Kenon (NYSE:KEN) Shares Gap Down - Should You Sell?

Key Points

• Kenon shares opened sharply lower, falling from a prior close of $69.23 to $66.15 and last trading near $65.87 on relatively low volume.
• Weiss Ratings downgraded Kenon from “hold (c+)” to “hold (c),” while the broader analyst consensus remains Hold.
• Kenon reported quarterly EPS of $0.85 on $379 million in revenue; institutional investors own 13.38% of the company, with several major funds recently increasing their positions.

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $69.23, but opened at $66.15. Kenon shares last traded at $65.8650, with a volume of 2,212 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut Kenon from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, June 26th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold".

Kenon Stock Up 1.1%

The company has a market capitalization of $3.43 billion, a P/E ratio of 63.32 and a beta of 1.09. The company has a current ratio of 3.22, a quick ratio of 3.74 and a debt-to-equity ratio of 0.82. The stock's fifty day moving average is $66.95 and its 200 day moving average is $76.38.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of KEN. Clal Insurance Enterprises Holdings Ltd increased its position in shares of 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 buying an additional 590,552 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Kenon in the second quarter worth about $13,381,000. Goldman Sachs Group Inc. boosted its position in Kenon by 327.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 122,589 shares of the utilities provider's stock valued at $3,920,000 after acquiring an additional 93,896 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings 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 worth $20,349,000 after acquiring an additional 44,869 shares during the period. Finally, UBS Group AG grew its holdings in shares of Kenon by 516.0% during the 3rd quarter. UBS Group AG now owns 42,467 shares of the utilities provider's stock worth $1,918,000 after acquiring an additional 35,573 shares during the period. Institutional investors own 13.38% of the company's stock.

Kenon Company Profile

Kenon Holdings Ltd. NYSE: KEN is a global investment holding company incorporated in Jersey, Channel Islands, with listings on the New York Stock Exchange and the Tel Aviv Stock Exchange. The company focuses on infrastructure and energy-related businesses, seeking to generate long-term value through stable cash flows and strategic growth. Kenon’s diversified portfolio spans power generation assets, midstream energy infrastructure and related services across multiple regions.

One of Kenon’s principal assets is QPI Ltd., an energy company based in Israel that owns and operates a combined-cycle, gas-fired power plant and an adjacent liquefied natural gas (LNG) import and regasification terminal at the Port of Ashdod.

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