Kenon (NYSE:KEN) Shares Gap Down - What's Next?

Key Points

• Kenon shares fell 3.6%, opening at $65.82 versus the prior close of $68.50, with 2,202 shares traded.
• Analyst sentiment remains neutral: Weiss Ratings reaffirmed a “hold (c)” rating, and the sole tracked analyst rates Kenon “Hold.”
• Kenon has a $3.44 billion market capitalization and operates as an energy and infrastructure investment holding company, with OPC Energy as its principal investment. Institutional investors own 13.38% of the stock.

Shares of Kenon Holdings Ltd. (NYSE:KEN - Get Free Report) gapped down before the market opened on Wednesday. The stock had previously closed at $68.50, but opened at $65.82. Kenon shares last traded at $65.7210, with a volume of 2,202 shares traded.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "hold (c)" rating on shares of Kenon in a research report on Tuesday, September 22nd. One investment analyst has rated the stock with a Hold rating. According to MarketBeat, Kenon currently has an average rating of "Hold".

Kenon Trading Down 3.6%

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 firm has a 50 day simple moving average of $64.57 and a two-hundred day simple moving average of $73.85. The firm has a market capitalization of $3.44 billion, a P/E ratio of 36.90 and a beta of 1.16.

Institutional Investors Weigh In On Kenon

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

About Kenon

Kenon Holdings Ltd. is a Singapore-based holding company listed on the New York Stock Exchange under the symbol KEN. The company invests in businesses primarily focused on energy and infrastructure, with the objective of developing and managing operating platforms in markets with long-term growth potential.

Kenon's principal investment is OPC Energy Ltd., an energy company with operations in Israel and the United States. OPC develops, owns and operates power-generation facilities and supplies electricity and related energy services to commercial, industrial and other customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.