Zacks Investment Research downgraded shares of Tenaris SA (NYSE:TS) from a hold rating to a sell rating in a report issued on Wednesday.
According to Zacks, “Tenaris Sa, a corporation organized in Luxembourg, is a leading manufacturer and supplier of seamless steel pipe products and associated services to the oil and gas, energy and other industries. Tenaris’s operating subsidiaries include eight established steel pipe manufacturers: AlgomaTubes, Confab, Dalmine, NKKTubes, Siat, Siderca, Tamsa and Tavsa. “
TS has been the topic of several other reports. Goldman Sachs Group Inc. lowered shares of Tenaris SA from a buy rating to a neutral rating in a report on Wednesday, July 20th. Raymond James Financial Inc. restated a hold rating on shares of Tenaris SA in a report on Thursday, June 23rd. Finally, Berenberg Bank initiated coverage on shares of Tenaris SA in a report on Tuesday, October 11th. They issued a hold rating on the stock. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. Tenaris SA currently has an average rating of Hold and a consensus target price of $29.33.
Tenaris SA (NYSE:TS) opened at 28.80 on Wednesday. The stock’s market cap is $17.00 billion. Tenaris SA has a 1-year low of $18.53 and a 1-year high of $29.89. The company has a 50-day moving average of $27.51 and a 200 day moving average of $27.20.
Tenaris SA (NYSE:TS) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.03 by $0.04. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.13 billion. Tenaris SA had a negative net margin of 7.40% and a negative return on equity of 3.33%. The company’s revenue was down 40.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.06 EPS. Analysts predict that Tenaris SA will post ($0.41) EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in TS. Kiltearn Partners LLP raised its stake in Tenaris SA by 17.1% in the first quarter. Kiltearn Partners LLP now owns 4,281,500 shares of the company’s stock worth $106,010,000 after buying an additional 625,600 shares during the last quarter. OLD Mission Capital LLC raised its stake in Tenaris SA by 8.1% in the first quarter. OLD Mission Capital LLC now owns 380,300 shares of the company’s stock worth $9,416,000 after buying an additional 28,515 shares during the last quarter. Wellington Management Group LLP raised its stake in Tenaris SA by 7.7% in the first quarter. Wellington Management Group LLP now owns 2,982,282 shares of the company’s stock worth $73,841,000 after buying an additional 213,755 shares during the last quarter. HBK Investments L P purchased a new stake in Tenaris SA during the first quarter worth $2,169,000. Finally, AMP Capital Investors Ltd raised its stake in Tenaris SA by 183.6% in the first quarter. AMP Capital Investors Ltd now owns 163,339 shares of the company’s stock worth $4,035,000 after buying an additional 105,750 shares during the last quarter. Hedge funds and other institutional investors own 16.47% of the company’s stock.
About Tenaris SA
Tenaris SA is a holding company, which is a supplier of steel pipe products and related services for energy industry and other industrial applications. The Company operates through Tubes business segment. The Tubes segment includes the production and sale of both seamless and welded steel tubular products, and related services primarily for the oil and gas industry, principally oil country tubular goods used in drilling operations, and for other industrial applications with production processes.