Hawaiian Electric Industries (NYSE:HE) Shares Gap Up – Here’s Why

Hawaiian Electric Industries, Inc. (NYSE:HE)’s share price gapped up prior to trading on Friday . The stock had previously closed at $10.40, but opened at $11.00. Hawaiian Electric Industries shares last traded at $11.76, with a volume of 931,509 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on HE. Wells Fargo & Company boosted their target price on shares of Hawaiian Electric Industries from $11.00 to $12.50 and gave the company an “equal weight” rating in a research note on Thursday, February 27th. Jefferies Financial Group cut their target price on shares of Hawaiian Electric Industries from $11.50 to $10.50 and set a “hold” rating for the company in a research note on Friday, January 3rd. StockNews.com downgraded shares of Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, February 11th. Barclays boosted their target price on shares of Hawaiian Electric Industries from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. Finally, Evercore ISI raised shares of Hawaiian Electric Industries from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $12.00 to $14.00 in a research note on Friday. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $12.00.

Hawaiian Electric Industries Stock Performance

The stock’s 50 day moving average price is $9.74 and its 200 day moving average price is $10.18. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 1.80. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -0.97 and a beta of 0.46.

Hawaiian Electric Industries (NYSE:HE) last posted its quarterly earnings data on Friday, February 21st. The utilities provider reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.19). Hawaiian Electric Industries had a negative net margin of 35.38% and a positive return on equity of 11.12%. The company had revenue of $799.18 million for the quarter. On average, analysts expect that Hawaiian Electric Industries, Inc. will post 1.71 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of HE. Blue Trust Inc. increased its position in Hawaiian Electric Industries by 203.0% during the 4th quarter. Blue Trust Inc. now owns 3,078 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 2,062 shares in the last quarter. R Squared Ltd acquired a new stake in Hawaiian Electric Industries during the 4th quarter worth approximately $36,000. KBC Group NV increased its position in Hawaiian Electric Industries by 34.8% during the 3rd quarter. KBC Group NV now owns 3,956 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 1,021 shares in the last quarter. Comerica Bank increased its position in Hawaiian Electric Industries by 69.3% during the 4th quarter. Comerica Bank now owns 4,189 shares of the utilities provider’s stock worth $41,000 after purchasing an additional 1,715 shares in the last quarter. Finally, Quarry LP increased its position in Hawaiian Electric Industries by 156.6% during the 3rd quarter. Quarry LP now owns 4,503 shares of the utilities provider’s stock worth $44,000 after purchasing an additional 2,748 shares in the last quarter. Institutional investors and hedge funds own 59.91% of the company’s stock.

Hawaiian Electric Industries Company Profile

Hawaiian Electric Industries, Inc, together with its subsidiaries, engages in the electric utility businesses in the United States. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai.