Zacks Research Downgrades Tenaris (NYSE:TS) to Hold

Key Points

• Zacks Research downgraded Tenaris from “strong buy” to “hold,” while analysts overall maintain a consensus “hold” rating and an average price target of $63.28.
• Tenaris shares opened at $53.42, compared with a 52-week range of $33.65 to $64.60. Other analysts’ targets range from $60 to $80, with ratings spanning neutral, equal weight, buy and overweight.
• The company exceeded quarterly expectations, reporting $0.95 in EPS versus the $0.79 estimate and $2.97 billion in revenue, although revenue declined 3.9% year over year.

Tenaris (NYSE:TS - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Monday,Zacks.com reports.

A number of other brokerages have also commented on TS. Piper Sandler increased their price objective on shares of Tenaris from $56.00 to $60.00 and gave the stock a "neutral" rating in a report on Monday, May 18th. TD Cowen boosted their target price on shares of Tenaris from $67.00 to $68.00 and gave the stock a "buy" rating in a research note on Friday. Morgan Stanley raised shares of Tenaris from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $53.00 to $65.00 in a research note on Wednesday, July 15th. Barclays lowered their price target on shares of Tenaris from $82.00 to $80.00 and set an "overweight" rating for the company in a report on Monday. Finally, Wall Street Zen upgraded shares of Tenaris from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $63.28.

Tenaris Price Performance

Shares of TS opened at $53.42 on Monday. The company has a market capitalization of $28.63 billion, a P/E ratio of 14.28, a PEG ratio of 1.29 and a beta of 0.85. Tenaris has a one year low of $33.65 and a one year high of $64.60. The business's 50 day simple moving average is $57.29 and its 200-day simple moving average is $56.39.

Tenaris (NYSE:TS - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The industrial products company reported $0.95 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.16. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.93 billion. Tenaris had a return on equity of 11.15% and a net margin of 15.88%.Tenaris's revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.50 EPS. On average, sell-side analysts anticipate that Tenaris will post 3.75 EPS for the current fiscal year.

Institutional Trading of Tenaris

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new position in shares of Tenaris in the 3rd quarter valued at about $47,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Tenaris during the 4th quarter worth approximately $48,000. Raymond James Financial Inc. bought a new stake in shares of Tenaris during the second quarter worth approximately $49,000. Global Retirement Partners LLC raised its stake 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 buying an additional 1,376 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its holdings in Tenaris by 4,675.8% in the fourth quarter. TD Private Client Wealth LLC now owns 1,576 shares of the industrial products company's stock valued at $61,000 after buying an additional 1,543 shares during the period. 10.45% of the stock is owned by institutional investors.

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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