Tenaris S.A. (TS) : Traders are bullish on Tenaris S.A. (TS) as it has outperformed the S&P 500 by a wide margin of 7.33% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 4.3%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 4.26% in the last 1 week, and is up 7.74% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Tenaris S.A. is up 12.66% in the last 3-month period. Year-to-Date the stock performance stands at 25.11%. The stock has recorded a 20-day Moving Average of 6.21% and the 50-Day Moving Average is 4.51%.
Tenaris S.A. (NYSE:TS): The stock opened at $29.33 on Friday but the bulls could not build on the opening and the stock topped out at $29.39 for the day. The stock traded down to $28.96 during the day, due to lack of any buying support eventually closed down at $29.10 with a loss of -2.64% for the day. The stock had closed at $29.89 on the previous day. The total traded volume was 1,947,216 shares.
Also, Goldman Sachs downgrades their rating on the shares of Tenaris S.A. (NYSE:TS). The current rating of the shares is Neutral. Earlier, the shares were rated a Buy by the brokerage firm. The rating by the firm was issued on July 20, 2016.
Tenaris S.A is a holding company, which is engaged in the steel pipe manufacturing and distribution businesses. The Company produces and sells both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. It operates in geographical areas, which include North America, South America, Europe, Middle East, Africa, and Far East and Oceania. Its principal finished products are seamless and welded steel casing and tubing, line pipe and other mechanical and structural steel pipes for different uses. It also manufactures sucker rods used in oil extraction activities, industrial equipment of various specifications and applications, including liquid and gas storage equipment, and welded steel pipes for electric conduits used in the construction industry.