Tenaris (NYSE:TS) Raised to “Buy” at StockNews.com

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

Several other research firms have also recently weighed in on TS. Kepler Capital Markets cut shares of Tenaris from a “buy” rating to a “hold” rating in a report on Friday, January 17th. Piper Sandler upped their price target on shares of Tenaris from $48.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, February 25th. Stifel Nicolaus upped their price target on shares of Tenaris from $40.00 to $43.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Barclays upped their price target on shares of Tenaris from $48.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, Bank of America cut Tenaris from a “neutral” rating to an “underperform” rating in a research note on Wednesday, January 29th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Tenaris has an average rating of “Hold” and a consensus price target of $46.00.

Tenaris Stock Performance

Shares of TS opened at $36.96 on Friday. The stock has a 50 day moving average price of $38.16 and a two-hundred day moving average price of $35.36. The firm has a market capitalization of $21.49 billion, a P/E ratio of 10.24 and a beta of 1.43. Tenaris has a 52 week low of $27.24 and a 52 week high of $40.72.

Tenaris (NYSE:TS) last announced its earnings results on Wednesday, February 19th. The industrial products company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.31. Tenaris had a return on equity of 11.76% and a net margin of 16.26%. The firm had revenue of $2.85 billion for the quarter, compared to the consensus estimate of $2.71 billion. On average, equities analysts forecast that Tenaris will post 3.14 earnings per share for the current year.

Institutional Investors Weigh In On Tenaris

Several institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC increased its position 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 acquiring an additional 614,884 shares in the last quarter. Millennium Management LLC increased its position 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 acquiring an additional 778,021 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Tenaris by 187.4% in the third quarter. Wellington Management Group LLP now owns 2,546,184 shares of the industrial products company’s stock worth $80,943,000 after purchasing an additional 1,660,300 shares during the last quarter. Encompass Capital Advisors LLC purchased a new stake in Tenaris in the fourth quarter worth approximately $41,569,000. Finally, Point72 Asset Management L.P. boosted its holdings in Tenaris by 102.5% in the third quarter. Point72 Asset Management L.P. now owns 1,050,552 shares of the industrial products company’s stock worth $33,397,000 after purchasing an additional 531,860 shares during the last quarter. Institutional investors own 10.45% of the company’s stock.

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.