HE - Hawaiian Electric's Problems Are Mounting

2024-05-09 11:58:19 ET

Summary

• The company’s problems are self-generated.
• Hawaiian Electric shares have tumbled almost 75% over the past 12 months.
• HE’s credit rating has been slashed to junk status.
• Hawaiian Electric’s business fundamentals have been moving in the wrong direction.
• Key investigations into the cause of the fires are still pending.

Hawaiian Electric Industries’ ( HE ) lights are dimming.

Since the Lahaina wildfires last year devastated Maui and sparked scrutiny of the company’s role in the fires, shares of the utility-and-banking conglomerate have been in free fall. A report issued last month by the Hawaii attorney general’s office raised renewed questions over whether the utility’s power lines may have been the source that started the deadly fire....

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