Tenaris (NYSE:TS) Stock Rating Upgraded by The Goldman Sachs Group

Tenaris (NYSE:TS) was upgraded by research analysts at The Goldman Sachs Group to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Several other brokerages have also recently issued reports on TS. Morgan Stanley set a $36.00 price objective on Tenaris in a report on Monday. Piper Sandler cut shares of Tenaris from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $48.00 to $41.00 in a research note on Wednesday, September 17th. BNP Paribas downgraded shares of Tenaris from an “outperform” rating to a “hold” rating in a report on Friday, October 10th. Weiss Ratings restated a “hold (c)” rating on shares of Tenaris in a research report on Monday. Finally, Cowen reiterated a “buy” rating on shares of Tenaris in a research report on Thursday, October 30th. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $42.32.

Tenaris Price Performance

NYSE:TS traded up $0.03 during midday trading on Monday, hitting $39.52. The company’s stock had a trading volume of 330,072 shares, compared to its average volume of 1,543,994. The firm’s 50 day moving average is $38.81 and its 200-day moving average is $37.15. The firm has a market cap of $22.98 billion, a P/E ratio of 10.62 and a beta of 0.95. Tenaris has a fifty-two week low of $30.06 and a fifty-two week high of $41.76.

Tenaris (NYSE:TS) last released its quarterly earnings data on Thursday, October 30th. The industrial products company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.10. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.85 billion. Tenaris had a net margin of 16.91% and a return on equity of 11.72%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.81 earnings per share. As a group, analysts forecast that Tenaris will post 3.14 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sourcerock Group LLC boosted its stake in Tenaris by 25.9% during the 2nd quarter. Sourcerock Group LLC now owns 3,086,075 shares of the industrial products company’s stock worth $115,419,000 after purchasing an additional 635,817 shares during the last quarter. Alua Capital Management LP purchased a new position in shares of Tenaris in the first quarter worth about $93,370,000. Wellington Management Group LLP boosted its position in Tenaris by 1.7% during the third quarter. Wellington Management Group LLP now owns 2,135,993 shares of the industrial products company’s stock worth $76,404,000 after acquiring an additional 36,718 shares during the last quarter. Encompass Capital Advisors LLC boosted its position in Tenaris by 90.7% during the first quarter. Encompass Capital Advisors LLC now owns 2,097,540 shares of the industrial products company’s stock worth $82,035,000 after acquiring an additional 997,540 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its stake in Tenaris by 3.1% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,767,924 shares of the industrial products company’s stock valued at $66,120,000 after acquiring an additional 53,155 shares in the last quarter. Hedge funds and other institutional investors own 10.45% of the company’s stock.

About Tenaris

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.