Tenaris (NYSE:TS – Get Free Report) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.
A number of other brokerages have also recently commented on TS. Barclays lowered their price target on Tenaris from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday. TD Cowen lifted their price objective on shares of Tenaris from $67.00 to $68.00 and gave the stock a “buy” rating in a research note on Friday. Wall Street Zen upgraded shares of Tenaris from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Weiss Ratings downgraded shares of Tenaris from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday. Finally, Piper Sandler increased their target price on shares of Tenaris from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, May 18th. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $63.28.
View Our Latest Report on Tenaris
Tenaris Stock Down 1.5%
Tenaris (NYSE:TS – Get Free Report) last released its earnings results on Wednesday, August 5th. The industrial products company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.16. Tenaris had a return on equity of 11.15% and a net margin of 15.88%.The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The company’s quarterly revenue was down 3.9% on a year-over-year basis. Analysts expect that Tenaris will post 3.75 EPS for the current fiscal year.
Institutional Trading of Tenaris
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC increased its position in shares of Tenaris by 7.9% in the first quarter. Renaissance Technologies LLC now owns 3,199,744 shares of the industrial products company’s stock valued at $186,161,000 after acquiring an additional 235,400 shares during the last quarter. Sourcerock Group LLC boosted its position in Tenaris by 25.9% during the second quarter. Sourcerock Group LLC now owns 3,086,075 shares of the industrial products company’s stock valued at $115,419,000 after purchasing an additional 635,817 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Tenaris by 25.6% during the 4th quarter. Wellington Management Group LLP now owns 2,682,137 shares of the industrial products company’s stock worth $103,128,000 after purchasing an additional 546,144 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Tenaris by 25.4% in the fourth quarter. Van ECK Associates Corp now owns 2,019,185 shares of the industrial products company’s stock valued at $77,638,000 after buying an additional 408,592 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its position in Tenaris by 3.1% during the second quarter. Balyasny Asset Management L.P. now owns 1,767,924 shares of the industrial products company’s stock worth $66,120,000 after acquiring an additional 53,155 shares in the last quarter. Institutional investors and hedge funds own 10.45% of the company’s stock.
About Tenaris
Tenaris SA is a global manufacturer and supplier of steel tubular products and related services, primarily serving the oil and gas industry as well as other energy and industrial markets. Its product portfolio centers on seamless and welded steel pipes used for casing, tubing and line pipe applications, alongside a range of specialty and mechanical steel tubes. The company also provides value‑added technical solutions, including premium connections, heat treatment and surface protection, to support drilling, completion and production activities.
Tenaris operates an integrated industrial and commercial network that combines manufacturing, distribution and field services.
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