StockNews.com Downgrades Tenaris (NYSE:TS) to Hold

Tenaris (NYSE:TS) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

Several other equities research analysts have also issued reports on the company. Kepler Capital Markets lowered Tenaris from a “buy” rating to a “hold” rating in a research report on Friday, January 17th. Jefferies Financial Group raised Tenaris from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $35.00 to $47.00 in a report on Monday, December 9th. Piper Sandler lifted their price objective on Tenaris from $48.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, February 25th. Stifel Nicolaus lifted their price objective on Tenaris from $40.00 to $43.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Bank of America lowered Tenaris from a “neutral” rating to an “underperform” rating in a report on Wednesday, January 29th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $46.00.

Tenaris Stock Down 0.3 %

Shares of TS opened at $37.23 on Thursday. The stock has a market cap of $21.64 billion, a P/E ratio of 10.31 and a beta of 1.44. The business’s fifty day moving average is $38.24 and its 200 day moving average is $35.12. Tenaris has a 12-month low of $27.24 and a 12-month high of $40.72.

Tenaris (NYSE:TS) last released its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.31. The business had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.71 billion. Tenaris had a return on equity of 11.76% and a net margin of 16.26%. On average, analysts expect that Tenaris will post 3.14 EPS for the current year.

Hedge Funds Weigh In On Tenaris

Several hedge funds have recently made changes to their positions in the business. FMR LLC increased its stake in shares of Tenaris by 21.3% during the third quarter. FMR LLC now owns 3,503,644 shares of the industrial products company’s stock valued at $111,381,000 after buying an additional 614,884 shares during the period. Millennium Management LLC increased its stake in shares of Tenaris by 38.2% during the fourth quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company’s stock valued at $106,444,000 after buying an additional 778,021 shares during the period. Wellington Management Group LLP increased its stake in shares of Tenaris by 187.4% during the third quarter. Wellington Management Group LLP now owns 2,546,184 shares of the industrial products company’s stock valued at $80,943,000 after buying an additional 1,660,300 shares during the period. Encompass Capital Advisors LLC purchased a new position in shares of Tenaris during the fourth quarter valued at approximately $41,569,000. Finally, Point72 Asset Management L.P. increased its stake in shares of Tenaris by 102.5% during the third quarter. Point72 Asset Management L.P. now owns 1,050,552 shares of the industrial products company’s stock valued at $33,397,000 after buying an additional 531,860 shares during the period. 10.45% of the stock is owned by hedge funds and other institutional investors.

About Tenaris

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.