Kenon (NYSE:KEN) Shares Gap Up - Time to Buy?

Key Points

• Kenon shares opened higher, rising from a prior close of $59.84 to $61.70 before trading at approximately $61.18, though trading volume was light at 2,625 shares.
• Analyst sentiment remains cautious: Weiss Ratings reiterated a “Hold (C)” rating, and the stock’s overall consensus rating is “Hold.”
• Kenon reported quarterly EPS of $0.85 on $379 million in revenue, while institutional investors own 13.38% of the company and several funds recently increased or initiated positions.

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report)'s stock price gapped up prior to trading on Monday. The stock had previously closed at $59.84, but opened at $61.70. Kenon shares last traded at $61.1770, with a volume of 2,625 shares trading hands.

Analyst Ratings Changes

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

Kenon Stock Up 2.6%

The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of 34.30 and a beta of 1.16. The business has a fifty day simple moving average of $65.09 and a two-hundred day simple moving average of $73.49. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.82.

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

Institutional Trading of Kenon

A number of large investors have recently bought and sold shares of KEN. Tidal Investments LLC boosted its stake in shares of Kenon by 43.4% in the 2nd quarter. Tidal Investments LLC now owns 10,819 shares of the utilities provider's stock valued at $723,000 after purchasing an additional 3,274 shares in the last quarter. Engineers Gate Manager LP grew its holdings in shares of Kenon by 71.8% in the 2nd quarter. Engineers Gate Manager LP now owns 8,744 shares of the utilities provider's stock worth $585,000 after purchasing an additional 3,654 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Kenon in the 2nd quarter worth about $495,000. Assenagon Asset Management S.A. bought a new stake in shares of Kenon in the 2nd quarter worth about $13,381,000. Finally, Segall Bryant & Hamill LLC acquired a new stake in shares of Kenon during the 1st quarter worth about $2,681,000. 13.38% of the stock is currently owned by institutional investors.

Kenon Company Profile

Kenon Holdings Ltd. is an investment holding company that develops, owns and operates businesses in the energy and infrastructure sectors. The company's principal holding is OPC Energy Ltd., an electricity company involved in power generation and the supply of electricity to commercial and industrial customers.

Through OPC Energy and its investments, Kenon has exposure to power-generation facilities and related energy infrastructure in Israel and the United States. OPC's activities include conventional and renewable power generation, as well as the development and operation of energy projects intended to serve businesses and other electricity users.

Kenon was established in 2014 as part of a restructuring of Israel Corporation.

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