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

According to Zacks, “Hawaiian Electric operations remain heavily dependent on weather conditions. Moreover, disruption in fuel supplies will affect the company’s ability to generate power, which in turn will impact its profit margins. Moreover, elevating fuel oil price expense has earlier pushed up the company’s total expense and in turn affected its operating profit rate. Also, Hawaiian Electric’s heavy reliance on third-party suppliers for fuel and purchased power,  may impact the company’s performance adversely and result in additional expenses, in case of delayed fuel supply. Further, Hawaiian Electric underperformed the broader industry in past six months. Nevertheless, the company remains the largest provider of electricity in the state of Hawaii, supplying power to more than 95% of the state’s population.”

HE has been the topic of a number of other research reports. BidaskClub downgraded shares of Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. J P Morgan Chase & Co upped their price target on shares of Hawaiian Electric Industries from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Hawaiian Electric Industries presently has a consensus rating of “Sell” and an average price target of $31.50.

Hawaiian Electric Industries (HE) traded up 0.49% during mid-day trading on Friday, hitting $34.52. 150,247 shares of the stock traded hands. Hawaiian Electric Industries has a 12 month low of $28.43 and a 12 month high of $34.78. The company’s 50 day moving average is $33.69 and its 200 day moving average is $33.23. The company has a market cap of $3.76 billion, a P/E ratio of 15.37 and a beta of 0.47.

Hawaiian Electric Industries (NYSE:HE) last released its earnings results on Thursday, August 3rd. The utilities provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.03). The company had revenue of $556.90 million during the quarter, compared to analysts’ expectations of $568.00 million. Hawaiian Electric Industries had a return on equity of 8.83% and a net margin of 9.91%. Hawaiian Electric Industries’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period last year, the firm posted $0.43 EPS. On average, analysts expect that Hawaiian Electric Industries will post $1.63 earnings per share for the current fiscal year.

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Institutional investors have recently added to or reduced their stakes in the stock. FUKOKU MUTUAL LIFE INSURANCE Co purchased a new stake in Hawaiian Electric Industries during the second quarter valued at $123,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Hawaiian Electric Industries by 8.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,859 shares of the utilities provider’s stock valued at $125,000 after purchasing an additional 297 shares in the last quarter. Ffcm LLC raised its stake in Hawaiian Electric Industries by 121.0% during the second quarter. Ffcm LLC now owns 4,826 shares of the utilities provider’s stock valued at $157,000 after purchasing an additional 2,642 shares in the last quarter. TLP Group LLC raised its stake in Hawaiian Electric Industries by 818.4% during the second quarter. TLP Group LLC now owns 5,391 shares of the utilities provider’s stock valued at $175,000 after purchasing an additional 4,804 shares in the last quarter. Finally, CKW Financial Group raised its stake in Hawaiian Electric Industries by 41.5% during the second quarter. CKW Financial Group now owns 6,136 shares of the utilities provider’s stock valued at $199,000 after purchasing an additional 1,801 shares in the last quarter. 48.49% of the stock is currently owned by institutional investors.

About Hawaiian Electric Industries

Hawaiian Electric Industries, Inc is a holding company with its principal subsidiaries engaged in electric utility and banking businesses operating primarily in the State of Hawaii. The Company’s subsidiaries include Hawaiian Electric Company, Inc (Hawaiian Electric) and ASB Hawaii, Inc (ASB Hawaii).

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