Zacks Investment Research downgraded shares of Hawaiian Electric Industries, Inc. (NYSE:HE) from a hold rating to a sell rating in a report issued on Friday morning.

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.”

Several other research firms have also recently weighed in on HE. J P Morgan Chase & Co increased their price objective on Hawaiian Electric Industries from $33.00 to $34.00 and gave the stock a neutral rating in a research report on Thursday, October 12th. BidaskClub raised Hawaiian Electric Industries from a sell rating to a hold rating in a report on Saturday, August 26th. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. The company currently has an average rating of Sell and an average price target of $31.50.

Shares of Hawaiian Electric Industries (NYSE HE) opened at 34.67 on Friday. Hawaiian Electric Industries has a 1-year low of $28.43 and a 1-year high of $34.90. The firm has a market cap of $3.77 billion, a P/E ratio of 15.34 and a beta of 0.47. The firm’s 50-day moving average is $33.72 and its 200-day moving average is $33.23.

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

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

Hawaiian Electric Industries Company Profile

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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