Kenon (NYSE:KEN) Stock Price Up 5.9% - Here's What Happened

Key Points

• Kenon shares rose 5.9% to $63.389, reaching an intraday high of $64.40, though trading volume was 92% below the average session volume.
• Wall Street’s consensus remains “Hold”; Weiss Ratings reaffirmed its “hold (c)” rating, and the company has a $3.30 billion market capitalization with a P/E ratio of 35.41.
• Kenon reported quarterly EPS of $0.85 on $379 million in revenue, while institutional investors own 13.38% of its shares and several firms increased or initiated positions.

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report) shares traded up 5.9% on Tuesday. The company traded as high as $64.40 and last traded at $63.3890. Approximately 1,828 shares changed hands during trading, a decline of 92% from the average session volume of 21,540 shares. The stock had previously closed at $59.84.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a "hold (c)" rating on shares of Kenon in a report on Tuesday, September 22nd. One investment analyst has rated the stock with a Hold rating. According to data from MarketBeat, the company presently has a consensus rating of "Hold".

Kenon Price Performance

The stock has a market cap of $3.30 billion, a PE ratio of 35.41 and a beta of 1.16. 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 business has a 50 day moving average price of $64.99 and a two-hundred day moving average price of $73.36.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Tidal Investments LLC boosted its holdings 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 buying an additional 3,274 shares during the last quarter. Engineers Gate Manager LP grew its position in Kenon by 71.8% during the second quarter. Engineers Gate Manager LP now owns 8,744 shares of the utilities provider's stock valued at $585,000 after buying an additional 3,654 shares during the period. Public Employees Retirement System of Ohio bought a new position in Kenon during the second quarter valued at about $495,000. Assenagon Asset Management S.A. bought a new position in Kenon during the second quarter valued at about $13,381,000. Finally, Segall Bryant & Hamill LLC purchased a new stake in Kenon during the first quarter worth about $2,681,000. Institutional investors own 13.38% of the company's stock.

About Kenon

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.

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.