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

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

TS has been the topic of several other research reports. Bank of America downgraded shares of Tenaris from a “neutral” rating to an “underperform” rating in a report on Wednesday, January 29th. Piper Sandler began coverage on shares of Tenaris in a research note on Thursday, December 19th. They set an “overweight” rating and a $48.00 price target on the stock. Jefferies Financial Group raised shares of Tenaris from a “hold” rating to a “buy” rating and raised their price target for the stock from $35.00 to $47.00 in a report on Monday, December 9th. Finally, Kepler Capital Markets lowered shares of Tenaris from a “buy” rating to a “hold” rating in a report on Friday, January 17th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Tenaris presently has a consensus rating of “Hold” and a consensus price target of $42.75.

Tenaris Price Performance

NYSE TS traded down $0.31 on Thursday, hitting $38.57. The stock had a trading volume of 3,142,075 shares, compared to its average volume of 1,463,430. The business’s fifty day moving average price is $38.33 and its 200 day moving average price is $34.38. The stock has a market cap of $22.42 billion, a price-to-earnings ratio of 8.40 and a beta of 1.44. 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 the consensus estimate of $0.63 by $0.31. Tenaris had a return on equity of 15.36% and a net margin of 20.23%. The firm had revenue of $2.85 billion for the quarter, compared to the consensus estimate of $2.71 billion. As a group, sell-side analysts anticipate that Tenaris will post 3.25 EPS for the current year.

Hedge Funds Weigh In On Tenaris

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