperform" rating and lowered their price objective for the stock from $13.50 to $12.50 in a research report on Tuesday, January 20th. Finally, Weiss Ratings raised shares of Hawaiian Electric Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, March 2nd. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average price target of $13.25.

Hedge Funds Weigh In On Hawaiian Electric Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Navalign LLC purchased a new position in Hawaiian Electric Industries in the 4th quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd boosted its position in Hawaiian Electric Industries by 199,800.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,999 shares of the utilities provider's stock valued at $25,000 after buying an additional 1,998 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Hawaiian Electric Industries by 142.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 2,325 shares of the utilities provider's stock valued at $26,000 after buying an additional 1,365 shares during the period. Larson Financial Group LLC boosted its position in Hawaiian Electric Industries by 242.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,741 shares of the utilities provider's stock valued at $30,000 after buying an additional 1,940 shares during the period. Finally, Tucker Asset Management LLC purchased a new position in Hawaiian Electric Industries in the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 59.91% of the company's stock.

Hawaiian Electric Industries Price Performance

The company's 50-day simple moving average is $15.18 and its 200 day simple moving average is $13.88. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market cap of $2.45 billion, a PE ratio of 19.18 and a beta of 0.54.

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.

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