Tenaris S.A. (NYSE:TS) Short Interest Up 30.8% in August

Key Points

• Short interest in Tenaris S.A. increased by 30.8% in August, rising to 4,370,000 shares from 3,340,000 at the end of July.
• Wall Street analysts show mixed opinions on Tenaris, with an average rating of "Hold" and a price target of $43.20, after several adjustments to their price targets.
• Tenaris reported a quarterly earnings per share (EPS) of $0.99 for the last quarter, beating estimates, but its revenue declined by 7.1% compared to the previous year.

Tenaris S.A. (NYSE:TS - Get Free Report) was the target of a significant increase in short interest in the month of August. As of August 15th, there was short interest totaling 4,370,000 shares, an increase of 30.8% from the July 31st total of 3,340,000 shares. Currently, 0.8% of the company's shares are short sold. Based on an average daily trading volume, of 1,480,000 shares, the short-interest ratio is currently 3.0 days. Based on an average daily trading volume, of 1,480,000 shares, the short-interest ratio is currently 3.0 days. Currently, 0.8% of the company's shares are short sold.

Analysts Set New Price Targets

Several research firms recently issued reports on TS. Morgan Stanley dropped their target price 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. Barclays dropped their price objective on shares of Tenaris from $48.00 to $46.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Sanford C. Bernstein assumed coverage on shares of Tenaris in a report on Monday, July 21st. They set an "outperform" rating on the stock. Piper Sandler dropped their price objective on shares of Tenaris from $50.00 to $48.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Finally, Wall Street Zen lowered shares of Tenaris from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Tenaris presently has a consensus rating of "Hold" and a consensus price target of $43.20.

Tenaris Price Performance

Shares of NYSE:TS traded down $0.18 during midday trading on Friday, hitting $35.85. 1,252,491 shares of the company's stock were exchanged, compared to its average volume of 1,728,221. The stock has a 50 day moving average price of $36.46 and a 200-day moving average price of $35.75. The company has a market cap of $20.84 billion, a PE ratio of 9.74, a price-to-earnings-growth ratio of 2.72 and a beta of 1.39. Tenaris has a 12 month low of $28.17 and a 12 month high of $40.87.

Tenaris (NYSE:TS - Get Free Report) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.88 by $0.11. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3 billion. Tenaris had a net margin of 17.02% and a return on equity of 11.71%. The firm's revenue for the quarter was down 7.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.59 earnings per share. On average, analysts anticipate that Tenaris will post 3.14 EPS for the current fiscal year.

Tenaris announced that its board has approved 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 repurchase up to 6.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Tenaris

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brooklyn Investment Group increased 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 acquiring an additional 451 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Tenaris during the second quarter worth about $28,000. Harbour Investments Inc. bought a new stake in shares of Tenaris during the first quarter worth about $39,000. Blue Trust Inc. increased its position in shares of Tenaris by 48.8% during the second quarter. Blue Trust Inc. now owns 1,088 shares of the industrial products company's stock worth $41,000 after acquiring an additional 357 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Tenaris in the 2nd quarter worth about $49,000. 10.45% of the stock is owned by institutional investors.

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.