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Why is Hawaiian Electric Industries, Inc. (HE) Stock down?
Hawaiian Electric Industries, Inc (HE) stock plummeted by 10.69% following announcements of potential rolling blackouts in Hawaii. The state's main electric utility attributed the blackouts to decreased wind and solar power, as well as the temporary loss of several large generators.
- Impending Blackouts: Hawaiian Electric stated that it was prepared to initiate rolling blackouts as early as 6 a.m. to prevent widespread power loss. The utility reported that 21,557 customers experienced a 30-minute outage on Sunday night due to these issues.
- Generator Issues: The company highlighted that its Hill 5 steam unit had tripped offline, with the Puna steam unit and CT-1 combustion turbine unit also undergoing repairs. These generator problems have contributed to the strain on the grid and the potential for further blackouts.
- Conservation Urged: Hawaiian Electric urged residential and business customers on Hawaii Island to conserve electricity in light of these challenges. The company emphasized the importance of reducing or shifting electricity use to alleviate pressure on the grid.
- Legal Challenges and Financial Impact: Hawaiian Electric is currently facing multiple lawsuits over a wildfire that occurred on the island of Maui last year, resulting in significant financial contributions towards victims. The company's inability to submit its quarterly filing with U.S. securities regulators on time was also attributed to these financial contributions.
Shares of Hawaiian Electric Industries (HE) dropped by 17.13% from $14.01 to $11.61 in the trading on Friday, Novemeber 10, 2023. The reasons why HE down are due to mixed quarter results and ongoing wildfire-related issues.
- Mixed Q3 results: In the third quarter, HE reported $901.9 million in revenue, down 13.5% from the previous year, and a significant decrease in adjusted earnings per share. However, these figures exceeded analyst forecasts. The stock's decline was primarily due to its involvement in wildfire liability and the need to contribute $75 million to a $150 million state fund for victims.
- Ongoing issues: HE is also facing numerous lawsuits, adding to the uncertainty. The complex challenges and ongoing uncertainties make it a risky investment, and investors may prefer to wait and assess the company's ability to overcome these difficulties before considering an investment.
Hawaiian Electric Industries, Inc. (HE) shares are trading lower by 17.48% to $12.42 Tuesday afternoon after Levi & Korsinsky notifies the investors of a class action lawsuit and upcoming deadline.
Hawaiian Electric's stocks dropped by 4.65% as a pullback after a substantial 45% increase on Monday, prompted by its denial of responsibility for fatal wildfires.
The stock of Hawaiian Electric experienced a significant decline by 18.55% following its purported involvement in the fatal Maui wildfires. This decline reached unprecedented levels on Friday, accompanied by yet another credit rating downgrade for the utility company. Wells Fargo has suggested that bankruptcy could be the most probable course of action for the troubled firm.
https://finance.yahoo.com/m/ee0d8bd4-2242-3b6f-a8b7-78f849bd671c/hawaiian-electric-stock.html
Shares of Hawaiian Electric Industries fell 17.43% on Thursday. The electric utility company is facing scrutiny as lawsuits emerge alleging that its equipment played a role in starting the fires that have destroyed most of the town of Lahaina.
https://www.fool.com/investing/2023/08/17/why-hawaiian-electric-stock-plunged-this-week/
Hawaiian Electric Industries Inc.'s stock experienced a 31.08% decline following an S&P Global Ratings downgrade. This downgrade was prompted by a class action lawsuit alleging a connection between the company's power lines and wildfires, coupled with potential customer base loss due to the wildfire destruction.
Hawaiian Electric Industries, Inc. (HE) stocks plunged 34.57% to $21.21 after Wells Fargo downgraded maintained an Underweight rating on the stock and lowered its price target from $35 to $25.
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