Tenaris (NYSE:TS) Board of Directors Announces Share Repurchase Plan

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

Tenaris Price Performance

Shares of TS stock traded down $0.32 during trading on Friday, reaching $33.49. The company's stock had a trading volume of 1,115,153 shares, compared to its average volume of 1,752,730. Tenaris has a 1-year low of $27.24 and a 1-year high of $40.87. The stock's 50-day moving average price is $33.91 and its 200 day moving average price is $36.68. The company has a market capitalization of $19.47 billion, a price-to-earnings ratio of 9.28 and a beta of 1.27.

Tenaris (NYSE:TS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.94 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $2.88 billion. During the same quarter in the previous year, the firm posted $1.27 earnings per share. The company's quarterly revenue was down 15.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Tenaris will post 3.14 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TS. Wall Street Zen raised Tenaris from a "hold" rating to a "buy" rating in a research report on Monday, May 5th. Piper Sandler boosted their price target on shares of Tenaris from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Tuesday, February 25th. Morgan Stanley decreased their price objective on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a 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 report on Tuesday, April 15th. Finally, Barclays set a $48.00 target price on Tenaris and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $44.00.

Tenaris Company Profile

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.