Kenon (NYSE:KEN) Stock Passes Above 50-Day Moving Average - Should You Sell?

Key Points

• Kenon Holdings Ltd. shares have crossed above their 50-day moving average of $40.63, reaching a high of $48.27 during trading, with the last recorded price at $47.58.
• Wall Street Zen has downgraded Kenon's rating from "hold" to "sell", indicating potential bearish sentiment from analysts.
• A significant increase in institutional ownership was noted, with Clal Insurance boosting its stake by 9.5%, reflecting growing confidence among major investors.

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report) shares crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $40.63 and traded as high as $48.27. Kenon shares last traded at $47.58, with a volume of 16,906 shares changing hands.

Analyst Ratings Changes

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

Kenon Trading Down 1.8%

The stock has a 50-day moving average of $41.19 and a 200 day moving average of $35.07. The stock has a market cap of $2.44 billion, a PE ratio of 14.62 and a beta of 1.17. The company has a quick ratio of 5.45, a current ratio of 5.45 and a debt-to-equity ratio of 0.44.

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

Institutional Investors Weigh In On Kenon

Hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC acquired a new position in shares of Kenon during the 1st quarter worth approximately $254,000. Norges Bank acquired a new position in shares of Kenon during the 4th quarter worth approximately $458,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Kenon during the 2nd quarter worth approximately $502,000. Northern Trust Corp raised its stake in shares of Kenon by 104.6% during the 4th quarter. Northern Trust Corp now owns 15,413 shares of the utilities provider's stock worth $524,000 after buying an additional 7,881 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Kenon during the 1st quarter worth approximately $575,000. Hedge funds and other institutional investors own 13.38% of the company's stock.

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.