Kenon (NYSE:KEN) Shares Gap Up – Here’s Why

Kenon Holdings Ltd. (NYSE:KEN)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $66.86, but opened at $69.71. Kenon shares last traded at $70.33, with a volume of 10,729 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded Kenon from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold”.

Kenon Price Performance

The stock has a market capitalization of $3.65 billion, a PE ratio of 67.40 and a beta of 1.06. The firm’s fifty day moving average price is $80.90 and its two-hundred day moving average price is $77.55. The company has a quick ratio of 3.74, a current ratio of 3.74 and a debt-to-equity ratio of 0.64.

Kenon (NYSE:KEN) last issued its earnings results on Monday, June 1st. The utilities provider reported $0.49 earnings per share (EPS) for the quarter. Kenon had a net margin of 7.98% and a return on equity of 3.47%. The company had revenue of $317.00 million for the quarter.

Hedge Funds Weigh In On Kenon

Several hedge funds and other institutional investors have recently modified their holdings of KEN. Wells Fargo & Company MN boosted its stake in shares of Kenon by 4.8% in the 4th quarter. Wells Fargo & Company MN now owns 7,647 shares of the utilities provider’s stock worth $507,000 after buying an additional 350 shares during the last quarter. Blue Trust Inc. purchased a new stake in Kenon during the first quarter valued at $29,000. Bank of America Corp DE increased its position in Kenon by 9.5% during the first quarter. Bank of America Corp DE now owns 5,383 shares of the utilities provider’s stock valued at $443,000 after acquiring an additional 467 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Kenon by 24.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,126 shares of the utilities provider’s stock valued at $206,000 after acquiring an additional 610 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Kenon in the second quarter valued at about $32,000. 13.38% of the stock is owned by institutional investors.

About Kenon

Kenon Holdings Ltd. (NYSE: KEN) is a global investment holding company incorporated in Jersey, Channel Islands, with listings on the New York Stock Exchange and the Tel Aviv Stock Exchange. The company focuses on infrastructure and energy-related businesses, seeking to generate long-term value through stable cash flows and strategic growth. Kenon’s diversified portfolio spans power generation assets, midstream energy infrastructure and related services across multiple regions.

One of Kenon’s principal assets is QPI Ltd., an energy company based in Israel that owns and operates a combined-cycle, gas-fired power plant and an adjacent liquefied natural gas (LNG) import and regasification terminal at the Port of Ashdod.