Encompass Capital Advisors LLC Has $82.04 Million Stock Holdings in Tenaris S.A. $TS

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 raised its position in shares of Tenaris S.A. (NYSE:TS - Free Report) by 90.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,097,540 shares of the industrial products company's stock after purchasing an additional 997,540 shares during the quarter. Tenaris accounts for 3.1% of Encompass Capital Advisors LLC's investment portfolio, making the stock its 6th biggest holding. Encompass Capital Advisors LLC owned about 0.36% of Tenaris worth $82,035,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Brooklyn Investment Group grew its stake in shares of Tenaris by 169.5% during the first quarter. Brooklyn Investment Group now owns 717 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 451 shares during the last quarter. Harbour Investments Inc. acquired a new stake in Tenaris in the 1st quarter valued at $39,000. Farther Finance Advisors LLC grew its position in shares of Tenaris by 93.2% in the 1st quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock valued at $66,000 after acquiring an additional 801 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Tenaris by 46.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,890 shares of the industrial products company's stock valued at $71,000 after acquiring an additional 600 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Tenaris by 106.7% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,150 shares of the industrial products company's stock worth $81,000 after buying an additional 1,110 shares during the period. 10.45% of the stock is currently owned by institutional investors.

Tenaris Trading Up 1.4%

NYSE:TS traded up $0.50 on Tuesday, hitting $35.39. The company's stock had a trading volume of 1,407,493 shares, compared to its average volume of 1,613,677. The firm has a market capitalization of $20.57 billion, a P/E ratio of 9.61, a price-to-earnings-growth ratio of 2.63 and a beta of 1.39. Tenaris S.A. has a one year low of $27.59 and a one year high of $40.87. The stock has a fifty day moving average of $36.65 and a two-hundred day moving average of $35.78.

Tenaris (NYSE:TS - Get Free Report) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $0.99 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.11. The firm had revenue of $3.09 billion for 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%.The company's revenue was down 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.59 EPS. As a group, sell-side analysts anticipate that Tenaris S.A. will post 3.14 EPS for the current year.

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

Wall Street Analysts Forecast Growth

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

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.