Tenaris (NYSE:TS) Rating Lowered to “Hold” at StockNews.com

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

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

Tenaris Stock Performance

Shares of NYSE TS opened at $39.36 on Friday. The firm has a 50 day moving average price of $38.27 and a two-hundred day moving average price of $35.89. The stock has a market cap of $22.88 billion, a P/E ratio of 10.90 and a beta of 1.43. Tenaris has a 52-week low of $27.24 and a 52-week high of $40.73.

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

Hedge Funds Weigh In On Tenaris

A number of institutional investors and hedge funds have recently made changes to their positions in TS. Wellington Management Group LLP raised its stake in Tenaris by 187.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,546,184 shares of the industrial products company’s stock worth $80,943,000 after buying an additional 1,660,300 shares during the period. Encompass Capital Advisors LLC acquired a new position in shares of Tenaris during the fourth quarter worth approximately $41,569,000. ABC Arbitrage SA bought a new position in shares of Tenaris in the 4th quarter worth $31,581,000. Millennium Management LLC grew its position in Tenaris by 38.2% in the 4th quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company’s stock valued at $106,444,000 after purchasing an additional 778,021 shares during the period. Finally, Holocene Advisors LP bought a new stake in Tenaris during the 3rd quarter valued at $21,454,000. 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.