Tenaris SA (NYSE:TS) was the recipient of a significant drop in short interest in December. As of December 31st, there was short interest totalling 3,880,000 shares, a drop of 12.2% from the December 15th total of 4,420,000 shares. Based on an average daily volume of 2,470,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 0.7% of the shares of the stock are sold short.

A number of research analysts recently weighed in on the stock. Sanford C. Bernstein assumed coverage on shares of Tenaris in a report on Monday. They issued an “outperform” rating for the company. They noted that the move was a valuation call. Barclays reissued a “buy” rating and issued a $30.00 target price on shares of Tenaris in a report on Tuesday, November 5th. Bernstein Bank assumed coverage on shares of Tenaris in a report on Tuesday. They issued an “outperform” rating for the company. ValuEngine raised shares of Tenaris from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Finally, Morgan Stanley lowered shares of Tenaris from an “overweight” rating to an “equal weight” rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Tenaris currently has an average rating of “Hold” and a consensus target price of $29.85.

A number of institutional investors and hedge funds have recently modified their holdings of TS. Price T Rowe Associates Inc. MD lifted its position in Tenaris by 65.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 7,241,802 shares of the industrial products company’s stock worth $190,532,000 after buying an additional 2,860,516 shares during the last quarter. Balyasny Asset Management LLC lifted its position in shares of Tenaris by 836.8% during the second quarter. Balyasny Asset Management LLC now owns 1,116,831 shares of the industrial products company’s stock worth $29,384,000 after purchasing an additional 997,608 shares during the last quarter. Point72 Asset Management L.P. lifted its position in shares of Tenaris by 73.2% during the second quarter. Point72 Asset Management L.P. now owns 606,100 shares of the industrial products company’s stock worth $15,946,000 after purchasing an additional 256,100 shares during the last quarter. Holocene Advisors LP lifted its position in shares of Tenaris by 154.7% during the second quarter. Holocene Advisors LP now owns 279,579 shares of the industrial products company’s stock worth $7,356,000 after purchasing an additional 169,820 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new stake in shares of Tenaris during the second quarter worth $4,133,000. Institutional investors own 14.11% of the company’s stock.

Shares of TS stock traded down $0.27 on Tuesday, reaching $22.82. The company’s stock had a trading volume of 2,433,478 shares, compared to its average volume of 2,042,533. The company has a market capitalization of $13.35 billion, a price-to-earnings ratio of 15.42, a price-to-earnings-growth ratio of 1.77 and a beta of 1.23. The stock’s fifty day simple moving average is $22.37 and its 200-day simple moving average is $22.59. Tenaris has a 1 year low of $19.90 and a 1 year high of $30.32. The company has a current ratio of 2.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.02.

Tenaris (NYSE:TS) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.13). The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.86 billion. Tenaris had a return on equity of 6.75% and a net margin of 10.66%. The firm’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.42 earnings per share. Equities research analysts forecast that Tenaris will post 1.28 earnings per share for the current year.

About Tenaris

Tenaris SA, through its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications. The company offers products for oil and gas drilling operations, such as casing and tubing products, premium connections, drill pipes, coiled tubing, hot-rolled and cold-drawn seamless tubes, perforating guns, tubular accessories, and non-tubular accessories and devices.

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