Wall Street Zen Upgrades Tenaris (NYSE:TS) to Buy

Tenaris (NYSE:TS - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday.

Several other brokerages also recently issued reports on TS. Morgan Stanley reduced their price target 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. BNP Paribas initiated coverage on shares of Tenaris in a research note on Tuesday, April 22nd. They set an "outperform" rating on the stock. Barclays set a $48.00 price objective on shares of Tenaris and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Finally, Stifel Nicolaus reduced their price objective on shares of Tenaris from $43.00 to $41.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $44.00.

Tenaris Price Performance

Shares of NYSE TS opened at $38.39 on Friday. Tenaris has a 12-month low of $27.24 and a 12-month high of $40.87. The company has a market capitalization of $22.32 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 2.89 and a beta of 1.29. The firm's 50-day moving average is $34.90 and its two-hundred day moving average is $36.39.

Tenaris (NYSE:TS - Get Free Report) last announced its quarterly earnings results 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. Tenaris had a net margin of 15.05% and a return on equity of 10.54%. The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the prior year, the firm earned $1.27 earnings per share. The company's revenue for the quarter was down 15.1% compared to the same quarter last year. On average, analysts forecast that Tenaris will post 3.14 EPS for the current fiscal year.

Tenaris declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 27th that permits the company 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 typically a sign that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Tenaris

Several institutional investors and hedge funds have recently modified their holdings of TS. Brooklyn Investment Group raised its stake in 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 purchasing an additional 451 shares during the period. Harbour Investments Inc. purchased a new position in Tenaris during the first quarter worth approximately $39,000. EverSource Wealth Advisors LLC raised its stake in Tenaris by 78.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,084 shares of the industrial products company's stock worth $41,000 after purchasing an additional 478 shares during the period. Headlands Technologies LLC purchased a new position in Tenaris during the fourth quarter worth approximately $42,000. Finally, Farther Finance Advisors LLC raised its stake in Tenaris by 93.2% during the first quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock worth $66,000 after purchasing an additional 801 shares during the period. Hedge funds and other institutional investors own 10.45% of the company's stock.

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.

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