Tenaris (NYSE:TS) Downgraded to “Neutral” Rating by Piper Sandler

Piper Sandler lowered shares of Tenaris (NYSE:TS) from an overweight rating to a neutral rating in a research note published on Wednesday, Marketbeat Ratings reports. The firm currently has $41.00 price target on the industrial products company’s stock, down from their prior price target of $48.00.

A number of other equities research analysts have also recently commented on the stock. Sanford C. Bernstein began coverage on shares of Tenaris in a research report on Monday, July 21st. They issued an “outperform” rating for the company. Barclays reduced their target price on shares of Tenaris from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, August 7th. Finally, Wall Street Zen cut shares of Tenaris from a “buy” rating to a “hold” rating in a research report on Sunday, July 13th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $41.80.

Tenaris Stock Performance

NYSE:TS opened at $35.32 on Wednesday. The company has a fifty day moving average of $36.30 and a two-hundred day moving average of $35.72. The stock has a market capitalization of $20.53 billion, a PE ratio of 9.60, a P/E/G ratio of 2.74 and a beta of 1.39. Tenaris has a fifty-two week low of $29.16 and a fifty-two week high of $40.87.

Tenaris (NYSE:TS) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.11. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3 billion. Tenaris had a net margin of 17.02% and a return on equity of 11.71%. The company’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 earnings per share. Research analysts forecast that Tenaris will post 3.14 earnings per share for the current year.

Tenaris announced that its Board of Directors has initiated a share buyback plan on Tuesday, May 27th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the industrial products company to buy up to 6.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TS. Brooklyn Investment Group boosted its stake in Tenaris by 169.5% during the first quarter. Brooklyn Investment Group now owns 717 shares of the industrial products company’s stock worth $28,000 after buying an additional 451 shares during the period. Ameritas Advisory Services LLC purchased a new position in Tenaris during the second quarter worth about $28,000. Harbour Investments Inc. purchased a new position in Tenaris during the first quarter worth about $39,000. Blue Trust Inc. boosted its stake in Tenaris by 48.8% during the second quarter. Blue Trust Inc. now owns 1,088 shares of the industrial products company’s stock worth $41,000 after buying an additional 357 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Tenaris during the second quarter worth about $49,000. Hedge funds and other institutional investors own 10.45% of the company’s stock.

Tenaris Company Profile

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.