Citigroup Downgrades Tenaris (TS) to Neutral

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Tenaris (NYSE:TS) was downgraded by research analysts at Citigroup from a “buy” rating to a “neutral” rating in a report issued on Friday, MarketBeat.com reports.

Other equities analysts have also issued research reports about the company. BNP Paribas raised Tenaris from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 21st. ValuEngine lowered Tenaris from a “buy” rating to a “hold” rating in a research note on Saturday, June 16th. Cowen upped their price objective on Tenaris from $35.00 to $38.00 and gave the stock a “market perform” rating in a research note on Tuesday, May 8th. Capital One Financial raised Tenaris from an “equal weight” rating to an “overweight” rating in a research note on Friday, April 27th. Finally, Zacks Investment Research lowered Tenaris from a “strong-buy” rating to a “hold” rating and set a $41.00 price objective for the company. in a research note on Friday, June 29th. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Tenaris currently has a consensus rating of “Hold” and a consensus target price of $42.32.

NYSE:TS opened at $33.11 on Friday. Tenaris has a 52-week low of $25.91 and a 52-week high of $40.64. The stock has a market cap of $20.35 billion, a price-to-earnings ratio of 43.00, a P/E/G ratio of 0.67 and a beta of 0.61.

Tenaris (NYSE:TS) last released its quarterly earnings results on Wednesday, August 1st. The industrial products company reported $0.29 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.29. Tenaris had a return on equity of 5.74% and a net margin of 10.21%. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same quarter in the previous year, the company posted $0.06 earnings per share. Tenaris’s revenue for the quarter was up 43.9% on a year-over-year basis. equities research analysts expect that Tenaris will post 1.42 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC boosted its stake in Tenaris by 50.2% during the second quarter. Cubist Systematic Strategies LLC now owns 7,208 shares of the industrial products company’s stock valued at $262,000 after buying an additional 2,408 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Tenaris by 6.5% during the first quarter. Oppenheimer Asset Management Inc. now owns 46,907 shares of the industrial products company’s stock valued at $1,626,000 after buying an additional 2,874 shares during the last quarter. SG Americas Securities LLC boosted its stake in Tenaris by 50.6% during the second quarter. SG Americas Securities LLC now owns 10,268 shares of the industrial products company’s stock valued at $374,000 after buying an additional 3,452 shares during the last quarter. Royal Bank of Canada boosted its stake in Tenaris by 13.4% during the first quarter. Royal Bank of Canada now owns 30,755 shares of the industrial products company’s stock valued at $1,067,000 after buying an additional 3,624 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Tenaris by 44.2% during the first quarter. PNC Financial Services Group Inc. now owns 15,093 shares of the industrial products company’s stock valued at $523,000 after buying an additional 4,626 shares during the last quarter. 13.58% of the stock is owned by institutional investors.

About Tenaris

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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Analyst Recommendations for Tenaris (NYSE:TS)

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