Tenaris S.A. (NYSE:TS) Shares Sold by Viking Fund Management LLC

Viking Fund Management LLC cut its holdings in Tenaris S.A. (NYSE:TS - Free Report) by 58.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,000 shares of the industrial products company's stock after selling 35,000 shares during the quarter. Viking Fund Management LLC's holdings in Tenaris were worth $978,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TS. Yaupon Capital Management LP bought a new stake in Tenaris during the 4th quarter valued at $12,594,000. Invesco Ltd. bought a new stake in Tenaris during the fourth quarter valued at about $3,141,000. Proficio Capital Partners LLC bought a new stake in Tenaris during the fourth quarter valued at about $968,000. ABC Arbitrage SA bought a new stake in Tenaris during the fourth quarter valued at about $31,581,000. Finally, Thornburg Investment Management Inc. bought a new stake in Tenaris during the fourth quarter valued at about $796,000. 10.45% of the stock is currently owned by institutional investors.

Tenaris Stock Performance

TS stock traded up $0.07 during trading on Friday, reaching $34.63. The company had a trading volume of 1,145,807 shares, compared to its average volume of 1,736,200. The firm has a 50-day simple moving average of $33.45 and a 200-day simple moving average of $36.60. The company has a market cap of $20.13 billion, a price-to-earnings ratio of 9.59 and a beta of 1.27. Tenaris S.A. has a twelve month low of $27.24 and a twelve month high of $40.87.

Tenaris (NYSE:TS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.80 by $0.14. Tenaris had a net margin of 16.26% and a return on equity of 11.76%. The business had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the previous year, the firm posted $1.27 earnings per share. The business's revenue for the quarter was down 15.1% compared to the same quarter last year. Sell-side analysts expect that Tenaris S.A. will post 3.14 earnings per share for the current year.

Tenaris announced that its board has approved 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 shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

TS has been the topic of a number of recent analyst reports. Stifel Nicolaus lowered their price target on shares of Tenaris from $43.00 to $41.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Barclays set a $48.00 price target on shares of Tenaris and gave the company an "overweight" rating in a report on Tuesday, May 6th. BNP Paribas assumed coverage on shares of Tenaris in a research note on Tuesday, April 22nd. They issued an "outperform" rating for the company. Wall Street Zen upgraded shares of Tenaris from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. Finally, Morgan Stanley lowered their price objective on Tenaris from $35.00 to $34.00 and set an "underweight" rating for the company in a research report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $44.00.

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.