Kenon (NYSE:KEN) Shares Climb 5.9% – Here’s What Happened

Shares of Kenon Holdings Ltd. (NYSE:KEN) traded up 5.9% during mid-day trading on Tuesday. The company traded as high as $64.40 and last traded at $63.3890. 1,828 shares changed hands during trading, a decline of 92% from the average session volume of 21,540 shares. The stock had previously closed at $59.84.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Kenon in a research report on Tuesday, September 22nd. One analyst has rated the stock with a Hold rating. Based on data from MarketBeat.com, the company has an average rating of “Hold”.

Kenon Stock Performance

The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.82. The company has a fifty day moving average of $64.85 and a two-hundred day moving average of $73.10.

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

Institutional Trading of Kenon

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Clal Insurance Enterprises Holdings Ltd boosted its position in Kenon by 17.1% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,039,736 shares of the utilities provider’s stock worth $329,944,000 after buying an additional 590,552 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Kenon by 22.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 248,275 shares of the utilities provider’s stock worth $20,349,000 after acquiring an additional 44,869 shares during the last quarter. Altshuler Shaham Ltd increased its position in Kenon by 4.9% in the 1st quarter. Altshuler Shaham Ltd now owns 189,228 shares of the utilities provider’s stock valued at $15,455,000 after acquiring an additional 8,864 shares during the period. Assenagon Asset Management S.A. acquired a new position in Kenon in the 2nd quarter valued at approximately $13,381,000. Finally, Segall Bryant & Hamill LLC acquired a new position in Kenon in the 1st quarter valued at approximately $2,681,000. 13.38% of the stock is currently owned by institutional investors.

About Kenon

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.