Kenon (NYSE:KEN) Shares Gap Up – Time to Buy?

Shares of Kenon Holdings Ltd. (NYSE:KEN) gapped up prior to trading on Monday. The stock had previously closed at $59.84, but opened at $61.70. Kenon shares last traded at $61.1770, with a volume of 2,625 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Kenon in a research note on Tuesday, September 22nd. One investment analyst has rated the stock with a Hold rating. According to data from MarketBeat, Kenon has an average rating of “Hold”.

Kenon Stock Up 3.5%

The company has a debt-to-equity ratio of 0.82, a current ratio of 3.22 and a quick ratio of 3.22. The company has a 50-day simple moving average of $64.90 and a two-hundred day simple moving average of $73.23.

Kenon (NYSE:KEN) last released its quarterly earnings data on Tuesday, September 8th. The utilities provider reported $0.85 earnings per share for the quarter. Kenon had a return on equity of 4.46% and a net margin of 10.03%. The firm had revenue of $379.00 million during the quarter.

Institutional Investors Weigh In On Kenon

Several institutional investors have recently added to or reduced their stakes in KEN. Blue Trust Inc. purchased a new position in shares of Kenon in the first quarter valued at about $29,000. Bank of America Corp DE raised its stake in shares of Kenon by 9.5% during the first quarter. Bank of America Corp DE now owns 5,383 shares of the utilities provider’s stock valued at $443,000 after acquiring an additional 467 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Kenon during the second quarter valued at about $495,000. Engineers Gate Manager LP boosted its holdings in shares of Kenon by 71.8% during the second quarter. Engineers Gate Manager LP now owns 8,744 shares of the utilities provider’s stock worth $585,000 after purchasing an additional 3,654 shares during the period. Finally, Tidal Investments LLC boosted its holdings in shares of Kenon by 43.4% during the second quarter. Tidal Investments LLC now owns 10,819 shares of the utilities provider’s stock worth $723,000 after purchasing an additional 3,274 shares during the period. Hedge funds and other institutional investors own 13.38% of the company’s stock.

Kenon Company Profile

Kenon Holdings Ltd. is an investment holding company that develops, owns and operates businesses in the energy and infrastructure sectors. The company’s principal holding is OPC Energy Ltd., an electricity company involved in power generation and the supply of electricity to commercial and industrial customers.

Through OPC Energy and its investments, Kenon has exposure to power-generation facilities and related energy infrastructure in Israel and the United States. OPC’s activities include conventional and renewable power generation, as well as the development and operation of energy projects intended to serve businesses and other electricity users.

Kenon was established in 2014 as part of a restructuring of Israel Corporation.