Tenaris upgraded to Buy from Hold at Jefferies 04:57 TS Jefferies analyst Alan Spence upgraded Tenaris to Buy from Hold with a price target of $46, up from $35.70. The analyst prefers oil country tubular goods exposure among the steel sector stocks. He assumes normalization from peak OCTG margins in June, but says that with inventories near 14-year lows, there's upside risk. Spence upgraded Tenaris to reflect its exposure to OCTG.
Tenaris resolves SEC probe into legacy issue in Brazil 06/02 TS, PBR Tenaris (TS) has resolved a previously disclosed investigation by the U.S. Securities and Exchange Commission into allegations of improper payments between 2008 and 2013 to a manager of the Brazilian state-owned energy company Petroleo Brasileiro S.A. (PBR) for the benefit of Tenaris's Brazilian subsidiary Confab Industrial S.A. The U.S. Department of Justice has informed Tenaris that it has closed its parallel inquiry into this matter without taking action. Tenaris voluntarily notified the SEC and DOJ of this matter in 2016 and believes the resolution with the SEC is in the best interest of the company and its stakeholders. The company cooperated fully with investigators, as the SEC noted in its Order Instituting Proceedings. Under the settlement with the SEC, Tenaris neither admits nor denies the SEC's findings and will pay $53,100,338 in disgorgement and prejudgment interest and a $25,000,000 civil penalty to conclude the matter.
Tenaris price target raised to $42 from $32 at Barclays
05/09 TS Barclays analyst J. David Anderson raised the firm's price target on Tenaris to $42 from $32 and keeps an Overweight rating on the shares. With volumes and pricing better than he expected and the market continuing to strengthen, the analyst increased Tenaris numbers significantly and sees "marked value in the stock."
IDEA #1- TENARIS-!
S.A. (TS)
NYSE - NYSE Delayed Price. Currency in USD
24.90+2.01(+8.78%)
At close: July 7 04:00PM EDT
25.54+0.64(+2.57%)<----------
Pre-Market:09:23AM EDT
