You say "in the end, the market realized that the dividend is SAFE." Are you really serious? Do you really think this has ended? Recent interest rate declines are GOOD for utilities/banks and that is why HE has had a slight bounce and that is good! The dividend may be "safe" because of the way management is paying it. IN THE END, it will not be positive for the stock. In other words, the end has not yet arrived. But then, you really did know that, did you not? Just trying to help you understand!