Why Hawaiian Electric Industries, Inc. (HE) Went Up on Friday

We recently compiled a list of the 10 Stocks End With Solid Performance. In this article, we are going to take a look at where Hawaiian Electric Industries, Inc. (NYSE:HE) stands against the other stocks.

The stock market ended the trading week in the green territory with all major indices recording gains as investors digested latest US jobs data which fell short of expectations.

The tech-heavy Nasdaq posted the largest gain with 0.70 percent, followed by the S&P 500 with 0.55 percent, and the Dow Jones by 0.52 percent.

Ten companies across mixed sectors also mirrored a broader market optimism, booking modest gains during the end of the trading week. In this article, we have named the 10 top performers on Friday and detailed the reasons behind their performance.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

An engineer standing in front of a detailed control panel with the logo of the electric utility in the background, highlighting the innovation and technical expertise of the company.

Hawaiian Electric Industries, Inc. (NYSE:HE)

Hawaiian Electric Industries, Inc. (NYSE:HE) jumped by 10.19 percent on Friday to finish at $11.46 each, following S&P Global’s revised outlook for the company to positive from negative previously.

The revision followed a favorable decision by Hawaii’s Supreme Court last month, which sided with the company from insurance firms seeking to claim money from those responsible for the Maui wildfire. According to the court, insurers cannot sue defendants for amounts exceeding the settlement agreed to by the plaintiffs once the settlement is finalized.

In addition, Hawaiian Electric Industries, Inc. (NYSE:HE) successfully divested a 90.1 percent stake in American Savings Bank late last year, which generated $384 million in net proceeds for HE.

S&P’s positive outlook for Hawaiian Electric Industries, Inc. (NYSE:HE) spelled good news as it would potentially spare the company from $1.99 billion worth of wildfire-related exposure.

Overall HE ranks 3rd on our list of Friday’s top performers. While we acknowledge the potential of HE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HE but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.