Tenaris (NYSE:TS) Shares Gap Up - Still a Buy?

Tenaris S.A. (NYSE:TS - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $32.61, but opened at $34.40. Tenaris shares last traded at $33.75, with a volume of 1,048,684 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TS shares. Morgan Stanley cut their price objective on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating for the company in a report on Friday, May 16th. Piper Sandler increased their target price on Tenaris from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Tuesday, February 25th. Barclays set a $48.00 target price on Tenaris and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Wall Street Zen upgraded Tenaris from a "hold" rating to a "buy" rating in a research report on Monday, May 5th. Finally, BNP Paribas began coverage on Tenaris in a research report on Tuesday, April 22nd. They set an "outperform" rating for the company. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $44.00.

Tenaris Price Performance

The company has a market capitalization of $19.47 billion, a P/E ratio of 9.28 and a beta of 1.27. The business has a 50-day moving average of $33.91 and a 200-day moving average of $36.68.

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

Tenaris announced that its board has authorized a stock repurchase program on Tuesday, May 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the industrial products company to purchase up to 6.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

Institutional Trading of Tenaris

Institutional investors and hedge funds have recently made changes to their positions in the business. Brooklyn Investment Group lifted its position 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 worth $28,000 after purchasing an additional 451 shares during the last quarter. Harbour Investments Inc. bought a new stake in shares of Tenaris during the first quarter worth $39,000. EverSource Wealth Advisors LLC lifted its position in shares of Tenaris by 78.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,084 shares of the industrial products company's stock worth $41,000 after purchasing an additional 478 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Tenaris during the fourth quarter worth $42,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Tenaris by 93.2% during the first quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock worth $66,000 after purchasing an additional 801 shares during the last quarter. 10.45% of the stock is currently owned by institutional investors.

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.