Hawaiian Electric Industries (HE) Rating Increased to Hold at Zacks Investment Research

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Hawaiian Electric Industries (NYSE:HE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.

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. Shares of Hawaiian Electric have also outperformed its industry in the past twelve months. However, despite investing substantially in renewable projects, increasingly stringent government regulations for curbing emissions is a major cause of concern Fluctuations in the oil price in the global market also might hamper stocks like Hawaiian Electric. It also depends 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.”

Separately, Bank of America cut Hawaiian Electric Industries from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $35.00 to $34.00 in a research note on Thursday, November 15th.

Shares of HE opened at $37.57 on Tuesday. Hawaiian Electric Industries has a 12-month low of $32.28 and a 12-month high of $39.35. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of 22.77, a PEG ratio of 2.97 and a beta of 0.23.

Hedge funds have recently modified their holdings of the company. TCI Wealth Advisors Inc. increased its stake in shares of Hawaiian Electric Industries by 601.4% in the fourth quarter. TCI Wealth Advisors Inc. now owns 982 shares of the utilities provider’s stock valued at $36,000 after buying an additional 842 shares during the period. Ffcm LLC grew its stake in Hawaiian Electric Industries by 50.0% during the fourth quarter. Ffcm LLC now owns 1,005 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 335 shares during the period. Captrust Financial Advisors grew its stake in Hawaiian Electric Industries by 41.2% during the fourth quarter. Captrust Financial Advisors now owns 1,821 shares of the utilities provider’s stock worth $67,000 after purchasing an additional 531 shares during the period. Gamble Jones Investment Counsel acquired a new stake in Hawaiian Electric Industries during the fourth quarter worth approximately $203,000. Finally, Quantamental Technologies LLC acquired a new stake in Hawaiian Electric Industries during the fourth quarter worth approximately $238,000. 53.22% of the stock is owned by institutional investors.

Hawaiian Electric Industries Company Profile

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, sugarcane waste, municipal waste, and other bio fuels.

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