Tenaris (NYSE:TS) Stock Rating Lowered by Bank of America

Tenaris (NYSE:TS) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a report released on Wednesday, Marketbeat Ratings reports.

Several other analysts have also commented on TS. Kepler Capital Markets lowered shares of Tenaris from a “buy” rating to a “hold” rating in a research report on Friday, January 17th. Piper Sandler initiated coverage on shares of Tenaris in a research report on Thursday, December 19th. They issued an “overweight” rating and a $48.00 target price on the stock. Jefferies Financial Group upgraded shares of Tenaris from a “hold” rating to a “buy” rating and lifted their target price for the company from $35.00 to $47.00 in a research report on Monday, December 9th. StockNews.com upgraded shares of Tenaris from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. Finally, Stifel Nicolaus dropped their target price on shares of Tenaris from $37.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Two 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $42.75.

Tenaris Stock Performance

TS stock opened at $38.14 on Wednesday. The firm has a market cap of $22.17 billion, a PE ratio of 8.31 and a beta of 1.45. The firm’s fifty day moving average is $38.21 and its 200 day moving average is $33.61. Tenaris has a one year low of $27.24 and a one year high of $40.72.

Hedge Funds Weigh In On Tenaris

Hedge funds and other institutional investors have recently modified their holdings of the business. Versant Capital Management Inc purchased a new position in shares of Tenaris in the fourth quarter worth about $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Tenaris in the third quarter worth about $33,000. GAMMA Investing LLC lifted its stake in shares of Tenaris by 140.2% in the fourth quarter. GAMMA Investing LLC now owns 939 shares of the industrial products company’s stock worth $35,000 after buying an additional 548 shares in the last quarter. Covestor Ltd purchased a new position in shares of Tenaris in the third quarter worth about $40,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Tenaris by 36.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,420 shares of the industrial products company’s stock worth $45,000 after buying an additional 377 shares in the last quarter. 10.45% of the stock is owned by hedge funds and other institutional investors.

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.