Tenaris (NYSE:TS) Downgraded to Hold Rating by StockNews.com

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

TS has been the topic of several other research reports. Barclays upped their price target on Tenaris from $48.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, February 24th. 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 boosted their target price 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. Jefferies Financial Group raised shares of Tenaris from a “hold” rating to a “buy” rating and boosted their target price for the company from $35.00 to $47.00 in a research note on Monday, December 9th. Finally, Stifel Nicolaus boosted their target price on shares of Tenaris from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Tenaris has a consensus rating of “Hold” and a consensus price target of $46.00.

Tenaris Trading Down 1.4 %

Shares of NYSE TS opened at $39.36 on Friday. The stock has a 50 day simple moving average of $38.27 and a 200-day simple moving average of $35.80. The company has a market cap of $22.88 billion, a PE ratio of 10.90 and a beta of 1.43. Tenaris has a 12-month low of $27.24 and a 12-month high of $40.73.

Tenaris (NYSE:TS) last announced its earnings results on Wednesday, February 19th. The industrial products company reported $0.94 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 firm had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Sell-side analysts forecast that Tenaris will post 3.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tenaris

A number of hedge funds have recently bought and sold shares of the company. FMR LLC boosted its holdings in 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 during the period. Millennium Management LLC raised 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 buying an additional 778,021 shares during the last quarter. Wellington Management Group LLP raised its position 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 last quarter. Encompass Capital Advisors LLC acquired a new position in shares of Tenaris during the fourth quarter valued at about $41,569,000. Finally, Point72 Asset Management L.P. raised its position 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 last quarter. 10.45% of the stock is currently owned by 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.