What In The World Is Going On With Hawaiian Electric Industries (HE) Stock?

Hawaiian Electric Industries, Inc. HE shares are trading lower by 7.6% to $19.81 Tuesday morning on downward momentum amid wildfires in Hawaii. Reports suggest the company is facing scrutiny for not shutting off power to reduce fire risks.

Also, the S&P downgraded the company to junk, citing class-action lawsuits filed against the company, which could negatively impact its credit quality.

What Happened?

Just four days before the destructive brush fires swept through portions of Maui, meteorologists issued alerts about hazardous fire conditions attributed to strong wind gusts.

The Washington Post reported that Hawaiian Electric, the state's electric utility, however, refrained from implementing a proven safety measure: cutting off the power.

Despite being aware that a power shutdown would have been an effective preventive measure, the utility still needed to integrate this strategy into its fire mitigation protocols, records show.The choice not to enact the power shutdown exemplifies the utility's challenges in fortifying its aging infrastructure against the threat of wildfires...Read More

According to data from Benzinga Pro, Hawaiian Electric Industries has a 52-week high of $44.00 and a 52-week low of $19.71.