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

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $41.55, but opened at $43.16. Kenon shares last traded at $42.69, with a volume of 11,279 shares traded.

Analyst Ratings Changes

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

Kenon Trading Up 0.2%

The company has a debt-to-equity ratio of 0.44, a current ratio of 5.45 and a quick ratio of 5.45. The company has a market capitalization of $2.25 billion, a P/E ratio of 13.50 and a beta of 1.16. The firm has a fifty day moving average price of $35.03 and a 200-day moving average price of $32.85.

Kenon (NYSE:KEN - Get Free Report) last announced its earnings results on Wednesday, May 28th. The utilities provider reported $0.22 earnings per share (EPS) for the quarter. The firm had revenue of $183.00 million during the quarter. Kenon had a negative return on equity of 2.64% and a net margin of 79.14%.

Kenon Increases Dividend

The business also recently announced an annual dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 14th were given a dividend of $4.80 per share. 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 is currently 150.00%.

Hedge Funds Weigh In On Kenon

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Kenon by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 763,908 shares of the utilities provider's stock valued at $24,217,000 after buying an additional 4,176 shares during the last quarter. Invesco Ltd. boosted its position in Kenon by 23.0% during the first quarter. Invesco Ltd. now owns 22,944 shares of the utilities provider's stock worth $734,000 after purchasing an additional 4,293 shares during the period. CWA Asset Management Group LLC increased its stake in shares of Kenon by 31.2% in the first quarter. CWA Asset Management Group LLC now owns 29,727 shares of the utilities provider's stock worth $951,000 after purchasing an additional 7,061 shares in the last quarter. Redhawk Wealth Advisors Inc. increased its stake 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 worth $942,000 after purchasing an additional 7,538 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Kenon by 104.6% in the fourth 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. 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.