Bank of America Corp. Downgrades Tenaris to Neutral (TS)
Tenaris (NYSE:TS) was downgraded by research analysts at Bank of America Corp. from a “buy” rating to a “neutral” rating in a report released on Friday, ARN reports.
TS has been the subject of a number of other recent research reports. Analysts at UBS AG downgraded shares of Tenaris (NYSE:TS) from a “neutral” rating to a “sell” rating in a research note to investors on Monday. Separately, analysts at Barclays Capital raised their price target on shares of Tenaris (NYSE:TS) from $45.00 to $50.00 in a research note to investors on Tuesday, September 3rd. They now have an “equal weight” rating on the stock. Finally, analysts at Sterne Agee raised their price target on shares of Tenaris (NYSE:TS) from $42.00 to $44.00 in a research note to investors on Monday, August 5th. They now have a “neutral” rating on the stock. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. Tenaris has an average rating of “Hold” and a consensus target price of $45.69.
Tenaris (NYSE:TS) opened at 48.48 on Friday. Tenaris has a 52 week low of $36.01 and a 52 week high of $49.87. The stock’s 50-day moving average is $46.37 and its 200-day moving average is $43.23. The company has a market cap of $28.616 billion and a P/E ratio of 17.38.
Tenaris (NYSE:TS) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.71 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.73 by $0.02. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.72 billion. During the same quarter last year, the company posted $0.78 earnings per share. Tenaris’s revenue was up 5.6% compared to the same quarter last year.
Tenaris SA is a Luxembourg-based holding company active in the supply of tubes and related services mainly for the energy industry and certain other industrial applications.
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