Tenaris (NYSE:TS) Coverage Initiated at Scotiabank

Stock analysts at Scotiabank assumed coverage on shares of Tenaris (NYSE:TS) in a research note issued on Tuesday, The Fly reports. The brokerage set a “sector outperform” rating and a $16.00 price target on the industrial products company’s stock. Scotiabank’s price objective indicates a potential upside of 41.84% from the company’s previous close.

A number of other research firms have also issued reports on TS. Bank of America decreased their price objective on Tenaris from $16.20 to $14.40 and set a “neutral” rating on the stock in a research note on Tuesday. Zacks Investment Research lowered Tenaris from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Barclays lowered Tenaris from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $15.00 to $10.00 in a research note on Monday, August 10th. Piper Sandler upped their target price on Tenaris from $12.20 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 16th. Finally, Kepler Capital Markets restated a “hold” rating on shares of Tenaris in a research note on Friday, August 21st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $15.11.

Shares of NYSE TS opened at $11.28 on Tuesday. Tenaris has a one year low of $9.10 and a one year high of $23.54. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.30 and a quick ratio of 1.94. The business’s fifty day moving average price is $11.74 and its 200-day moving average price is $12.92. The stock has a market capitalization of $6.66 billion, a PE ratio of -14.84 and a beta of 1.44.

Tenaris (NYSE:TS) last released its quarterly earnings data on Wednesday, August 5th. The industrial products company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). Tenaris had a negative net margin of 6.91% and a positive return on equity of 2.60%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.14 billion. As a group, equities analysts expect that Tenaris will post -0.32 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the company. Bank of Montreal Can increased its position in shares of Tenaris by 131.7% during the 2nd quarter. Bank of Montreal Can now owns 2,076 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 1,180 shares during the last quarter. Advisor Group Holdings Inc. purchased a new stake in Tenaris during the 1st quarter valued at about $43,000. Glenmede Trust Co. NA boosted its holdings in Tenaris by 143.0% during the 2nd quarter. Glenmede Trust Co. NA now owns 5,491 shares of the industrial products company’s stock valued at $70,000 after acquiring an additional 3,231 shares during the period. UBS Group AG boosted its holdings in Tenaris by 21.4% during the 2nd quarter. UBS Group AG now owns 5,768 shares of the industrial products company’s stock valued at $75,000 after acquiring an additional 1,016 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in Tenaris by 13.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,559 shares of the industrial products company’s stock valued at $80,000 after acquiring an additional 771 shares during the period. Hedge funds and other institutional investors own 11.95% of the company’s stock.

About Tenaris

Tenaris SA, through its subsidiaries, produces and sells seamless and welded steel tubular products; and provides 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, perforating guns, tubular accessories, and non-tubular accessories and devices.

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