Barclays Lowers Tenaris (NYSE:TS) Price Target to $46.00

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 - Free Report) had its target price cut by Barclays from $48.00 to $46.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an overweight rating on the industrial products company's stock.

TS has been the topic of a number of other research reports. BNP Paribas began coverage on Tenaris in a report on Tuesday, April 22nd. They set an "outperform" rating on the stock. Morgan Stanley lowered their target price on Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a report on Friday, May 16th. Sanford C. Bernstein initiated coverage on Tenaris in a research report on Monday, July 21st. They issued an "outperform" rating for the company. Stifel Nicolaus dropped their target price on Tenaris from $43.00 to $41.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Wall Street Zen downgraded Tenaris from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $43.60.

Tenaris Trading Down 1.4%

Shares of NYSE TS traded down $0.49 on Thursday, reaching $35.26. 409,868 shares of the company traded hands, compared to its average volume of 1,607,904. Tenaris has a fifty-two week low of $27.59 and a fifty-two week high of $40.87. The company has a 50 day moving average of $36.70 and a 200 day moving average of $36.18. The stock has a market capitalization of $20.50 billion, a PE ratio of 9.58, a P/E/G ratio of 2.70 and a beta of 1.34.

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

Tenaris announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 27th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the industrial products company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TS. Russell Investments Group Ltd. boosted its holdings in shares of Tenaris by 60.7% during the fourth quarter. Russell Investments Group Ltd. now owns 3,289 shares of the industrial products company's stock worth $124,000 after purchasing an additional 1,242 shares during the period. Cerity Partners LLC increased its stake in shares of Tenaris by 7.4% during the fourth quarter. Cerity Partners LLC now owns 26,818 shares of the industrial products company's stock valued at $956,000 after purchasing an additional 1,851 shares in the last quarter. Invesco Ltd. bought a new position in shares of Tenaris during the fourth quarter valued at approximately $3,141,000. Covestor Ltd increased its stake in shares of Tenaris by 37.2% during the fourth quarter. Covestor Ltd now owns 1,729 shares of the industrial products company's stock valued at $65,000 after purchasing an additional 469 shares in the last quarter. Finally, Mariner LLC increased its position in shares of Tenaris by 4.8% during the fourth quarter. Mariner LLC now owns 27,430 shares of the industrial products company's stock valued at $1,036,000 after acquiring an additional 1,245 shares in the last quarter. Institutional investors own 10.45% of the company's stock.

About Tenaris

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.