Tenaris (NYSE:TS) Given New $88.00 Price Target at Barclays

Key Points

• Barclays raised its Tenaris price target to $88 from $80 and reaffirmed its “overweight” rating, implying about 48% upside from the stock’s then-current price.
• Tenaris shares rose 4.9% to $59.31 on Friday. The broader analyst consensus was “Hold,” with an average price target of $62.59.
• The company topped quarterly earnings expectations, reporting EPS of $1.01 versus an $0.81 consensus and revenue of $3.10 billion versus $3.03 billion; revenue increased 4.2% year over year.

Tenaris (NYSE:TS - Get Free Report) had its target price increased by research analysts at Barclays from $80.00 to $88.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the industrial products company's stock. Barclays's price target suggests a potential upside of 48.37% from the stock's current price.

TS has been the topic of several other reports. Zacks Research downgraded shares of Tenaris from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 10th. Bank of America boosted their price objective on shares of Tenaris from $66.00 to $71.00 and gave the stock a "buy" rating in a report on Monday, October 5th. TD Cowen upped their price objective on shares of Tenaris from $67.00 to $68.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Weiss Ratings cut shares of Tenaris from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, October 6th. Finally, Morgan Stanley increased their target price on shares of Tenaris from $60.00 to $62.00 and gave the company an "equal weight" rating in a report on Wednesday, October 14th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $62.59.

Tenaris Stock Up 4.9%

Shares of Tenaris stock traded up $2.78 during trading on Friday, hitting $59.31. 542,802 shares of the stock traded hands, compared to its average volume of 1,512,402. The stock has a market cap of $31.79 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.59 and a beta of 0.89. Tenaris has a 52 week low of $37.69 and a 52 week high of $64.60. The firm's fifty day moving average is $57.02 and its 200-day moving average is $56.26.

Tenaris (NYSE:TS - Get Free Report) last released its earnings results on Wednesday, November 4th. The industrial products company reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.20. The company had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.03 billion. Tenaris had a return on equity of 11.53% and a net margin of 16.24%. Tenaris's quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.85 EPS. On average, analysts forecast that Tenaris will post 3.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tenaris

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Polaris Financial Partners purchased a new stake in Tenaris in the 3rd quarter worth approximately $26,000. Allworth Financial LP increased its stake in shares of Tenaris by 116.0% during the second quarter. Allworth Financial LP now owns 661 shares of the industrial products company's stock valued at $37,000 after buying an additional 355 shares during the period. Ameritas Advisory Services LLC bought a new position in shares of Tenaris during the second quarter valued at approximately $48,000. Rockefeller Capital Management L.P. raised its holdings in shares of Tenaris by 378.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,802 shares of the industrial products company's stock valued at $69,000 after acquiring an additional 1,425 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Tenaris by 24.4% during the second quarter. GAMMA Investing LLC now owns 2,713 shares of the industrial products company's stock valued at $151,000 after acquiring an additional 533 shares in the last quarter. 10.45% of the stock is currently owned by institutional investors.

Tenaris Company Profile

Tenaris SA NYSE: TS is a global manufacturer and supplier of steel tubular products and related services. The company primarily serves the energy industry, producing seamless and welded steel pipes used in oil and natural gas exploration, production, transportation and processing. Its offerings include oil country tubular goods, line pipe, premium connections, coiled tubing and sucker rods.

Tenaris also supplies pipes for industrial and mechanical applications, including products used in power generation, automotive manufacturing, construction and other specialized industries.

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