Hawaiian Electric Industries said on Tuesday it was seeking advice from boutique advisory firm Guggenheim Securities, after scrutiny over the utility's role in the Maui wildfires wiped more than 50% off its market value.
said on Tuesday it was seeking advice from boutique advisory firm Guggenheim Securities, after scrutiny over the utility's role in the Maui wildfires wiped more than 50% off its market value."We are seeking advice from various experts as we position HEI and Hawaiian Electric to be the strong, financially healthy local utility that the people of Maui and Hawai‘i need over the long term," the company said in a statement.
Wildfires early this month in Hawaii's Maui have killed more than 114 people and forced tens of thousands of residents and tourists to evacuate the island. Hawaii's largest utility's stock has lost more than half of its value since the Aug. 8 wildfires that destroyed the coastal Maui town of Lahaina.Hawaiian Electric's credit rating to junk status, becoming the third ratings agency to flag risks associated with the utility's potential exposure to liabilities related to the wildfire.
In a research note late on Monday, Bank of America Global Research cut its price target on Hawaiian Electric from $10 to $8.50. The bank wrote that if the utility's Maui Electric subsidiary were found wholly responsible for the wildfire liabilities, which the bank put at roughly $5.4 billion, "we don't believe there would be any equity value" for shareholders.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Has climate change made utilities a risky bet? What income investors need to knowThe fast-spreading wildfires in Maui have sent shares of Hawaiian Electric down more than 60%.
Weiterlesen »
Maui-Bound Biden Urged to Back Hawaiian Cases Against Big Oil, Declare Climate Emergency'President Biden should unequivocally voice his support for the people of Maui and Honolulu in their efforts to put fossil fuel companies on trial for their climate deception and make polluters pay,' said one activist.
Weiterlesen »
Maui wildfire victims fear land grab may threaten Hawaiian cultureDeborah Loeffler felt she could not lose much more after a wildfire destroyed the home in Maui where five generations of her family have lived, and a son died the same day on the U.S. mainland.
Weiterlesen »
Dwayne Johnson Speaks Out Amid Maui Fires and California's HurricaneMaui suffered devastating fires last week, and now California battles its own emergency as a hurricane makes its way through the state.
Weiterlesen »