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

Kenon Holdings Ltd. (NYSE:KEN)’s stock price gapped down before the market opened on Friday. The stock had previously closed at $65.60, but opened at $63.47. Kenon shares last traded at $63.6450, with a volume of 594 shares trading hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Kenon in a research note on Tuesday. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Kenon presently has a consensus rating of “Hold”.

Kenon Price Performance

The company has a 50 day moving average of $66.44 and a two-hundred day moving average of $75.10. The firm has a market cap of $3.31 billion, a P/E ratio of 35.54 and a beta of 1.09. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.82.

Kenon (NYSE:KEN) last issued its earnings results on Tuesday, September 8th. The utilities provider reported $0.85 earnings per share for the quarter. The firm had revenue of $379.00 million during the quarter. Kenon had a net margin of 10.03% and a return on equity of 4.46%.

Institutional Investors Weigh In On Kenon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clal Insurance Enterprises Holdings Ltd boosted its position in Kenon by 17.1% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,039,736 shares of the utilities provider’s stock valued at $329,944,000 after purchasing an additional 590,552 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Kenon by 22.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 248,275 shares of the utilities provider’s stock valued at $20,349,000 after purchasing an additional 44,869 shares in the last quarter. Altshuler Shaham Ltd increased its position in Kenon by 4.9% in the 1st quarter. Altshuler Shaham Ltd now owns 189,228 shares of the utilities provider’s stock worth $15,455,000 after purchasing an additional 8,864 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Kenon in the 2nd quarter worth about $13,381,000. Finally, Segall Bryant & Hamill LLC purchased a new stake in shares of Kenon during the 1st quarter worth about $2,681,000. Hedge funds and other institutional investors own 13.38% of the company’s stock.

Kenon Company Profile

Kenon Holdings Ltd. (NYSE: KEN) is a Singapore-based holding company focused on building and managing businesses in the energy and infrastructure sectors. Through its investments, the company seeks to develop businesses with growth potential and long-term operating value.

Kenon’s principal investment is OPC Energy Ltd., an electricity-generation company serving the Israeli market. OPC develops, owns and operates power-generation facilities and supplies electricity to commercial and industrial customers.