Stock Buyback Program Approved by Tenaris (NYSE:TS)

Tenaris (NYSE:TS - Get Free Report) announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 27th, RTT News reports. The company plans to buyback $1.20 billion in shares. This buyback authorization allows the industrial products company to reacquire up to 6.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Tenaris Stock Up 5.6%

Shares of TS traded up $1.88 during trading hours on Monday, reaching $35.33. The stock had a trading volume of 2,605,832 shares, compared to its average volume of 1,751,863. Tenaris has a 52 week low of $27.24 and a 52 week high of $40.87. The firm has a 50-day moving average of $33.81 and a 200 day moving average of $36.66. The company has a market cap of $20.54 billion, a P/E ratio of 9.79 and a beta of 1.27.

Tenaris (NYSE:TS - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.94 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $2.88 billion. During the same quarter in the prior year, the company earned $1.27 EPS. The firm's quarterly revenue was down 15.1% on a year-over-year basis. As a group, equities analysts expect that Tenaris will post 3.14 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have commented on TS. Piper Sandler upped their target price on shares of 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 shares of Tenaris and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Morgan Stanley dropped their target price on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating for the company in a research report on Friday, May 16th. Stifel Nicolaus dropped their target price on shares of Tenaris from $43.00 to $41.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Wall Street Zen upgraded shares of Tenaris from a "hold" rating to a "buy" rating in a research report on Monday, May 5th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target 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.