Barclays Reiterates an 'Equalweight' on Hawaiian Electric (HE); Continued Progress at Utility: HECO Settlement Announcement

Barclays reiterates an 'Equalweight' on Hawaiian Electric (NYSE: HE), PT increased by $1 to $24.

Barclays analyst said, "On July 5, 2011, HE subsidiary HECO, the Consumer Advocate and the Department of Defense executed and filed an agreement covering all of the issues in HECO's 2011 test year rate case proceeding (Docket No. 2010-00800): If the settlement agreement is approved by the PUC, the annual interim increase would amount to $38.2 million, or a 2.2% increase, net of the revenues currently being recovered through the decoupling Revenue Adjustment Mechanism (RAM). Including the RAM revenues, the total annual interim increase would be $53.2 million, or a 3.1% increase.We are maintaining our current 2011/12E EPS forecasts of $1.45/$1.82 since this settlement largely reflects our modeled assumptions."

For more ratings news on Hawaiian Electric click here and for the rating history of Hawaiian Electric click here.

Shares of Hawaiian Electric closed at $24.69 yesterday.

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