Tenaris (NYSE:TS) Issues Quarterly Earnings Results

Tenaris (NYSE:TS) announced its quarterly earnings results on Wednesday. The industrial products company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.16, Zacks reports. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.93 billion. Tenaris had a return on equity of 11.53% and a net margin of 16.17%.The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS.

Tenaris Price Performance

Shares of TS stock traded down $3.76 on Thursday, hitting $53.29. The stock had a trading volume of 3,172,210 shares, compared to its average volume of 1,617,470. The company’s 50 day moving average price is $57.96 and its 200-day moving average price is $56.08. Tenaris has a 1 year low of $33.65 and a 1 year high of $64.60. The firm has a market capitalization of $28.56 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.38 and a beta of 0.85.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TS. Zacks Research upgraded shares of Tenaris from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 10th. Morgan Stanley upgraded shares of Tenaris from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $53.00 to $65.00 in a report on Wednesday, July 15th. Wall Street Zen upgraded Tenaris from a “hold” rating to a “buy” rating in a research report on Saturday, July 18th. Barclays boosted their price objective on Tenaris to $82.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Finally, Piper Sandler lifted their price target on Tenaris from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.12.

Institutional Trading of Tenaris

Several hedge funds have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Tenaris during the 4th quarter worth approximately $48,000. Raymond James Financial Inc. acquired a new position in shares of Tenaris in the second quarter worth $49,000. Advisory Services Network LLC purchased a new stake in shares of Tenaris during the third quarter worth $47,000. Smartleaf Asset Management LLC increased its position in shares of Tenaris by 26.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,707 shares of the industrial products company’s stock worth $66,000 after acquiring an additional 353 shares during the period. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Tenaris in the fourth quarter valued at $67,000. Institutional investors and hedge funds own 10.45% of the company’s stock.

Tenaris Company Profile

Tenaris SA is a global manufacturer and supplier of steel tubular products and related services, primarily serving the oil and gas industry as well as other energy and industrial markets. Its product portfolio centers on seamless and welded steel pipes used for casing, tubing and line pipe applications, alongside a range of specialty and mechanical steel tubes. The company also provides value?added technical solutions, including premium connections, heat treatment and surface protection, to support drilling, completion and production activities.

Tenaris operates an integrated industrial and commercial network that combines manufacturing, distribution and field services.