Tenaris (NYSE:TS) Cut to “Underperform” at Bank of America

Bank of America downgraded shares of Tenaris (NYSE:TS) from a neutral rating to an underperform rating in a research report sent to investors on Wednesday, Marketbeat Ratings reports.

TS has been the topic of a number of other research reports. Kepler Capital Markets lowered shares of Tenaris from a “buy” rating to a “hold” rating in a report on Friday, January 17th. StockNews.com raised Tenaris from a “hold” rating to a “buy” rating in a research note on Friday, January 17th. Stifel Nicolaus dropped their price target on Tenaris from $37.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Piper Sandler initiated coverage on Tenaris in a research report on Thursday, December 19th. They set an “overweight” rating and a $48.00 price objective on the stock. Finally, Jefferies Financial Group upgraded Tenaris from a “hold” rating to a “buy” rating and boosted their target price for the stock from $35.00 to $47.00 in a research report on Monday, December 9th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Tenaris currently has an average rating of “Hold” and an average target price of $42.75.

Tenaris Trading Down 1.3 %

Shares of TS opened at $37.64 on Wednesday. The stock has a 50-day moving average price of $38.23 and a 200-day moving average price of $33.64. The company has a market cap of $21.88 billion, a PE ratio of 8.20 and a beta of 1.45. Tenaris has a 12-month low of $27.24 and a 12-month high of $40.72.

Tenaris Cuts Dividend

The business also recently declared a Semi-Annual dividend, which was paid on Wednesday, November 20th. Investors of record on Tuesday, November 19th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a yield of 3.6%. Tenaris’s payout ratio is 23.53%.

Institutional Trading of Tenaris

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC increased its stake in shares of Tenaris by 21.3% in the third quarter. FMR LLC now owns 3,503,644 shares of the industrial products company’s stock worth $111,381,000 after buying an additional 614,884 shares during the period. Wellington Management Group LLP increased its position in shares of Tenaris by 187.4% in the third quarter. Wellington Management Group LLP now owns 2,546,184 shares of the industrial products company’s stock valued at $80,943,000 after acquiring an additional 1,660,300 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Tenaris by 102.5% during the third quarter. Point72 Asset Management L.P. now owns 1,050,552 shares of the industrial products company’s stock valued at $33,397,000 after acquiring an additional 531,860 shares during the last quarter. ABC Arbitrage SA purchased a new stake in shares of Tenaris during the fourth quarter worth about $31,581,000. Finally, Holocene Advisors LP bought a new stake in shares of Tenaris in the third quarter worth about $21,454,000. 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.