Kenon (NYSE:KEN) Shares Gap Down - What's Next?

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) shares gapped down prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

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

Kenon Stock Up 1.0%

The firm has a 50 day moving average price of $45.28 and a two-hundred day moving average price of $37.25. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of 13.95 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 posted its quarterly earnings data on Thursday, August 28th. The utilities provider reported $0.10 earnings per share for the quarter. The company had revenue of $196.00 million during the quarter. Kenon had a net margin of 63.80% and a negative return on equity of 2.32%.

Institutional Investors Weigh In On Kenon

Institutional investors have recently modified their holdings of the business. Clal Insurance Enterprises Holdings Ltd raised its position in shares of Kenon by 9.5% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 3,046,978 shares of the utilities provider's stock worth $96,048,000 after purchasing an additional 264,000 shares during the period. Goldman Sachs Group Inc. lifted its position in Kenon by 327.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 122,589 shares of the utilities provider's stock valued at $3,920,000 after purchasing an additional 93,896 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new position in Kenon in the 2nd quarter worth approximately $3,467,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in 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 acquiring an additional 43,694 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Kenon by 1,139.9% in the fourth quarter. Bank of America Corp DE now owns 22,764 shares of the utilities provider's stock valued at $774,000 after acquiring an additional 20,928 shares in the last quarter. Institutional investors own 13.38% of the company's stock.

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.