Hawaiian Electric Industries (NYSE:HE) Shares Gap Down After Earnings Miss

Hawaiian Electric Industries, Inc. (NYSE:HE)’s stock price gapped down prior to trading on Monday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $10.76, but opened at $10.43. Hawaiian Electric Industries shares last traded at $10.42, with a volume of 882,089 shares.

The utilities provider reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.19). The business had revenue of $799.18 million during the quarter. Hawaiian Electric Industries had a negative net margin of 35.38% and a positive return on equity of 11.12%.

Wall Street Analyst Weigh In

Several research firms recently commented on HE. Jefferies Financial Group cut their price objective on shares of Hawaiian Electric Industries from $11.50 to $10.50 and set a “hold” rating on the stock in a research report on Friday, January 3rd. StockNews.com downgraded Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, February 11th. 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. Finally, Barclays initiated coverage on Hawaiian Electric Industries in a research report on Thursday, February 6th. They issued an “equal weight” rating and a $10.00 target price on the stock. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $10.50.

Institutional Investors Weigh In On Hawaiian Electric Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new stake in shares of Hawaiian Electric Industries in the third quarter valued at about $821,000. FORA Capital LLC acquired a new position in shares of Hawaiian Electric Industries during the 3rd quarter worth approximately $692,000. Franklin Resources Inc. raised its stake in shares of Hawaiian Electric Industries by 656.7% during the 3rd quarter. Franklin Resources Inc. now owns 2,722,668 shares of the utilities provider’s stock worth $27,499,000 after purchasing an additional 2,362,863 shares in the last quarter. FMR LLC boosted its holdings in shares of Hawaiian Electric Industries by 7,986.3% in the 3rd quarter. FMR LLC now owns 5,340,679 shares of the utilities provider’s stock valued at $51,698,000 after buying an additional 5,274,633 shares during the last quarter. Finally, Fernwood Investment Management LLC boosted its holdings in shares of Hawaiian Electric Industries by 82.8% in the 3rd quarter. Fernwood Investment Management LLC now owns 133,175 shares of the utilities provider’s stock valued at $1,289,000 after buying an additional 60,335 shares during the last quarter. 59.91% of the stock is owned by institutional investors.

Hawaiian Electric Industries Stock Down 1.8 %

The firm has a market capitalization of $1.86 billion, a P/E ratio of -0.91 and a beta of 0.53. The firm’s 50 day moving average is $9.58 and its two-hundred day moving average is $10.33. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.18 and a quick ratio of 0.18.

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.