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

Tenaris (NYSE:TS) had its price objective cut by investment analysts at Stifel Nicolaus from $43.00 to $41.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Stifel Nicolaus’ price target indicates a potential upside of 26.59% from the stock’s previous close.

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

Tenaris Trading Up 1.3 %

Shares of TS stock traded up $0.42 during mid-day trading on Tuesday, reaching $32.39. The stock had a trading volume of 620,950 shares, compared to its average volume of 1,648,680. Tenaris has a 1-year low of $27.24 and a 1-year high of $40.87. The firm has a market cap of $18.83 billion, a price-to-earnings ratio of 8.97 and a beta of 1.21. The business’s fifty day moving average is $37.18 and its 200-day moving average is $36.63.

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

Institutional Investors Weigh In On Tenaris

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC increased its stake in shares of Tenaris by 38.2% during the fourth quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company’s stock worth $106,444,000 after purchasing an additional 778,021 shares in the last quarter. Encompass Capital Advisors LLC purchased a new stake in Tenaris during the 4th quarter worth approximately $41,569,000. ABC Arbitrage SA purchased a new stake in Tenaris during the 4th quarter worth approximately $31,581,000. Medina Value Partners LLC raised its holdings in shares of Tenaris by 34.7% during the fourth quarter. Medina Value Partners LLC now owns 566,013 shares of the industrial products company’s stock valued at $21,390,000 after acquiring an additional 145,945 shares during the last quarter. Finally, Merewether Investment Management LP purchased a new position in shares of Tenaris in the fourth quarter valued at approximately $20,271,000. 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.