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

Tenaris S.A. (NYSE:TS - Get Free Report)'s share price 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.

Analysts Set New Price Targets

Several analysts have weighed in on TS shares. Morgan Stanley cut their price objective on Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a research report on Friday, May 16th. BNP Paribas assumed coverage on shares of Tenaris in a report on Tuesday, April 22nd. They issued an "outperform" rating for the company. Bank of America lowered shares of Tenaris from a "neutral" rating to an "underperform" rating in a report on Wednesday, January 29th. Wall Street Zen upgraded shares of Tenaris from a "hold" rating to a "buy" rating in a report on Monday, May 5th. Finally, Stifel Nicolaus decreased their target price on shares of Tenaris from $43.00 to $41.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $44.00.

Tenaris Price Performance

The firm has a market capitalization of $19.60 billion, a PE ratio of 9.34 and a beta of 1.27. The stock's 50-day moving average price is $34.28 and its 200 day moving average price is $36.75.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TS. Capital Insight Partners LLC lifted its position in Tenaris by 3.8% during the fourth quarter. Capital Insight Partners LLC now owns 116,507 shares of the industrial products company's stock valued at $4,403,000 after purchasing an additional 4,230 shares during the period. ABC Arbitrage SA purchased a new position in Tenaris in the fourth quarter valued at $31,581,000. Bank of New York Mellon Corp increased its holdings in Tenaris by 26.9% in the fourth quarter. Bank of New York Mellon Corp now owns 12,846 shares of the industrial products company's stock valued at $485,000 after buying an additional 2,726 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in Tenaris in the fourth quarter valued at $968,000. Finally, US Bancorp DE increased its holdings in Tenaris by 7.5% in the fourth quarter. US Bancorp DE now owns 15,120 shares of the industrial products company's stock valued at $571,000 after buying an additional 1,061 shares in the last quarter. 10.45% of the stock is currently owned by institutional investors and hedge funds.

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.

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