Kenon (NYSE:KEN) Shares Gap Down – What’s Next?

Kenon Holdings Ltd. (NYSE:KEN)’s share price gapped down prior to trading 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 changing hands.

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 analyst has rated the stock with a Hold rating. According to MarketBeat, the stock has a consensus rating of “Hold”.

Kenon Trading Down 3.6%

The firm’s 50-day moving average price is $64.57 and its 200-day moving average price is $73.85. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.82. The company has a market cap of $3.44 billion, a P/E ratio of 36.90 and a beta of 1.16.

Hedge Funds Weigh In On Kenon

Several hedge funds have recently made changes to their positions in KEN. Clal Insurance Enterprises Holdings Ltd raised its stake in shares of Kenon by 17.1% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,039,736 shares of the utilities provider’s stock valued at $329,944,000 after purchasing an additional 590,552 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Kenon by 22.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 248,275 shares of the utilities provider’s stock valued at $20,349,000 after buying an additional 44,869 shares in the last quarter. Altshuler Shaham Ltd grew its stake in Kenon by 4.9% during the first quarter. Altshuler Shaham Ltd now owns 189,228 shares of the utilities provider’s stock valued at $15,455,000 after acquiring an additional 8,864 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Kenon during the second quarter valued at approximately $13,381,000. Finally, Segall Bryant & Hamill LLC bought a new stake in Kenon during the 1st quarter worth approximately $2,681,000. 13.38% of the stock is currently owned by hedge funds and other 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.