Kenon (NYSE:KEN) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Kenon Holdings Ltd. (NYSE:KEN) saw strong trading volume on Tuesday . 8,486 shares traded hands during trading, a decline of 37% from the previous session’s volume of 13,559 shares.The stock last traded at $27.80 and had previously closed at $28.35.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Kenon from a “hold” rating to a “sell” rating in a research note on Friday, April 4th.

Kenon Trading Down 2.2 %

The firm has a market capitalization of $1.45 billion, a P/E ratio of 8.66 and a beta of 1.31. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.78 and a current ratio of 3.78. The firm has a 50-day moving average of $32.29 and a 200-day moving average of $30.61.

Kenon Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 14th will be issued a $4.80 dividend. The ex-dividend date is Monday, April 14th. This represents a yield of 15.6%. This is a boost from Kenon’s previous annual dividend of $1.21. Kenon’s dividend payout ratio (DPR) is 150.00%.

Hedge Funds Weigh In On Kenon

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its position in Kenon by 13.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,600 shares of the utilities provider’s stock valued at $212,000 after purchasing an additional 900 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Kenon in the third quarter worth $365,000. Barclays PLC raised its holdings in Kenon by 4,233.3% in the third quarter. Barclays PLC now owns 4,550 shares of the utilities provider’s stock worth $127,000 after purchasing an additional 4,445 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in Kenon during the third quarter valued at $1,136,000. Finally, CWA Asset Management Group LLC boosted its holdings in shares of Kenon by 25.7% during the 4th quarter. CWA Asset Management Group LLC now owns 22,666 shares of the utilities provider’s stock valued at $771,000 after buying an additional 4,632 shares in the last quarter. 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.