Hawaiian Electric Industries shares fell to a 52-week low of $10.78, with another data point citing $10.79, before trading briefly at $10.82. The latest close was $10.47, up $0.14, or 1.36%, with after-hours trading unchanged at $10.47. Over the past year, the stock was down 7.43%, and it had fallen 25.67% over six months.
Valuation metrics showed a P/E ratio of 8.61, with another reference at 8.78 times earnings, well below the S&P 500 Utilities sector average. Ladenburg Thalmann set a $7.00 price target on the shares with a sell rating.
Second-quarter core earnings per share were $0.13, below Wall Street's estimate of $0.19. Revenue was $939.7 million. Core net income fell to $22.5 million from $35.4 million a year earlier. Reported net income was $123.2 million, boosted by a non-cash accounting adjustment tied to the Maui wildfire settlement.
Management pointed to long-term strategies including wildfire mitigation, securitization and rate rebasing. The company remains involved in litigation related to the Lahaina fire, in which its power lines were implicated, creating liability and regulatory challenges.
Technical data from InvestingPro indicated the stock was in oversold territory on the relative strength index and appeared undervalued relative to its fair value estimate.
