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

Kenon Holdings Ltd. (NYSE:KEN) gapped down prior to trading on Tuesday . The stock had previously closed at $35.25, but opened at $33.89. Kenon shares last traded at $33.73, with a volume of 4,235 shares trading hands.

Kenon Trading Down 0.5 %

The firm’s 50-day moving average price is $32.16 and its 200-day moving average price is $29.68. The company has a quick ratio of 3.78, a current ratio of 3.78 and a debt-to-equity ratio of 0.64. The company has a market cap of $1.77 billion, a P/E ratio of 10.28 and a beta of 1.33.

Institutional Trading of Kenon

Several hedge funds and other institutional investors have recently modified their holdings of KEN. Clal Insurance Enterprises Holdings Ltd raised its position in shares of Kenon by 3.7% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,694,216 shares of the utilities provider’s stock valued at $76,251,000 after purchasing an additional 97,256 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Kenon by 11.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 425,549 shares of the utilities provider’s stock worth $14,214,000 after acquiring an additional 43,694 shares during the period. JPMorgan Chase & Co. bought a new stake in Kenon during the 3rd quarter worth approximately $1,136,000. LPL Financial LLC bought a new stake in Kenon during the 4th quarter worth approximately $998,000. Finally, Redhawk Wealth Advisors Inc. bought a new stake in Kenon during the 4th quarter worth approximately $746,000. Institutional investors 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.