Kenon (NYSE:KEN) Stock Price Down 5.5% - Here's What Happened

Key Points

• Kenon shares fell 5.5% to $61.60 in mid-day trading, with trading volume down 83% from its average. The stock is also below its 50-day and 200-day moving averages.
• Analysts maintain a cautious view: Weiss Ratings reiterated a “Hold (C)” rating, and Kenon has a consensus “Hold” rating from the one analyst covering the stock.
• Kenon reported quarterly EPS of $0.85 on revenue of $379 million, while institutional investors increased their positions; hedge funds and other institutions own 13.38% of the company.

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report)'s stock price was down 5.5% during mid-day trading on Wednesday. The company traded as low as $61.18 and last traded at $61.60. 3,605 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 21,838 shares. The stock had previously closed at $65.17.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "hold (c)" rating on shares of Kenon in a research note on Tuesday, September 22nd. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Kenon has a consensus rating of "Hold".

Kenon Trading Down 6.8%

The stock has a market capitalization of $3.16 billion, a PE ratio of 33.97 and a beta of 1.09. The company's 50 day moving average price is $66.26 and its two-hundred day moving average price is $74.73. The company has a debt-to-equity ratio of 0.82, a current ratio of 3.22 and a quick ratio of 3.22.

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

Institutional Investors Weigh In On Kenon

Large investors have recently made changes to their positions in the stock. Blue Trust Inc. purchased a new position in Kenon during the first quarter worth approximately $29,000. Bank of America Corp DE grew its holdings in Kenon by 9.5% in the 1st quarter. Bank of America Corp DE now owns 5,383 shares of the utilities provider's stock valued at $443,000 after buying an additional 467 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Kenon in the 2nd quarter valued at $495,000. Engineers Gate Manager LP increased its stake 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 acquiring an additional 3,654 shares during the last quarter. Finally, Tidal Investments LLC increased 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 worth $723,000 after acquiring an additional 3,274 shares during the last quarter. 13.38% of the stock is currently owned by hedge funds and other institutional investors.

Kenon Company Profile

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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