Tenaris (NYSE:TS) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Tenaris from “buy” to “hold.” The broader analyst consensus is also “Hold,” with four Buy ratings, six Hold ratings and an average price target of $63.28.
• Tenaris shares opened at $53.58, compared with a 52-week range of $33.65 to $64.60. The company has a market capitalization of approximately $28.72 billion and trades at a P/E ratio of 14.33.
• Tenaris exceeded quarterly expectations, reporting adjusted EPS of $0.95 versus the $0.79 consensus and revenue of $2.97 billion versus $2.93 billion expected. However, revenue declined 3.9% year over year.

Tenaris (NYSE:TS - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

A number of other brokerages also recently issued reports on TS. TD Cowen increased their price target on Tenaris from $67.00 to $68.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Morgan Stanley raised Tenaris from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $53.00 to $65.00 in a research note on Wednesday, July 15th. Piper Sandler increased their target price on Tenaris from $56.00 to $60.00 and gave the company a "neutral" rating in a research report on Monday, May 18th. Weiss Ratings lowered Tenaris from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, August 7th. Finally, Barclays dropped their price target on shares of Tenaris from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Monday. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $63.28.

Tenaris Stock Performance

Shares of Tenaris stock opened at $53.58 on Friday. The firm has a 50-day simple moving average of $56.69 and a two-hundred day simple moving average of $56.49. Tenaris has a fifty-two week low of $33.65 and a fifty-two week high of $64.60. The company has a market cap of $28.72 billion, a P/E ratio of 14.33, a price-to-earnings-growth ratio of 1.26 and a beta of 0.85.

Tenaris (NYSE:TS - Get Free Report) last posted its earnings results on Wednesday, August 5th. The industrial products company reported $0.95 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.16. Tenaris had a return on equity of 11.14% and a net margin of 15.88%.The firm had revenue of $2.97 billion for the quarter, compared to analysts' expectations of $2.93 billion. During the same period last year, the firm earned $0.50 EPS. The company's quarterly revenue was down 3.9% on a year-over-year basis. Equities research analysts forecast that Tenaris will post 3.71 EPS for the current year.

Institutional Investors Weigh In On Tenaris

Several large investors have recently bought and sold shares of TS. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Tenaris in the fourth quarter valued at approximately $48,000. Raymond James Financial Inc. acquired a new stake in shares of Tenaris in the second quarter worth approximately $49,000. Advisory Services Network LLC purchased a new stake in shares of Tenaris during the third quarter worth approximately $47,000. Global Retirement Partners LLC increased its position in shares of Tenaris by 1,066.7% during the fourth quarter. Global Retirement Partners LLC now owns 1,505 shares of the industrial products company's stock worth $58,000 after purchasing an additional 1,376 shares in the last quarter. Finally, TD Private Client Wealth LLC raised its stake in Tenaris by 4,675.8% in the 4th quarter. TD Private Client Wealth LLC now owns 1,576 shares of the industrial products company's stock valued at $61,000 after purchasing an additional 1,543 shares during the last quarter. 10.45% of the stock is currently owned by hedge funds and other institutional investors.

Tenaris Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source