Zacks Investment Research Lowers Tenaris SA (TS) to Sell
Tenaris SA (NYSE:TS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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. “
A number of other research firms have also recently weighed in on TS. Berenberg Bank initiated coverage on Tenaris SA in a research note on Tuesday. They issued a “hold” rating on the stock. Raymond James Financial Inc. restated a “hold” rating on shares of Tenaris SA in a research note on Thursday, June 23rd. Finally, Goldman Sachs Group Inc. cut Tenaris SA from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 20th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $29.33.
Tenaris SA (NYSE:TS) opened at 28.71 on Wednesday. The stock has a 50 day moving average price of $27.45 and a 200-day moving average price of $27.06. Tenaris SA has a one year low of $18.53 and a one year high of $29.89. The stock’s market capitalization is $16.95 billion.
Tenaris SA (NYSE:TS) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.04. Tenaris SA had a negative net margin of 7.40% and a negative return on equity of 3.33%. The business earned $1.12 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the business earned $0.06 earnings per share. The firm’s quarterly revenue was down 40.0% on a year-over-year basis. Analysts anticipate that Tenaris SA will post ($0.41) earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in TS. Wellington Management Group LLP raised its position 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 in the last quarter. Bank of New York Mellon Corp raised its position in Tenaris SA by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 434,651 shares of the company’s stock worth $12,535,000 after buying an additional 11,393 shares in the last quarter. Legal & General Group Plc raised its position in Tenaris SA by 28.1% in the first quarter. Legal & General Group Plc now owns 1,026,274 shares of the company’s stock worth $25,416,000 after buying an additional 225,100 shares in the last quarter. A.R.T. Advisors LLC raised its stake in shares of Tenaris SA by 45.9% in the first quarter. A.R.T. Advisors LLC now owns 258,409 shares of the company’s stock worth $6,398,000 after buying an additional 81,300 shares in the last quarter. Finally, AMP Capital Investors Ltd raised its stake in shares of 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 in the last quarter. 16.38% of the stock is currently owned by hedge funds and other institutional investors.
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.
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