Short Interest in Kenon Holdings Ltd. (NYSE:KEN) Decreases By 42.5%

Key Points

• Short interest in Kenon Holdings Ltd. decreased by 42.5% in August, totaling 24,100 shares, compared to 41,900 shares at the end of July.
• Several hedge funds increased their stakes in Kenon, with notable new positions from Vanguard Personalized Indexing Management LLC and Tidal Investments LLC.
• Kenon reported $0.10 earnings per share for the most recent quarter and had a revenue of $196 million, however, Wall Street analysts have recently downgraded the stock from a "hold" to a "sell" rating.

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report) saw a large decline in short interest in the month of August. As of August 15th, there was short interest totaling 24,100 shares, a decline of 42.5% from the July 31st total of 41,900 shares. Currently, 0.2% of the company's shares are sold short. Based on an average daily trading volume, of 19,500 shares, the short-interest ratio is currently 1.2 days. Based on an average daily trading volume, of 19,500 shares, the short-interest ratio is currently 1.2 days. Currently, 0.2% of the company's shares are sold short.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Kenon from a "hold" rating to a "sell" rating in a research report on Thursday, May 15th.

Institutional Investors Weigh In On Kenon

Several hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new stake in shares of Kenon in the 2nd quarter worth approximately $32,000. Jane Street Group LLC lifted its position in shares of Kenon by 12.2% in the 2nd quarter. Jane Street Group LLC now owns 9,041 shares of the utilities provider's stock worth $373,000 after purchasing an additional 984 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Kenon by 13.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 9,100 shares of the utilities provider's stock worth $378,000 after purchasing an additional 1,100 shares during the period. Redhawk Wealth Advisors Inc. lifted its position in shares of Kenon by 7.1% in the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 31,550 shares of the utilities provider's stock worth $1,311,000 after purchasing an additional 2,079 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Kenon by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 763,908 shares of the utilities provider's stock worth $24,217,000 after purchasing an additional 4,176 shares during the period. Hedge funds and other institutional investors own 13.38% of the company's stock.

Kenon Stock Up 0.4%

Shares of KEN traded up $0.20 during mid-day trading on Thursday, hitting $46.89. The company's stock had a trading volume of 8,929 shares, compared to its average volume of 9,622. The company's 50-day moving average is $45.57 and its 200-day moving average is $37.62. Kenon has a 52-week low of $24.27 and a 52-week high of $49.99. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of 42.83 and a beta of 1.17. The company has a current ratio of 4.33, a quick ratio of 4.33 and a debt-to-equity ratio of 0.50.

Kenon (NYSE:KEN - Get Free Report) last announced its quarterly earnings results on Thursday, August 28th. The utilities provider reported $0.10 earnings per share for the quarter. Kenon had a net margin of 63.80% and a negative return on equity of 2.32%. The firm had revenue of $196.00 million during the quarter.

About Kenon

Kenon Holdings Ltd., through its subsidiaries, operates as an owner, developer, and operator of power generation facilities in Israel, the United States, and internationally. It operates through OPC Power Plants, CPV Group, and ZIM segments. The company engages in the generation and supply of electricity and energy; development, construction, and management of solar and wind energy, and conventional natural gas-fired power plants; and provision of container liner shipping services.