Tenaris (NYSE:TS) Rating Lowered to “Underperform” at Bank of America

Tenaris (NYSE:TS) was downgraded by research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research note issued to investors on Wednesday, MarketBeat reports.

TS has been the topic of a number of other reports. Piper Sandler initiated coverage on shares of Tenaris in a research note on Thursday, December 19th. They set an “overweight” rating and a $48.00 price objective on the stock. Stifel Nicolaus decreased their target price on shares of Tenaris from $37.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Jefferies Financial Group raised shares of Tenaris from a “hold” rating to a “buy” rating and increased their target price for the company from $35.00 to $47.00 in a research report on Monday, December 9th. Kepler Capital Markets cut shares of Tenaris from a “buy” rating to a “hold” rating in a research report on Friday, January 17th. Finally, StockNews.com raised shares of Tenaris from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $42.75.

Tenaris Price Performance

Shares of TS stock opened at $38.14 on Wednesday. The company has a market capitalization of $22.17 billion, a P/E ratio of 8.31 and a beta of 1.45. The company’s 50-day simple moving average is $38.21 and its two-hundred day simple moving average is $33.61. Tenaris has a one year low of $27.24 and a one year high of $40.72.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TS. Versant Capital Management Inc purchased a new position in shares of Tenaris during the fourth quarter worth $28,000. GAMMA Investing LLC raised its holdings in shares of Tenaris by 140.2% during the fourth quarter. GAMMA Investing LLC now owns 939 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 548 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Tenaris during the third quarter worth $33,000. Covestor Ltd purchased a new position in shares of Tenaris during the third quarter worth $40,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Tenaris by 36.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,420 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 377 shares during the last quarter. Hedge funds and other institutional investors own 10.45% of the company’s stock.

Tenaris Company Profile

Tenaris SA, together with its subsidiaries, produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, line pipes, cold-drawn pipes, and premium joints and couplings; and coiled tubing products for oil and gas drilling and workovers, and subsea pipelines.