Kenon (NYSE:KEN) Sees Strong Trading Volume – Still a Buy?

Shares of Kenon Holdings Ltd. (NYSE:KEN) saw unusually-high trading volume on Wednesday . Approximately 34,848 shares changed hands during mid-day trading, an increase of 177% from the previous session’s volume of 12,570 shares.The stock last traded at $31.71 and had previously closed at $31.61.

Wall Street Analyst Weigh In

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

Kenon Stock Up 7.0 %

The stock has a market capitalization of $1.76 billion, a PE ratio of 10.60 and a beta of 1.31. 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 company’s 50-day moving average is $32.10 and its 200 day moving average is $30.39.

Kenon Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 14th will be paid a dividend of $4.80 per share. This is an increase from Kenon’s previous annual dividend of $1.21. This represents a dividend yield of 15.6%. The ex-dividend date of this dividend is Monday, April 14th. Kenon’s payout ratio is presently 150.00%.

Hedge Funds Weigh In On Kenon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KEN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Kenon by 11.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 425,549 shares of the utilities provider’s stock valued at $14,214,000 after purchasing an additional 43,694 shares during the period. Bank of America Corp DE increased its holdings in Kenon by 1,139.9% in the 4th quarter. Bank of America Corp DE now owns 22,764 shares of the utilities provider’s stock worth $774,000 after buying an additional 20,928 shares during the period. Northern Trust Corp increased its holdings in Kenon by 104.6% in the 4th quarter. Northern Trust Corp now owns 15,413 shares of the utilities provider’s stock worth $524,000 after buying an additional 7,881 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Kenon by 6.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 267,618 shares of the utilities provider’s stock valued at $8,972,000 after acquiring an additional 15,677 shares during the period. Finally, Norges Bank purchased a new stake in shares of Kenon in the 4th quarter valued at $458,000. Hedge funds and other institutional investors own 13.38% of the company’s stock.

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.