Kenon (NYSE:KEN) Shares Gap Down - Here's Why

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $30.82, but opened at $30.06. Kenon shares last traded at $29.76, with a volume of 5,098 shares.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Kenon from a "hold" rating to a "sell" rating in a research report on Wednesday, April 23rd.

Kenon Price Performance

The company has a current ratio of 3.78, a quick ratio of 3.78 and a debt-to-equity ratio of 0.64. The company has a market cap of $1.62 billion, a PE ratio of 9.71 and a beta of 1.31. The stock has a fifty day simple moving average of $31.55 and a two-hundred day simple moving average of $30.83.

Kenon Increases Dividend

The firm also recently disclosed an annual dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 14th were paid a dividend of $4.80 per share. This is a positive change from Kenon's previous annual dividend of $1.21. The ex-dividend date of this dividend was Monday, April 14th. This represents a yield of 15.6%. Kenon's dividend payout ratio is 150.00%.

Institutional Investors Weigh In On Kenon

A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in Kenon during the 4th quarter valued at about $458,000. JPMorgan Chase & Co. acquired a new stake in Kenon in the 3rd quarter valued at approximately $1,136,000. Barclays PLC raised its stake in Kenon by 4,233.3% during the 3rd quarter. Barclays PLC now owns 4,550 shares of the utilities provider's stock valued at $127,000 after acquiring an additional 4,445 shares in the last quarter. Redhawk Wealth Advisors Inc. acquired a new position in Kenon during the 4th quarter worth $746,000. Finally, LPL Financial LLC acquired a new position in shares of Kenon during the fourth quarter valued at $998,000. 13.38% of the stock is currently owned by institutional investors.

Kenon Company Profile

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.