Tenaris (NYSE:TS) Upgraded at StockNews.com

Tenaris (NYSE:TS) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

Several other equities research analysts have also issued reports on the stock. Jefferies Financial Group upgraded shares of Tenaris from a “hold” rating to a “buy” rating and raised their target price for the stock from $35.00 to $47.00 in a report on Monday, December 9th. Bank of America downgraded shares of Tenaris from a “neutral” rating to an “underperform” rating in a research note on Wednesday, January 29th. Piper Sandler initiated coverage on Tenaris in a research report on Thursday, December 19th. They set an “overweight” rating and a $48.00 target price for the company. Finally, Kepler Capital Markets downgraded Tenaris from a “buy” rating to a “hold” rating in a report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $42.75.

Tenaris Stock Down 0.8 %

NYSE TS traded down $0.31 during trading hours on Thursday, hitting $38.57. 3,142,075 shares of the company were exchanged, compared to its average volume of 1,463,430. Tenaris has a 52 week low of $27.24 and a 52 week high of $40.72. The stock has a 50-day moving average price of $38.33 and a 200 day moving average price of $34.38. The stock has a market cap of $22.42 billion, a PE ratio of 8.40 and a beta of 1.44.

Tenaris (NYSE:TS) last released its earnings results on Wednesday, February 19th. The industrial products company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.31. The firm had revenue of $2.85 billion for the quarter, compared to the consensus estimate of $2.71 billion. Tenaris had a return on equity of 15.36% and a net margin of 20.23%. As a group, sell-side analysts anticipate that Tenaris will post 3.25 earnings per share for the current year.

Hedge Funds Weigh In On Tenaris

A number of institutional investors have recently modified their holdings of TS. Wellington Management Group LLP grew its stake 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 in the last quarter. Encompass Capital Advisors LLC purchased a new stake in shares of Tenaris in the 4th quarter worth $41,569,000. ABC Arbitrage SA bought a new position in shares of Tenaris during the 4th quarter worth $31,581,000. 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. Finally, Holocene Advisors LP bought a new stake in shares of Tenaris in the third quarter valued at about $21,454,000. 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.