Barclays Has Lowered Expectations for Tenaris (NYSE:TS) Stock Price

Key Points

• Barclays has reduced its price target for Tenaris (NYSE:TS) from $48.00 to $46.00, while maintaining an "overweight" rating, suggesting a potential upside of 29.77% based on current prices.
• Other analysts, including Morgan Stanley, have also adjusted their price targets downwards, with Morgan Stanley setting a target of $34.00 and an "underweight" rating.
• Tenaris's stock recently experienced a 0.3% increase in value, reaching $35.45, while the company reported a quarterly net margin of 17.02% and a return on equity of 11.71%.

Tenaris (NYSE:TS - Get Free Report) had its price objective cut by equities researchers at Barclays from $48.00 to $46.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the industrial products company's stock. Barclays's price target would suggest a potential upside of 29.77% from the company's current price.

Other research analysts also recently issued reports about the company. Morgan Stanley cut their price objective on Tenaris from $35.00 to $34.00 and set an "underweight" rating for the company in a research note on Friday, May 16th. Sanford C. Bernstein began coverage on shares of Tenaris in a report on Monday, July 21st. They issued an "outperform" rating on the stock. Wall Street Zen downgraded shares of Tenaris from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Stifel Nicolaus decreased their price objective on shares of Tenaris from $43.00 to $41.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Finally, BNP Paribas started coverage on shares of Tenaris in a report on Tuesday, April 22nd. They issued an "outperform" rating for the company. Two research analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Tenaris currently has an average rating of "Hold" and a consensus price target of $43.60.

Tenaris Stock Up 0.3%

Shares of NYSE TS traded up $0.12 during trading on Thursday, reaching $35.45. The company had a trading volume of 251,332 shares, compared to its average volume of 1,612,667. The stock has a market cap of $20.61 billion, a PE ratio of 9.63, a P/E/G ratio of 2.70 and a beta of 1.34. The business's 50-day moving average is $36.58 and its 200 day moving average is $36.27. Tenaris has a 12-month low of $27.49 and a 12-month high of $40.87.

Tenaris (NYSE:TS - Get Free Report) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.11. The business had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3 billion. Tenaris had a net margin of 17.02% and a return on equity of 11.71%. The business's revenue for the quarter was down 7.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.59 EPS. On average, analysts anticipate that Tenaris will post 3.14 earnings per share for the current year.

Tenaris declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 6.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Institutional Trading of Tenaris

A number of hedge funds and other institutional investors have recently made changes to their positions in TS. Brooklyn Investment Group boosted its holdings in Tenaris by 169.5% during the first quarter. Brooklyn Investment Group now owns 717 shares of the industrial products company's stock worth $28,000 after buying an additional 451 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Tenaris during the second quarter worth about $28,000. Harbour Investments Inc. acquired a new position in Tenaris in the first quarter valued at approximately $39,000. Blue Trust Inc. grew its position in Tenaris by 48.8% in the 2nd quarter. Blue Trust Inc. now owns 1,088 shares of the industrial products company's stock worth $41,000 after purchasing an additional 357 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Tenaris by 52.5% in the second quarter. GAMMA Investing LLC now owns 1,636 shares of the industrial products company's stock valued at $61,000 after acquiring an additional 563 shares in the last quarter. 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.

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