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

Key Points

• Shares of Kenon Holdings Ltd. gapped down from a previous close of $46.69 to open at $44.84, indicating a significant market reaction.
• The company reported a quarterly earnings of $0.10 per share with revenues totaling $196 million and a notable net margin of 63.80%.
• Institutional investors are actively engaging with Kenon, with recent stake purchases totaling approximately $807,000 by Thrivent Financial and 13.38% of the stock owned by hedge funds.

Shares of Kenon Holdings Ltd. (NYSE:KEN - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $46.69, but opened at $44.84. Kenon shares last traded at $44.71, with a volume of 1,744 shares.

Kenon Stock Performance

The firm has a fifty day moving average of $45.64 and a 200-day moving average of $37.81. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 13.88 and a beta of 1.17. The company has a quick ratio of 4.33, a current ratio of 4.33 and a debt-to-equity ratio of 0.50.

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 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 Investors Weigh In On Kenon

Hedge funds and other institutional investors have recently made changes to their positions in the business. Thrivent Financial for Lutherans purchased a new stake in Kenon during the second quarter valued at about $807,000. Tidal Investments LLC purchased a new stake in Kenon during the second quarter valued at about $256,000. BNP Paribas Financial Markets grew its position in Kenon by 13.8% during the second quarter. BNP Paribas Financial Markets now owns 9,100 shares of the utilities provider's stock valued at $378,000 after acquiring an additional 1,100 shares during the period. Jane Street Group LLC grew its position in Kenon by 12.2% during the second quarter. Jane Street Group LLC now owns 9,041 shares of the utilities provider's stock valued at $373,000 after acquiring an additional 984 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Kenon during the second quarter valued at about $32,000. Hedge funds and other 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.

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