Kenon (NYSE:KEN) Shares Gap Down - Time to Sell?

Key Points

• Kenon Holdings Ltd. shares gapped down from $46.99 to $43.96 at market open, reflecting a 7.6% decline, with the last trade at $43.65.
• Wall Street Zen downgraded Kenon from a "hold" to a "sell" rating on May 15th, contributing to the negative performance of the stock.
• Despite the stock's decline, institutional investors have increased their holdings, with Clal Insurance growing its position by 9.5% and Goldman Sachs increasing its stake by 327.2% in the first quarter.

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $46.99, but opened at $43.96. Kenon shares last traded at $43.65, with a volume of 6,138 shares.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Kenon from a "hold" rating to a "sell" rating in a research note on Thursday, May 15th.

Kenon Trading Up 1.0%

The company has a 50 day simple moving average of $45.28 and a two-hundred day simple moving average of $37.28. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.33 and a current ratio of 4.33. The company has a market cap of $2.33 billion, a PE ratio of 13.95 and a beta of 1.17.

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

Institutional Trading of Kenon

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Northern Trust Corp lifted its position in Kenon by 104.6% during the 4th quarter. Northern Trust Corp now owns 15,413 shares of the utilities provider's stock valued at $524,000 after purchasing an additional 7,881 shares during the period. Bank of America Corp DE grew its position in shares of Kenon by 1,139.9% in the 4th quarter. Bank of America Corp DE now owns 22,764 shares of the utilities provider's stock valued at $774,000 after purchasing an additional 20,928 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Kenon by 11.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 425,549 shares of the utilities provider's stock valued at $14,214,000 after purchasing an additional 43,694 shares during the period. Redhawk Wealth Advisors Inc. lifted its holdings in shares of Kenon by 34.4% in the first quarter. Redhawk Wealth Advisors Inc. now owns 29,471 shares of the utilities provider's stock valued at $942,000 after purchasing an additional 7,538 shares in the last quarter. Finally, CWA Asset Management Group LLC raised its position in Kenon by 31.2% in the 1st quarter. CWA Asset Management Group LLC now owns 29,727 shares of the utilities provider's stock valued at $951,000 after buying an additional 7,061 shares during the last quarter. 13.38% of the stock is currently owned by institutional investors and hedge funds.

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.