Tenaris (TS) Shares Gap Down on Analyst Downgrade
Tenaris SA (NYSE:TS)’s share price gapped down prior to trading on Friday after UBS Group lowered their price target on the stock from $40.00 to $26.00. The stock had previously closed at $23.22, but opened at $23.43. UBS Group currently has a neutral rating on the stock. Tenaris shares last traded at $23.41, with a volume of 187276 shares changing hands.
A number of other equities analysts have also weighed in on the stock. Citigroup lowered shares of Tenaris from a “buy” rating to a “neutral” rating in a research report on Friday, August 17th. Bank of America upgraded shares of Tenaris from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $30.00 to $40.00 in a research report on Tuesday, September 25th. Wolfe Research initiated coverage on shares of Tenaris in a research report on Wednesday, October 10th. They set a “peer perform” rating on the stock. Jefferies Financial Group initiated coverage on shares of Tenaris in a research report on Thursday, August 23rd. They set a “buy” rating on the stock. Finally, Zacks Investment Research upgraded shares of Tenaris from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research report on Thursday, October 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $40.58.
Several hedge funds and other institutional investors have recently modified their holdings of TS. Marshall Wace North America L.P. raised its stake in shares of Tenaris by 59.1% during the 3rd quarter. Marshall Wace North America L.P. now owns 321,201 shares of the industrial products company’s stock worth $10,767,000 after buying an additional 119,304 shares during the last quarter. Rehmann Capital Advisory Group raised its stake in shares of Tenaris by 3,192.8% during the 3rd quarter. Rehmann Capital Advisory Group now owns 137,968 shares of the industrial products company’s stock worth $4,116,000 after buying an additional 133,778 shares during the last quarter. Glenmede Trust Co. NA acquired a new position in shares of Tenaris during the 3rd quarter worth $133,000. AQR Capital Management LLC raised its stake in shares of Tenaris by 7.6% during the 3rd quarter. AQR Capital Management LLC now owns 26,327 shares of the industrial products company’s stock worth $882,000 after buying an additional 1,861 shares during the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of Tenaris by 2.1% during the 3rd quarter. Mackenzie Financial Corp now owns 1,985,449 shares of the industrial products company’s stock worth $66,552,000 after buying an additional 41,689 shares during the last quarter. Institutional investors own 13.24% of the company’s stock.
Tenaris (NYSE:TS) last released its quarterly earnings results on Wednesday, October 31st. The industrial products company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.10. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.83 billion. Tenaris had a return on equity of 6.94% and a net margin of 11.35%. The business’s revenue was up 45.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 EPS. As a group, analysts anticipate that Tenaris SA will post 1.5 EPS for the current year.
The company also recently declared a Semi-Annual dividend, which was paid on Wednesday, November 21st. Stockholders of record on Tuesday, November 20th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, November 19th. Tenaris’s dividend payout ratio (DPR) is presently 67.53%.
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Tenaris Company Profile (NYSE:TS)
Tenaris SA 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 products for oil and gas drilling operations, such as casing and tubing products, premium connections, drill pipes, coiled tubing, hot-rolled and cold-drawn seamless tubes, tubular and non-tubular accessories, and devices.
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