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

Key Points

• Kenon shares fell at the open, dropping from a previous close of $65.60 to $63.47 before trading near $63.65.
• Weiss Ratings reaffirmed a “hold (c)” rating, matching the broader analyst consensus of Hold.
• Kenon reported quarterly revenue of $379 million and earnings of $0.85 per share, while institutional investors and hedge funds own 13.38% of the stock.

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report)'s stock price gapped down before the market opened on Friday. The stock had previously closed at $65.60, but opened at $63.47. Kenon shares last traded at $63.6450, with a volume of 594 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Kenon in a report on Tuesday. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold".

Kenon Price Performance

The company has a debt-to-equity ratio of 0.82, a quick ratio of 3.22 and a current ratio of 3.22. The stock's fifty day moving average price is $66.44 and its 200-day moving average price is $75.10. The firm has a market cap of $3.31 billion, a PE ratio of 35.54 and a beta of 1.09.

Kenon (NYSE:KEN - Get Free Report) last announced its quarterly earnings results on Tuesday, September 8th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter. Kenon had a net margin of 10.03% and a return on equity of 4.46%. The company had revenue of $379.00 million for the quarter.

Institutional Trading of Kenon

Large investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership raised its position in shares of Kenon by 22.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 248,275 shares of the utilities provider's stock valued at $20,349,000 after acquiring an additional 44,869 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new position in Kenon in the first quarter worth $2,681,000. Assenagon Asset Management S.A. acquired a new position in Kenon in the second quarter worth $13,381,000. Clal Insurance Enterprises Holdings Ltd increased its stake in Kenon by 17.1% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,039,736 shares of the utilities provider's stock valued at $329,944,000 after purchasing an additional 590,552 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Kenon by 61.8% during the first quarter. Renaissance Technologies LLC now owns 28,000 shares of the utilities provider's stock worth $2,306,000 after purchasing an additional 10,700 shares during the period. 13.38% of the stock is currently owned by institutional investors and hedge funds.

About Kenon

Kenon Holdings Ltd. NYSE: KEN is a Singapore-based holding company focused on building and managing businesses in the energy and infrastructure sectors. Through its investments, the company seeks to develop businesses with growth potential and long-term operating value.

Kenon's principal investment is OPC Energy Ltd., an electricity-generation company serving the Israeli market. OPC develops, owns and operates power-generation facilities and supplies electricity to commercial and industrial customers.

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