Tenaris (NYSE:TS) Issues Earnings Results, Beats Estimates By $0.17 EPS

Key Points

• Tenaris beat quarterly earnings expectations: EPS was $0.95 versus the $0.78 consensus, while revenue reached $2.97 billion, slightly above estimates of $2.93 billion. Revenue nevertheless declined 3.9% year over year.
• Shares fell modestly to $57.14 during Wednesday trading, giving Tenaris a market capitalization of approximately $30.62 billion and a P/E ratio of 15.33.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $62.12; targets cited in the article range as high as $82.00.

Tenaris (NYSE:TS - Get Free Report) posted its quarterly earnings results on Wednesday. The industrial products company reported $0.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.17, Zacks reports. The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.93 billion. Tenaris had a return on equity of 11.53% and a net margin of 16.17%.The firm's quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.50 earnings per share.

Tenaris Price Performance

Tenaris stock traded down $0.82 during midday trading on Wednesday, hitting $57.14. 911,602 shares of the stock were exchanged, compared to its average volume of 1,026,737. Tenaris has a 1 year low of $33.65 and a 1 year high of $64.60. The firm has a market cap of $30.62 billion, a P/E ratio of 15.33, a P/E/G ratio of 1.38 and a beta of 0.85. The company has a 50 day moving average price of $57.96 and a two-hundred day moving average price of $56.08.

Institutional Trading of Tenaris

Hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. grew its stake in Tenaris by 514.6% during the 4th quarter. Invesco Ltd. now owns 546,204 shares of the industrial products company's stock valued at $21,002,000 after purchasing an additional 457,332 shares in the last quarter. XTX Topco Ltd raised its position in shares of Tenaris by 735.7% in the 4th quarter. XTX Topco Ltd now owns 101,844 shares of the industrial products company's stock valued at $3,916,000 after purchasing an additional 89,657 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Tenaris by 25.6% during the 4th quarter. Wellington Management Group LLP now owns 2,682,137 shares of the industrial products company's stock valued at $103,128,000 after buying an additional 546,144 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Tenaris during the 4th quarter valued at approximately $8,804,000. Finally, Guggenheim Capital LLC grew its position in shares of Tenaris by 14.1% during the fourth quarter. Guggenheim Capital LLC now owns 36,169 shares of the industrial products company's stock worth $1,391,000 after buying an additional 4,481 shares in the last quarter. 10.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TS has been the subject of a number of research reports. Weiss Ratings cut Tenaris from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, July 10th. Morgan Stanley upgraded shares of Tenaris from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $53.00 to $65.00 in a report on Wednesday, July 15th. Wall Street Zen upgraded shares of Tenaris from a "hold" rating to a "buy" rating in a research note on Saturday, July 18th. Barclays increased their price objective on shares of Tenaris to $82.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Finally, Zacks Research raised shares of Tenaris from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Tenaris currently has a consensus rating of "Moderate Buy" and an average target price of $62.12.

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.

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