Hawaiian Electric Industries (NYSE:HE) Shares Gap Up – Still a Buy?

Hawaiian Electric Industries, Inc. (NYSE:HE)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $10.08, but opened at $10.38. Hawaiian Electric Industries shares last traded at $10.00, with a volume of 516,515 shares changing hands.

Wall Street Analysts Forecast Growth

HE has been the topic of several recent analyst reports. Barclays initiated coverage on shares of Hawaiian Electric Industries in a research report on Thursday, February 6th. They set an “equal weight” rating and a $10.00 price objective on the stock. StockNews.com downgraded Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a report on Tuesday. Jefferies Financial Group lowered their price target on Hawaiian Electric Industries from $11.50 to $10.50 and set a “hold” rating on the stock in a report on Friday, January 3rd. Finally, Evercore ISI reduced their price objective on Hawaiian Electric Industries from $11.00 to $10.00 and set an “in-line” rating for the company in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $10.50.

Hawaiian Electric Industries Stock Performance

The company has a market cap of $1.74 billion, a P/E ratio of -0.85 and a beta of 0.53. The business’s 50 day simple moving average is $9.53 and its 200 day simple moving average is $10.78. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 1.80.

Hawaiian Electric Industries (NYSE:HE) last issued its quarterly earnings results on Friday, November 8th. The utilities provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.07). Hawaiian Electric Industries had a positive return on equity of 11.12% and a negative net margin of 35.38%. The business had revenue of $983.38 million during the quarter. During the same period in the previous year, the firm earned $0.37 EPS. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. Sell-side analysts predict that Hawaiian Electric Industries, Inc. will post 1.71 earnings per share for the current fiscal year.

Institutional Trading of Hawaiian Electric Industries

A number of institutional investors and hedge funds have recently bought and sold shares of HE. KBC Group NV raised its holdings 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 valued at $38,000 after buying an additional 1,021 shares during the period. Commonwealth Equity Services LLC increased its position in Hawaiian Electric Industries by 3.6% during the fourth quarter. Commonwealth Equity Services LLC now owns 31,078 shares of the utilities provider’s stock valued at $302,000 after acquiring an additional 1,080 shares during the last quarter. Xponance Inc. raised its stake in shares of Hawaiian Electric Industries by 10.9% in the fourth quarter. Xponance Inc. now owns 11,935 shares of the utilities provider’s stock valued at $116,000 after acquiring an additional 1,171 shares during the period. Diversified Trust Co lifted its holdings in shares of Hawaiian Electric Industries by 2.9% in the 4th quarter. Diversified Trust Co now owns 41,455 shares of the utilities provider’s stock worth $403,000 after acquiring an additional 1,184 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in shares of Hawaiian Electric Industries by 5.7% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 32,775 shares of the utilities provider’s stock worth $317,000 after purchasing an additional 1,775 shares during the period. 59.91% of the stock is currently owned by institutional investors.

About Hawaiian Electric Industries

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.