Kenon (NYSE:KEN) Shares Gap Up – Here’s What Happened

Kenon Holdings Ltd. (NYSE:KEN) shares gapped up before the market opened on Wednesday . The stock had previously closed at $66.86, but opened at $69.71. Kenon shares last traded at $70.33, with a volume of 10,729 shares traded.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut Kenon from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold”.

Kenon Price Performance

The company’s 50-day moving average is $80.39 and its 200-day moving average is $77.66. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 65.56 and a beta of 1.11. The company has a current ratio of 3.74, a quick ratio of 3.74 and a debt-to-equity ratio of 0.64.

Kenon (NYSE:KEN) last announced its quarterly earnings data on Monday, June 1st. The utilities provider reported $0.49 EPS for the quarter. Kenon had a net margin of 7.98% and a return on equity of 3.47%. The business had revenue of $317.00 million during the quarter.

Hedge Funds Weigh In On Kenon

Several hedge funds and other institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its position in shares of Kenon by 327.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 122,589 shares of the utilities provider’s stock worth $3,920,000 after buying an additional 93,896 shares during the last quarter. Jane Street Group LLC acquired a new stake in Kenon in the first quarter valued at about $254,000. Norges Bank bought a new position in Kenon in the second quarter valued at about $566,000. Invesco Ltd. grew its position in Kenon by 29.0% in the second quarter. Invesco Ltd. now owns 29,587 shares of the utilities provider’s stock valued at $1,229,000 after acquiring an additional 6,643 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Kenon by 10.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 377,731 shares of the utilities provider’s stock worth $15,580,000 after acquiring an additional 35,533 shares in the last quarter. Institutional investors own 13.38% of the company’s stock.

Kenon Company Profile

Kenon Holdings Ltd. (NYSE: KEN) is a global investment holding company incorporated in Jersey, Channel Islands, with listings on the New York Stock Exchange and the Tel Aviv Stock Exchange. The company focuses on infrastructure and energy-related businesses, seeking to generate long-term value through stable cash flows and strategic growth. Kenon’s diversified portfolio spans power generation assets, midstream energy infrastructure and related services across multiple regions.

One of Kenon’s principal assets is QPI Ltd., an energy company based in Israel that owns and operates a combined-cycle, gas-fired power plant and an adjacent liquefied natural gas (LNG) import and regasification terminal at the Port of Ashdod.