Tenaris (NYSE:TS) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of Tenaris (NYSE:TS) from a buy rating to a hold rating in a research note published on Saturday.

TS has been the topic of a number of other reports. Cowen reiterated a “buy” rating on shares of Tenaris in a report on Thursday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Tenaris in a research report on Wednesday. BNP Paribas Exane restated a “neutral” rating on shares of Tenaris in a report on Friday, October 10th. Piper Sandler downgraded Tenaris from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $48.00 to $41.00 in a research report on Wednesday, September 17th. Finally, Sanford C. Bernstein assumed coverage on Tenaris in a research report on Monday, July 21st. They set an “outperform” rating for the company. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Tenaris presently has a consensus rating of “Hold” and an average target price of $41.80.

Tenaris Stock Performance

TS stock traded down $0.05 during mid-day trading on Friday, hitting $40.59. 1,102,427 shares of the company were exchanged, compared to its average volume of 1,623,807. Tenaris has a 1-year low of $30.06 and a 1-year high of $40.92. The firm’s 50 day simple moving average is $36.20 and its 200 day simple moving average is $35.82. The firm has a market cap of $23.60 billion, a P/E ratio of 10.91 and a beta of 1.33.

Tenaris (NYSE:TS) last released its earnings results on Wednesday, October 29th. The industrial products company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.10. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.85 billion. Tenaris had a return on equity of 11.76% and a net margin of 16.91%.The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 EPS. On average, equities research analysts predict that Tenaris will post 3.14 EPS for the current fiscal year.

Tenaris Announces Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, November 26th. Investors of record on Tuesday, November 25th will be paid a $0.58 dividend. This represents a yield of 291.0%. The ex-dividend date is Tuesday, November 25th. Tenaris’s dividend payout ratio is 31.18%.

Hedge Funds Weigh In On Tenaris

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TS. Alua Capital Management LP bought a new position in Tenaris in the 1st quarter valued at about $93,370,000. Encompass Capital Advisors LLC lifted its holdings in Tenaris by 90.7% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,097,540 shares of the industrial products company’s stock worth $82,035,000 after purchasing an additional 997,540 shares during the last quarter. Sourcerock Group LLC boosted its stake in Tenaris by 25.9% in the 2nd quarter. Sourcerock Group LLC now owns 3,086,075 shares of the industrial products company’s stock valued at $115,419,000 after purchasing an additional 635,817 shares during the period. ABC Arbitrage SA increased its position in Tenaris by 252.6% during the 2nd quarter. ABC Arbitrage SA now owns 467,268 shares of the industrial products company’s stock worth $17,476,000 after buying an additional 334,755 shares during the period. Finally, Jump Financial LLC acquired a new stake in shares of Tenaris during the second quarter worth $9,380,000. 10.45% of the stock is owned by institutional investors.

Tenaris Company Profile

Tenaris SA, together with its subsidiaries, produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, line pipes, cold-drawn pipes, and premium joints and couplings; and coiled tubing products for oil and gas drilling and workovers, and subsea pipelines.