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 report released 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. “
Other research analysts have also issued research reports about the stock. Berenberg Bank began coverage on shares of Tenaris SA in a research note on Tuesday. They set 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. lowered shares of Tenaris SA from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 20th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $29.33.
Shares of Tenaris SA (NYSE:TS) opened at 28.71 on Wednesday. The stock’s market capitalization is $16.95 billion. The stock’s 50 day moving average is $27.45 and its 200 day moving average is $27.06. Tenaris SA has a 52 week low of $18.53 and a 52 week high of $29.89.
Tenaris SA (NYSE:TS) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.01) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by $0.04. Tenaris SA had a negative return on equity of 3.33% and a negative net margin of 7.40%. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the company earned $0.06 EPS. The business’s revenue for the quarter was down 40.0% compared to the same quarter last year. Analysts anticipate that Tenaris SA will post ($0.41) EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in TS. Harding Loevner LP increased its position in shares of Tenaris SA by 3.7% in the third quarter. Harding Loevner LP now owns 15,270,498 shares of the company’s stock valued at $433,683,000 after buying an additional 549,649 shares in the last quarter. Westwood Global Investments LLC increased its position in shares of Tenaris SA by 3.4% in the second quarter. Westwood Global Investments LLC now owns 6,815,282 shares of the company’s stock valued at $196,553,000 after buying an additional 221,758 shares in the last quarter. Kiltearn Partners LLP increased its position in shares of Tenaris SA by 0.4% in the second quarter. Kiltearn Partners LLP now owns 4,300,300 shares of the company’s stock valued at $124,021,000 after buying an additional 18,800 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Tenaris SA by 7.7% in the first quarter. Wellington Management Group LLP now owns 2,982,282 shares of the company’s stock valued at $73,841,000 after buying an additional 213,755 shares in the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Tenaris SA by 6.2% in the second quarter. Van ECK Associates Corp now owns 1,981,600 shares of the company’s stock valued at $57,149,000 after buying an additional 115,366 shares in the last quarter. 16.38% of the stock is 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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