Since 1904 HE has paid a substantial dividend. Recently it has been about $1.40 per share per year. 85 percent of their profit goes to the dividend. As a regulated monopoly profits are capped. So people buy shares in HECO for the dividend. Not out of expectations of stock price rises. When HE is at $30/share. You get paid 4.6 percent "interest" forever. At $20 per share its 7 percent. It's actually more attractive when the share price falls because the return rises. Firms like NEE invest retained earnings to increase efficiency, and share price. HE doesn't.  It's like a bank pays really high interest rate on savings deposits. And it's share price fluctuate like a bonds. Investment puts money into the economy. The opposite seems to be the preferred option by the public.