Tenaris (NYSE:TS) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Tenaris (NYSE:TS) from a hold rating to a buy rating in a research report report published on Saturday morning.

Other equities research analysts also recently issued research reports about the stock. Barclays set a $48.00 price objective on shares of Tenaris and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. BNP Paribas initiated coverage on shares of Tenaris in a research report on Tuesday, April 22nd. They set an “outperform” rating for the company. Stifel Nicolaus lowered their price objective on shares of Tenaris from $43.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Finally, Morgan Stanley lowered their price objective on shares of Tenaris from $35.00 to $34.00 and set an “underweight” rating for the company in a research report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $44.00.

Tenaris Stock Performance

Shares of NYSE:TS opened at $38.39 on Friday. Tenaris has a 52 week low of $27.24 and a 52 week high of $40.87. The company has a market capitalization of $22.32 billion, a PE ratio of 11.70, a PEG ratio of 2.89 and a beta of 1.29. The company has a 50 day moving average price of $34.90 and a two-hundred day moving average price of $36.38.

Tenaris (NYSE:TS) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.80 by $0.14. Tenaris had a net margin of 15.05% and a return on equity of 10.54%. The firm had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the prior year, the firm earned $1.27 earnings per share. The business’s quarterly revenue was down 15.1% on a year-over-year basis. On average, sell-side analysts forecast that Tenaris will post 3.14 earnings per share for the current year.

Tenaris declared that its Board of Directors has approved a stock buyback program on Tuesday, May 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the industrial products company to reacquire up to 6.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TS. Alua Capital Management LP acquired a new position in Tenaris during the first quarter worth $93,370,000. Encompass Capital Advisors LLC acquired a new position in Tenaris during the fourth quarter worth $41,569,000. Millennium Management LLC boosted its holdings in Tenaris by 38.2% during the fourth quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company’s stock worth $106,444,000 after purchasing an additional 778,021 shares during the last quarter. Merewether Investment Management LP acquired a new stake in Tenaris in the fourth quarter valued at $20,271,000. Finally, Carrhae Capital LLP acquired a new stake in Tenaris in the fourth quarter valued at $16,545,000. Institutional investors and hedge funds own 10.45% of the company’s stock.

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.