Kenon (NYSE:KEN) Shares Gap Down to $23.26

Kenon Holdings Ltd. (NYSE:KEN)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $23.26, but opened at $22.21. Kenon shares last traded at $22.31, with a volume of 11,135 shares traded.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Kenon from a “sell” rating to a “hold” rating in a research report on Tuesday.

Kenon Stock Performance

The company has a current ratio of 3.05, a quick ratio of 3.05 and a debt-to-equity ratio of 0.66. The stock’s 50 day moving average price is $23.78 and its two-hundred day moving average price is $23.37. The firm has a market capitalization of $1.23 billion, a PE ratio of -5.16 and a beta of 1.45.

Kenon (NYSE:KEN) last released its quarterly earnings results on Tuesday, March 26th. The utilities provider reported $0.11 earnings per share for the quarter. Kenon had a negative return on equity of 10.82% and a negative net margin of 34.10%. The company had revenue of $151.00 million during the quarter.

Kenon Increases Dividend

The company also recently announced a — dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 8th were issued a $3.80 dividend. This represents a yield of 10.5%. This is a positive change from Kenon’s previous — dividend of $2.79. The ex-dividend date was Friday, April 5th. Kenon’s dividend payout ratio is -85.97%.

Hedge Funds Weigh In On Kenon

Institutional investors have recently modified their holdings of the company. Clal Insurance Enterprises Holdings Ltd increased its stake in Kenon by 1.2% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,296,068 shares of the utilities provider’s stock valued at $52,838,000 after purchasing an additional 27,294 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Kenon by 143.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 107,404 shares of the utilities provider’s stock valued at $2,483,000 after buying an additional 63,374 shares during the period. Citigroup Inc. increased its stake in shares of Kenon by 14.9% during the 3rd quarter. Citigroup Inc. now owns 93,510 shares of the utilities provider’s stock valued at $2,123,000 after acquiring an additional 12,153 shares during the last quarter. CWA Asset Management Group LLC purchased a new position in shares of Kenon during the 4th quarter worth about $214,000. Finally, Scarborough Advisors LLC acquired a new stake in shares of Kenon in the fourth quarter worth approximately $39,000. Institutional investors and hedge funds 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.