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

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $31.07, but opened at $30.01. Kenon shares last traded at $29.92, with a volume of 8,827 shares changing hands.

Analysts Set New Price Targets

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

Kenon Stock Performance

The firm has a fifty day simple moving average of $31.44 and a 200 day simple moving average of $30.93. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.78 and a quick ratio of 3.78. The company has a market cap of $1.63 billion, a price-to-earnings ratio of 9.78 and a beta of 1.08.

Kenon Increases Dividend

The firm also recently declared an annual dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 14th were given a $4.80 dividend. This is an increase from Kenon's previous annual dividend of $1.21. This represents a dividend yield of 15.6%. The ex-dividend date was Monday, April 14th. Kenon's dividend payout ratio (DPR) is currently 150.00%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Norges Bank acquired a new position in Kenon during the 4th quarter valued at $458,000. JPMorgan Chase & Co. bought a new stake in shares of Kenon in the 3rd quarter valued at approximately $1,136,000. Barclays PLC grew its stake in shares of Kenon by 4,233.3% in the 3rd quarter. Barclays PLC now owns 4,550 shares of the utilities provider's stock valued at $127,000 after purchasing an additional 4,445 shares during the period. Redhawk Wealth Advisors Inc. acquired a new position in shares of Kenon in the 4th quarter worth approximately $746,000. Finally, LPL Financial LLC bought a new position in shares of Kenon during the 4th quarter worth approximately $998,000. 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.