Kenon Holdings Ltd. (NYSE:KEN) achieved a new 52-week high on October 9, 2023, with its stock price reaching as high as $53.81. The stock closed at $53.65, reflecting a significant increase from its previous close of $52.45. During the trading session, 707 shares changed hands, indicating active investor interest in the company.
Analyst Ratings and Financial Performance
In a recent research note, Weiss Ratings maintained a “hold (c)” rating on Kenon’s shares. Currently, one research analyst has assigned a Hold rating, contributing to a consensus rating of “Hold” according to data from MarketBeat.com.
Kenon Holdings reported its quarterly earnings on August 28, 2023. The utility provider posted earnings of $0.10 per share for the quarter, while its revenue totaled $196 million. The company recorded a negative return on equity of 2.32% and a net margin of 63.80%, indicating challenges in profitability despite significant revenue figures.
Institutional Investment Trends
Recent activity among institutional investors highlights growing confidence in Kenon. Nuveen LLC acquired a new stake valued at $575,000 in the first quarter. Additionally, Vanguard Personalized Indexing Management LLC also purchased a new position during the second quarter, valued at approximately $502,000.
Goldman Sachs Group Inc. significantly increased its stake in Kenon by 327.2% in the first quarter, now owning 122,589 shares valued at about $3.92 million after acquiring an additional 93,896 shares. Invesco Ltd. also boosted its position by 23.0% during the same period, bringing its total holdings to 22,944 shares, valued at $734,000. Overall, institutional investors and hedge funds currently hold 13.38% of Kenon’s stock.
Kenon Holdings operates as an owner, developer, and operator of power generation facilities across various locations, including Israel and the United States. The company is involved in generating and supplying electricity and energy, along with developing and managing solar, wind, and conventional natural gas-fired power plants.
As Kenon continues to navigate market fluctuations and institutional interest, its performance will be closely watched by investors and analysts alike.
