Tenaris S.A. (NYSE:TS) Sees Significant Increase in Short Interest

Key Points

• Tenaris S.A. experienced a dramatic 1,871.1% increase in short interest in July, rising to 3,550,000 shares from 180,100 shares at the end of June.
• The company's stock price is currently down 1.0%, trading at $34.61, with a market cap of $20.12 billion and an earnings per share (EPS) of $0.99 for its latest quarter.
• Tenaris has announced a $1.20 billion stock repurchase plan, indicating the board's belief that the company's shares are undervalued.

Tenaris S.A. (NYSE:TS - Get Free Report) saw a significant growth in short interest during the month of July. As of July 15th, there was short interest totaling 3,550,000 shares, agrowthof1,871.1% from the June 30th total of 180,100 shares. Approximately0.7% of the shares of the stock are sold short. Based on an average daily volume of 1,570,000 shares, the short-interest ratio is presently 2.3 days. Based on an average daily volume of 1,570,000 shares, the short-interest ratio is presently 2.3 days. Approximately0.7% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of research firms recently commented on TS. Sanford C. Bernstein began coverage on Tenaris in a research note on Monday, July 21st. They set an "outperform" rating on the stock. Barclays set a $48.00 price target on Tenaris and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. BNP Paribas initiated coverage on Tenaris in a research note on Tuesday, April 22nd. They issued an "outperform" rating on the stock. Stifel Nicolaus decreased their price target on Tenaris from $43.00 to $41.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Finally, Morgan Stanley decreased their price target on Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a research note on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Tenaris presently has an average rating of "Hold" and a consensus target price of $44.00.

Tenaris Stock Down 1.0%

Shares of TS traded down $0.34 during mid-day trading on Friday, hitting $34.61. The stock had a trading volume of 1,448,057 shares, compared to its average volume of 1,613,981. The company has a market cap of $20.12 billion, a PE ratio of 9.41, a PEG ratio of 2.80 and a beta of 1.29. The company's fifty day simple moving average is $36.44 and its two-hundred day simple moving average is $36.37. Tenaris has a fifty-two week low of $27.24 and a fifty-two week high of $40.87.

Tenaris (NYSE:TS - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $0.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.11. Tenaris had a return on equity of 11.64% and a net margin of 17.02%. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3 billion. During the same quarter in the previous year, the firm posted $0.59 EPS. The business's revenue for the quarter was down 7.1% compared to the same quarter last year. Equities analysts expect that Tenaris will post 3.14 earnings per share for the current year.

Tenaris announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 27th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the industrial products company to buy up to 6.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of Tenaris

Several hedge funds have recently added to or reduced their stakes in the business. Yaupon Capital Management LP bought a new stake in shares of Tenaris in the 4th quarter worth $12,594,000. Invesco Ltd. bought a new stake in shares of Tenaris in the 4th quarter worth $3,141,000. GAMMA Investing LLC raised its stake in shares of Tenaris by 4,369.1% in the 1st quarter. GAMMA Investing LLC now owns 41,965 shares of the industrial products company's stock worth $1,641,000 after buying an additional 41,026 shares in the last quarter. Thornburg Investment Management Inc. bought a new stake in shares of Tenaris in the 4th quarter worth $796,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Tenaris by 46.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,890 shares of the industrial products company's stock worth $71,000 after buying an additional 600 shares in the last quarter. Institutional investors own 10.45% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.