Stifel Nicolaus Cuts Tenaris (NYSE:TS) Price Target to $41.00

Tenaris (NYSE:TS) had its price target reduced by Stifel Nicolaus from $43.00 to $41.00 in a research note published on Tuesday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other analysts have also weighed in on the stock. Bank of America lowered shares of Tenaris from a “neutral” rating to an “underperform” rating in a research note on Wednesday, January 29th. Piper Sandler raised their target price on Tenaris from $48.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 25th. StockNews.com cut Tenaris from a “buy” rating to a “hold” rating in a research report on Saturday, March 22nd. Kepler Capital Markets lowered shares of Tenaris from a “buy” rating to a “hold” rating in a research note on Friday, January 17th. Finally, Barclays upped their price objective on shares of Tenaris from $48.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tenaris has an average rating of “Hold” and an average price target of $45.60.

Tenaris Stock Up 1.7 %

Shares of NYSE TS opened at $33.26 on Tuesday. The stock’s 50 day moving average price is $36.82 and its two-hundred day moving average price is $36.58. Tenaris has a 52-week low of $27.24 and a 52-week high of $40.87. The stock has a market capitalization of $19.34 billion, a P/E ratio of 9.21 and a beta of 1.21.

Tenaris (NYSE:TS) last announced its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.31. Tenaris had a return on equity of 11.76% and a net margin of 16.26%. The business had revenue of $2.85 billion for the quarter, compared to the consensus estimate of $2.71 billion. On average, analysts anticipate that Tenaris will post 3.14 EPS for the current year.

Tenaris Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Wednesday, May 21st. Investors of record on Tuesday, May 20th will be paid a $0.56 dividend. This is a positive change from Tenaris’s previous semi-annual dividend of $0.54. The ex-dividend date is Tuesday, May 20th. Tenaris’s payout ratio is currently 31.02%.

Hedge Funds Weigh In On Tenaris

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC acquired a new position in shares of Tenaris during the fourth quarter worth approximately $41,569,000. ABC Arbitrage SA acquired a new position in shares of Tenaris in the fourth quarter valued at approximately $31,581,000. Millennium Management LLC lifted its holdings in shares of Tenaris by 38.2% in the fourth quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company’s stock valued at $106,444,000 after purchasing an additional 778,021 shares in the last quarter. Merewether Investment Management LP bought a new stake in shares of Tenaris in the fourth quarter worth $20,271,000. Finally, Carrhae Capital LLP bought a new stake in Tenaris during the fourth quarter worth about $16,545,000. 10.45% of the stock is currently owned by institutional investors and hedge funds.

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.