Tenaris SA (NYSE:TS) Sees Large Increase in Short Interest

Tenaris SA (NYSE:TS) was the target of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 5,940,000 shares, an increase of 7.6% from the September 30th total of 5,520,000 shares. Based on an average daily trading volume, of 2,830,000 shares, the days-to-cover ratio is currently 2.1 days. Approximately 1.0% of the company’s stock are sold short.

Several equities analysts recently commented on the stock. Cowen reaffirmed a “market perform” rating and issued a $28.00 price objective (down from $29.00) on shares of Tenaris in a research report on Monday, August 5th. Barclays reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Tenaris in a research report on Tuesday, November 5th. Stifel Nicolaus decreased their price objective on shares of Tenaris from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. ValuEngine raised shares of Tenaris from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Zacks Investment Research lowered shares of Tenaris from a “hold” rating to a “strong sell” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $29.42.

Shares of NYSE TS traded down $0.49 during midday trading on Monday, reaching $21.40. 93,793 shares of the stock were exchanged, compared to its average volume of 2,939,943. The firm has a market cap of $12.64 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 1.78 and a beta of 1.18. Tenaris has a twelve month low of $19.90 and a twelve month high of $30.32. The firm has a 50-day simple moving average of $21.08 and a two-hundred day simple moving average of $23.66. The company has a quick ratio of 1.76, a current ratio of 2.98 and a debt-to-equity ratio of 0.02.

Tenaris (NYSE:TS) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.13). Tenaris had a return on equity of 6.75% and a net margin of 10.66%. The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the previous year, the business earned $0.42 EPS. Tenaris’s revenue for the quarter was down 8.0% compared to the same quarter last year. Research analysts expect that Tenaris will post 1.25 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the stock. Rehmann Capital Advisory Group lifted its holdings in Tenaris by 9.5% in the 2nd quarter. Rehmann Capital Advisory Group now owns 5,325 shares of the industrial products company’s stock valued at $140,000 after purchasing an additional 464 shares in the last quarter. Lindbrook Capital LLC raised its holdings in shares of Tenaris by 26.6% during the 3rd quarter. Lindbrook Capital LLC now owns 3,894 shares of the industrial products company’s stock worth $82,000 after acquiring an additional 819 shares during the period. Wetherby Asset Management Inc. raised its holdings in shares of Tenaris by 11.4% during the 2nd quarter. Wetherby Asset Management Inc. now owns 9,117 shares of the industrial products company’s stock worth $240,000 after acquiring an additional 936 shares during the period. Royal Bank of Canada raised its holdings in shares of Tenaris by 94.1% during the 2nd quarter. Royal Bank of Canada now owns 4,922 shares of the industrial products company’s stock worth $130,000 after acquiring an additional 2,386 shares during the period. Finally, Quantamental Technologies LLC purchased a new position in shares of Tenaris during the 2nd quarter worth $97,000. 14.04% of the stock is currently owned by hedge funds and other institutional investors.

Tenaris Company Profile

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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