Kenon (NYSE:KEN) Posts Quarterly Earnings Results

Kenon (NYSE:KEN) posted its quarterly earnings results on Tuesday. The utilities provider reported $0.85 earnings per share for the quarter, Zacks reports. Kenon had a return on equity of 3.47% and a net margin of 7.98%.

Kenon Trading Down 0.8%

KEN stock traded down $0.57 during midday trading on Tuesday, hitting $68.61. 18,393 shares of the company’s stock were exchanged, compared to its average volume of 22,731. Kenon has a one year low of $41.50 and a one year high of $95.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.74 and a current ratio of 3.74. The company has a market cap of $3.58 billion, a PE ratio of 65.97 and a beta of 1.09. The stock’s fifty day moving average price is $66.97 and its 200-day moving average price is $76.66.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded Kenon from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold”.

Hedge Funds Weigh In On Kenon

Institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its stake in Kenon by 327.2% in the first quarter. Goldman Sachs Group Inc. now owns 122,589 shares of the utilities provider’s stock valued at $3,920,000 after buying an additional 93,896 shares in the last quarter. Jane Street Group LLC bought a new stake in Kenon in the 1st quarter valued at $254,000. Norges Bank bought a new stake in Kenon in the 2nd quarter valued at $566,000. Invesco Ltd. boosted its stake in Kenon by 29.0% in the 2nd quarter. Invesco Ltd. now owns 29,587 shares of the utilities provider’s stock worth $1,229,000 after purchasing an additional 6,643 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Kenon by 10.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 377,731 shares of the utilities provider’s stock worth $15,580,000 after purchasing an additional 35,533 shares in the last quarter. 13.38% of the stock is currently owned by institutional investors and hedge funds.

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.