Tenaris SA (TS) Downgraded by Zacks Investment Research to “Sell”
Tenaris SA (NYSE:TS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued 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 equities analysts have also weighed in on the company. Goldman Sachs Group Inc. lowered Tenaris SA from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 20th. Raymond James Financial Inc. reissued a “hold” rating on shares of Tenaris SA in a research report on Thursday, June 23rd. Finally, Berenberg Bank initiated coverage on Tenaris SA in a research report on Tuesday. They issued a “hold” rating for the company. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Tenaris SA has a consensus rating of “Hold” and an average target price of $29.33.
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Shares of Tenaris SA (NYSE:TS) opened at 28.71 on Wednesday. The stock has a 50 day moving average of $27.45 and a 200 day moving average of $27.06. Tenaris SA has a 1-year low of $18.53 and a 1-year high of $29.89. The company’s market cap is $16.95 billion.
Tenaris SA (NYSE:TS) last issued its 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 return on equity of 3.33% and a negative net margin of 7.40%. The business earned $1.12 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period last year, the firm posted $0.06 EPS. Tenaris SA’s quarterly revenue was down 40.0% compared to the same quarter last year. On average, equities analysts forecast that Tenaris SA will post ($0.41) EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in TS. 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 worth $73,841,000 after buying an additional 213,755 shares during the period. Bank of New York Mellon Corp increased its position in shares of 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 during the period. Legal & General Group Plc increased its position in shares of 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 during the period. A.R.T. Advisors LLC increased its position 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 during the period. Finally, AMP Capital Investors Ltd increased its position 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 during the period. Institutional investors own 16.38% of the company’s stock.
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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