Kenon (NYSE:KEN) Stock Price Down 3.4% - Here's What Happened

Key Points

• Kenon Holdings Ltd. experienced a stock price decline of 3.4%, closing at $45.20 after reaching a low of $45.05 during trading.
• Analysts have downgraded Kenon's stock rating from "hold" to "sell" as per a note from Wall Street Zen on May 15th.
• Kenon's recent earnings report showed an EPS of $0.22 with a revenue of $183 million, along with a negative return on equity of 2.64%.

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report) fell 3.4% during trading on Monday . The company traded as low as $45.05 and last traded at $45.20. 19,833 shares changed hands during trading, an increase of 1% from the average session volume of 19,618 shares. The stock had previously closed at $46.78.

Analysts Set New Price Targets

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

Kenon Stock Down 4.0%

The company has a debt-to-equity ratio of 0.44, a quick ratio of 5.45 and a current ratio of 5.45. The firm has a market cap of $2.34 billion, a PE ratio of 14.04 and a beta of 1.18. The stock has a fifty day moving average price of $41.19 and a 200-day moving average price of $35.09.

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

Hedge Funds Weigh In On Kenon

A number of institutional investors and hedge funds have recently bought and sold shares of KEN. Clal Insurance Enterprises Holdings Ltd boosted its holdings in Kenon by 9.5% in 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 acquiring an additional 264,000 shares during the period. Goldman Sachs Group Inc. raised its position in shares of 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 in the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of Kenon in the 2nd quarter valued at approximately $3,467,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of 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 purchasing an additional 43,694 shares in the last quarter. Finally, LPL Financial LLC acquired a new position in shares of Kenon in the 4th quarter valued at approximately $998,000. 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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