Tenaris S.A. $TS is Encompass Capital Advisors LLC's 6th Largest Position

Key Points

• Encompass Capital Advisors LLC increased its stake in Tenaris S.A. by 90.7%, acquiring an additional 997,540 shares to hold a total of 2,097,540 shares, making Tenaris the firm's 6th largest position.
• Tenaris reported $0.99 earnings per share for the quarter, exceeding expectations, and declared a $1.20 billion stock repurchase plan to buy back up to 6.2% of its stock.
• Analysts show mixed sentiments on Tenaris, with some downgrading their price targets while others maintain favorable ratings; the stock currently holds an average rating of "Hold" with a consensus target price of $43.20.

Encompass Capital Advisors LLC increased its position in shares of Tenaris S.A. (NYSE:TS - Free Report) by 90.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,097,540 shares of the industrial products company's stock after buying an additional 997,540 shares during the period. Tenaris comprises about 3.1% of Encompass Capital Advisors LLC's portfolio, making the stock its 6th biggest position. Encompass Capital Advisors LLC owned 0.36% of Tenaris worth $82,035,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of TS. PNC Financial Services Group Inc. increased its stake in Tenaris by 4.0% in the first quarter. PNC Financial Services Group Inc. now owns 8,088 shares of the industrial products company's stock valued at $316,000 after purchasing an additional 308 shares during the last quarter. Russell Investments Group Ltd. increased its position in Tenaris by 10.6% in the 1st quarter. Russell Investments Group Ltd. now owns 3,636 shares of the industrial products company's stock valued at $142,000 after acquiring an additional 347 shares during the period. Silvercrest Asset Management Group LLC increased its position in Tenaris by 0.4% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 97,796 shares of the industrial products company's stock valued at $3,696,000 after acquiring an additional 386 shares during the period. Advisors Asset Management Inc. increased its stake in Tenaris by 4.3% in the 1st quarter. Advisors Asset Management Inc. now owns 9,408 shares of the industrial products company's stock valued at $368,000 after buying an additional 390 shares during the period. Finally, Brooklyn Investment Group raised 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 purchasing an additional 451 shares in the last quarter. 10.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Piper Sandler dropped their target price on shares of Tenaris from $50.00 to $48.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Barclays decreased their price objective on shares of Tenaris from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Wall Street Zen downgraded shares of Tenaris from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Sanford C. Bernstein started coverage on shares of Tenaris in a report on Monday, July 21st. They issued an "outperform" rating on the stock. Finally, Morgan Stanley reduced their price target on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a report on Friday, May 16th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Tenaris has a consensus rating of "Hold" and a consensus target price of $43.20.

Tenaris Stock Performance

Tenaris stock traded down $0.01 during midday trading on Monday, reaching $34.88. 2,871,548 shares of the company were exchanged, compared to its average volume of 1,615,437. The company has a market capitalization of $20.28 billion, a price-to-earnings ratio of 9.48, a P/E/G ratio of 2.63 and a beta of 1.39. The firm's 50-day simple moving average is $36.71 and its 200-day simple moving average is $35.80. Tenaris S.A. has a 1 year low of $27.59 and a 1 year high of $40.87.

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

Tenaris announced that its Board of Directors has initiated a share buyback program on Tuesday, May 27th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the industrial products company to buy up to 6.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Tenaris 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.