5 Most Undervalued Utility Stocks to Buy According to Hedge Funds

In this article, we will take a look at the 5 most undervalued utility stocks to buy according to hedge funds. To read our analysis of the recent technology trends, and market activity, you can go to the 11 Most Undervalued Utility Stocks to Buy According to Hedge Funds.

5. Hawaiian Electric Industries, Inc. (NYSE:HE)

Latest P/E Ratio: 6.72

Number of Hedge Fund Holders: 23

Hawaiian Electric Industries, Inc. (NYSE:HE) is a Honolulu, Hawaii-based holding company which comprises Hawaiian Electric – supplies power to approximately 95% of Hawaii’s population, American Savings Bank – one of Hawaii’s largest financial institutions, and Pacific Current – an investment platform to focus on sustainability projects in Hawaii.

On November 9, Hawaiian Electric Industries, Inc. (NYSE:HE) released the financial results for Q3 2023. Its net revenues declined by 13% y-o-y to $902 million, while it reported a net income of $42 million translating into a normalized EPS of $0.56, $0.02 above the consensus. It has paid regular dividends since 1901 and currently pays a quarterly dividend of $0.36 per share.

As of Q3 2023, 23 of the 910 hedge funds tracked by Insider Monkey owned shares of Hawaiian Electric Industries, Inc. (NYSE:HE), valued at $152 million. Its largest shareholder was Cliff Asness’ AQR Capital Management with ownership of 6.1 million shares valued at $75 million.