Tenaris (NYSE:TS) Shares Gap Up - Time to Buy?

Key Points

• Tenaris shares opened 3.8% higher at $56.00 and last traded around $56.30, with 223,000 shares changing hands.
• Analyst sentiment remains mixed but leans toward caution: Tenaris has a consensus “Hold” rating and an average price target of $62.45, despite Piper Sandler raising its target to $60 and Barclays maintaining an “Overweight” rating.
• The company beat quarterly expectations, reporting $0.95 EPS versus $0.79 expected and $2.97 billion in revenue, although revenue declined 3.9% year over year. Institutional investors collectively own 10.45% of the stock, with several major firms increasing their stakes.

Shares of Tenaris S.A. (NYSE:TS - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $53.97, but opened at $56.00. Tenaris shares last traded at $56.2950, with a volume of 223,000 shares.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on TS shares. Piper Sandler upped their target price on shares of Tenaris from $56.00 to $60.00 and gave the company a "neutral" rating in a research note on Monday, May 18th. Barclays cut their price objective on Tenaris from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Monday, August 10th. Morgan Stanley decreased their target price on Tenaris from $65.00 to $60.00 and set an "equal weight" rating for the company in a research report on Thursday, August 20th. Zacks Research lowered Tenaris from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 10th. Finally, Wall Street Zen downgraded shares of Tenaris from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Tenaris currently has a consensus rating of "Hold" and an average price target of $62.45.

Tenaris Trading Up 2.5%

The stock has a market capitalization of $29.66 billion, a price-to-earnings ratio of 14.79, a PEG ratio of 1.29 and a beta of 0.85. The firm has a 50-day moving average of $55.28 and a 200 day moving average of $57.13.

Tenaris (NYSE:TS - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The industrial products company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.16. Tenaris had a net margin of 15.88% and a return on equity of 11.14%. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter in the prior year, the company posted $0.50 earnings per share. The company's quarterly revenue was down 3.9% compared to the same quarter last year. Equities research analysts predict that Tenaris S.A. will post 3.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Tenaris

A number of institutional investors have recently added to or reduced their stakes in TS. Renaissance Technologies LLC raised its position in Tenaris by 7.9% in the first quarter. Renaissance Technologies LLC now owns 3,199,744 shares of the industrial products company's stock worth $186,161,000 after acquiring an additional 235,400 shares in the last quarter. Sourcerock Group LLC boosted its position in shares of Tenaris by 25.9% during the 2nd quarter. Sourcerock Group LLC now owns 3,086,075 shares of the industrial products company's stock valued at $115,419,000 after purchasing an additional 635,817 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Tenaris by 25.6% in the 4th quarter. Wellington Management Group LLP now owns 2,682,137 shares of the industrial products company's stock worth $103,128,000 after purchasing an additional 546,144 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Tenaris by 25.4% in the 4th quarter. Van ECK Associates Corp now owns 2,019,185 shares of the industrial products company's stock worth $77,638,000 after purchasing an additional 408,592 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Tenaris by 3.1% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,767,924 shares of the industrial products company's stock worth $66,120,000 after purchasing an additional 53,155 shares in the last quarter. 10.45% of the stock is currently owned by institutional investors and hedge funds.

Tenaris Company Profile

Tenaris SA is a global manufacturer and supplier of steel tubular products and related services, primarily serving the oil and gas industry as well as other energy and industrial markets. Its product portfolio centers on seamless and welded steel pipes used for casing, tubing and line pipe applications, alongside a range of specialty and mechanical steel tubes. The company also provides value‑added technical solutions, including premium connections, heat treatment and surface protection, to support drilling, completion and production activities.

Tenaris operates an integrated industrial and commercial network that combines manufacturing, distribution and field services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source