Hawaiian Electric Industries (NYSE:HE) Shares Gap Up Following Better-Than-Expected Earnings

Key Points

• Hawaiian Electric beat earnings expectations: Quarterly EPS was $0.13 versus the $0.09 consensus, while revenue of $1.01 billion was in line with estimates.
• Shares jumped after the report: The stock opened at $9.14, up from its prior close of $8.42, and was last trading at $9.403.
• Analyst sentiment remained cautious: MarketBeat reported an average rating of “Strong Sell” and a consensus price target of $7.67, below the stock’s recent trading price.

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Get Free Report) gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $8.42, but opened at $9.14. Hawaiian Electric Industries shares last traded at $9.4030, with a volume of 722,931 shares trading hands.

The utilities provider reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. Hawaiian Electric Industries had a net margin of 6.58% and a return on equity of 7.16%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group reduced their target price on shares of Hawaiian Electric Industries from $8.75 to $7.00 and set an "underperform" rating for the company in a research note on Tuesday, October 6th. Weiss Ratings downgraded Hawaiian Electric Industries from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, October 14th. Barclays cut their price target on Hawaiian Electric Industries from $12.00 to $9.00 and set an "equal weight" rating on the stock in a report on Wednesday, September 30th. LADENBURG THALM/SH SH started coverage on Hawaiian Electric Industries in a research report on Tuesday, September 8th. They set a "sell" rating and a $7.00 price objective for the company. Finally, Zacks Research upgraded Hawaiian Electric Industries from a "strong sell" rating to a "hold" rating in a report on Friday, October 9th. Two research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, Hawaiian Electric Industries has an average rating of "Strong Sell" and a consensus target price of $7.67.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Elevation Wealth Partners LLC boosted its stake in shares of Hawaiian Electric Industries by 961.8% during the 3rd quarter. Elevation Wealth Partners LLC now owns 3,695 shares of the utilities provider's stock worth $33,000 after acquiring an additional 3,347 shares during the period. Fulcrum Asset Management LLP raised its stake in Hawaiian Electric Industries by 9,309.1% in the 3rd quarter. Fulcrum Asset Management LLP now owns 4,140 shares of the utilities provider's stock valued at $38,000 after acquiring an additional 4,096 shares during the period. Allworth Financial LP bought a new stake in Hawaiian Electric Industries in the 2nd quarter valued at $63,000. Global Retirement Partners LLC bought a new stake in Hawaiian Electric Industries in the 2nd quarter valued at $67,000. Finally, Kelleher Financial Advisors acquired a new stake in Hawaiian Electric Industries during the 2nd quarter valued at $68,000. Institutional investors and hedge funds own 59.91% of the company's stock.

Hawaiian Electric Industries Stock Up 12.2%

The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a fifty day simple moving average of $9.31 and a 200-day simple moving average of $12.98. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 7.16 and a beta of 0.50.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc NYSE: HE is a Hawaii-based holding company whose principal business is providing electric utility service across the state. Through its regulated utility subsidiaries—Hawaiian Electric Company, Maui Electric Company and Hawaii Electric Light—the company generates, purchases, transmits, distributes and sells electricity to residential, commercial and industrial customers on the islands of Oahu, Maui, Molokai, Lanai and Hawaii.

The utility uses a combination of renewable and conventional energy resources and supports Hawaii's transition toward a cleaner electric system.

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