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

Kenon Holdings Ltd. (NYSE:KEN) shares gapped down before the market opened on Wednesday . The stock had previously closed at $30.31, but opened at $28.90. Kenon shares last traded at $29.00, with a volume of 9,577 shares.

Kenon Price Performance

The stock has a market cap of $1.52 billion, a P/E ratio of -19.36 and a beta of 1.45. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 0.69. The company’s fifty day simple moving average is $27.33 and its 200-day simple moving average is $25.67.

Kenon (NYSE:KEN) last posted its earnings results on Monday, September 9th. The utilities provider reported $0.02 earnings per share for the quarter. The business had revenue of $181.00 million for the quarter. Kenon had a negative net margin of 10.61% and a negative return on equity of 9.48%.

Hedge Funds Weigh In On Kenon

Hedge funds and other institutional investors have recently modified their holdings of the stock. CWA Asset Management Group LLC acquired a new position in Kenon in the third quarter valued at about $504,000. Y.D. More Investments Ltd bought a new position in shares of Kenon in the second quarter valued at approximately $4,371,000. Assenagon Asset Management S.A. acquired a new position in shares of Kenon in the 2nd quarter worth approximately $2,317,000. BNP Paribas Financial Markets boosted its holdings in shares of Kenon by 150.0% in the 1st quarter. BNP Paribas Financial Markets now owns 3,000 shares of the utilities provider’s stock worth $80,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Barclays PLC grew its position in Kenon by 4,233.3% during the 3rd quarter. Barclays PLC now owns 4,550 shares of the utilities provider’s stock worth $127,000 after acquiring an additional 4,445 shares during the last quarter. Institutional investors own 13.38% of the company’s stock.

About Kenon

Kenon Holdings Ltd., through its subsidiaries, operates as an owner, developer, and operator of power generation facilities in Israel, the United States, and internationally. It operates through OPC Power Plants, CPV Group, and ZIM segments. The company engages in the generation and supply of electricity and energy; development, construction, and management of solar and wind energy, and conventional natural gas-fired power plants; and provision of container liner shipping services.