"HE stock doesn’t behave like a normal stock, not even a utility stock. It’s more like a bond price."
In one respect it does, as interest rates rise the price of HEI will fall, it's called an inverse relationship.  

Odd that you find a "remarkably stable" utility dividend an attribute. A stock with a dividend that has been stagnant for 16 years is not an attractive investment.

Knowledgeable investors seek out stocks with rising profits and increasing dividends.  As an example NextEra paid a dividend of US$2.20 in 2011.  Currently it pays a dividend of US$3.48.

Additionally your wealth is impacted by taxes and inflation, nothing ever remains the same, accept in academia. 

Finally, for people who buy, hold, and reinvest their dividends, a fall is scary.  The value of the shares purchased with dividends at a higher price decreases.  The multiplier effect accelerates the erosion of invested capital.