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

Wall Street Zen upgraded shares of Tenaris (NYSE:TS) from a hold rating to a buy rating in a research note published on Saturday morning.

Other analysts also recently issued research reports about the stock. Barclays set a $48.00 target price on shares of Tenaris and gave the company an “overweight” rating in a report on Tuesday, May 6th. Morgan Stanley reduced their price target on shares of Tenaris from $35.00 to $34.00 and set an “underweight” rating for the company in a research report on Friday, May 16th. BNP Paribas assumed coverage on shares of Tenaris in a research report on Tuesday, April 22nd. They set an “outperform” rating for the company. Finally, Stifel Nicolaus reduced their price target on shares of Tenaris from $43.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $44.00.

Tenaris Trading Down 0.9%

TS opened at $38.06 on Friday. The company’s fifty day moving average price is $34.98 and its two-hundred day moving average price is $36.39. Tenaris has a 1-year low of $27.24 and a 1-year high of $40.87. The company has a market cap of $22.13 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 2.89 and a beta of 1.29.

Tenaris (NYSE:TS) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.80 by $0.14. The company had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.88 billion. Tenaris had a net margin of 15.05% and a return on equity of 10.54%. The firm’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.27 earnings per share. As a group, equities analysts forecast that Tenaris will post 3.14 earnings per share for the current fiscal year.

Tenaris declared that its board has approved a stock repurchase program 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 purchase up to 6.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TS. Brooklyn Investment Group grew its holdings in shares of Tenaris by 169.5% in 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 last quarter. Harbour Investments Inc. bought a new position in shares of Tenaris in the first quarter worth approximately $39,000. EverSource Wealth Advisors LLC grew its holdings in shares of Tenaris by 78.9% in 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 last quarter. Headlands Technologies LLC bought a new position in shares of Tenaris in the fourth quarter worth approximately $42,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Tenaris by 291.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,725 shares of the industrial products company’s stock worth $65,000 after purchasing an additional 1,284 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.