Kenon (NYSE:KEN) Shares Gap Down - Here's Why

Kenon Holdings Ltd. (NYSE:KEN - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $30.05, but opened at $29.40. Kenon shares last traded at $28.77, with a volume of 22,208 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Kenon from a "sell" rating to a "hold" rating in a research note on Tuesday.

Kenon Stock Performance

The company has a current ratio of 3.78, a quick ratio of 3.78 and a debt-to-equity ratio of 0.64. The stock's 50 day moving average price is $32.00 and its two-hundred day moving average price is $30.58. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 8.94 and a beta of 1.31.

Kenon Increases Dividend

The company also recently announced 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. This is a positive change from Kenon's previous annual dividend of $1.21. The ex-dividend date of this dividend is Monday, April 14th. This represents a yield of 15.6%. Kenon's dividend payout ratio is 150.00%.

Hedge Funds Weigh In On Kenon

Several hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio purchased a new stake in Kenon during the 3rd quarter worth about $365,000. Barclays PLC lifted its stake in shares of Kenon by 4,233.3% during the 3rd quarter. Barclays PLC now owns 4,550 shares of the utilities provider's stock worth $127,000 after purchasing an additional 4,445 shares during the period. JPMorgan Chase & Co. acquired a new stake in shares of Kenon during the third quarter worth $1,136,000. CWA Asset Management Group LLC grew its position in shares of Kenon by 25.7% in the fourth quarter. CWA Asset Management Group LLC now owns 22,666 shares of the utilities provider's stock valued at $771,000 after purchasing an additional 4,632 shares during the period. Finally, Redhawk Wealth Advisors Inc. acquired a new position in Kenon in the fourth quarter valued at $746,000. 13.38% of the stock is currently owned by hedge funds and other institutional investors.

Kenon Company Profile

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.