Tenaris (NYSE:TS) Upgraded to Buy at Wall Street Zen

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

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

Tenaris Stock Performance

Tenaris stock traded up $0.76 during trading hours on Friday, hitting $38.81. 1,011,844 shares of the stock were exchanged, compared to its average volume of 1,723,305. The stock has a market capitalization of $22.56 billion, a P/E ratio of 11.83, a P/E/G ratio of 2.86 and a beta of 1.29. The business's 50-day moving average is $35.09 and its two-hundred day moving average is $36.40. Tenaris has a 12 month low of $27.24 and a 12 month high of $40.87.

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

Tenaris declared that its board has initiated a share 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 repurchase up to 6.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TS. Brooklyn Investment Group increased its holdings in Tenaris by 169.5% in the first quarter. Brooklyn Investment Group now owns 717 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 451 shares during the last quarter. Harbour Investments Inc. bought a new stake in shares of Tenaris in the 1st quarter valued at about $39,000. EverSource Wealth Advisors LLC raised its position in shares of Tenaris by 78.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,084 shares of the industrial products company's stock valued at $41,000 after acquiring an additional 478 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Tenaris in the 4th quarter valued at approximately $42,000. Finally, Farther Finance Advisors LLC boosted its stake in Tenaris by 93.2% during the 1st quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock worth $66,000 after acquiring an additional 801 shares during 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.