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

Shares of Kenon Holdings Ltd. (NYSE:KEN) 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 Trading Down 3.8 %

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 firm has a fifty day simple moving average of $27.25 and a two-hundred day simple moving average of $25.64. The firm has a market cap of $1.57 billion, a PE ratio of -20.24 and a beta of 1.45.

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

Institutional Investors Weigh In On Kenon

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Y.D. More Investments Ltd purchased a new position in Kenon in the 2nd quarter worth about $4,371,000. Clal Insurance Enterprises Holdings Ltd increased its holdings in Kenon by 3.7% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,694,216 shares of the utilities provider’s stock worth $76,251,000 after purchasing an additional 97,256 shares during the period. Assenagon Asset Management S.A. bought a new stake in Kenon during the 2nd quarter valued at $2,317,000. CWA Asset Management Group LLC purchased a new stake in shares of Kenon in the 3rd quarter worth $504,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Kenon during the 3rd quarter worth $365,000. 13.38% of the stock is owned by hedge funds and other institutional investors.

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.