Tenaris (NYSE:TS) Shares Gap Up to $27.91

Tenaris S.A. (NYSE:TS)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $27.91, but opened at $28.77. Tenaris shares last traded at $28.50, with a volume of 826,067 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on TS shares. Piper Sandler decreased their price target on Tenaris from $43.00 to $40.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. StockNews.com downgraded Tenaris from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Finally, Stifel Nicolaus reduced their price target on shares of Tenaris from $42.00 to $37.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $39.00.

Tenaris Stock Performance

The business has a 50 day moving average of $29.92 and a two-hundred day moving average of $33.62. The stock has a market capitalization of $17.08 billion, a PE ratio of 4.65 and a beta of 1.46.

Tenaris (NYSE:TS) last released its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.38). The firm had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $170.13 million. Tenaris had a net margin of 20.41% and a return on equity of 16.12%. The firm’s quarterly revenue was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.90 earnings per share. On average, equities analysts expect that Tenaris S.A. will post 3.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Tenaris

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TS. Balyasny Asset Management L.P. increased its stake in shares of Tenaris by 91.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,576,096 shares of the industrial products company’s stock worth $89,545,000 after acquiring an additional 1,228,287 shares during the period. Renaissance Technologies LLC raised its stake in shares of Tenaris by 46.2% during the 2nd quarter. Renaissance Technologies LLC now owns 2,592,044 shares of the industrial products company’s stock valued at $79,109,000 after buying an additional 819,500 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Tenaris by 20,284.0% in the 1st quarter. Acadian Asset Management LLC now owns 550,979 shares of the industrial products company’s stock valued at $21,623,000 after buying an additional 548,276 shares during the period. Kiltearn Partners LLP purchased a new stake in shares of Tenaris in the fourth quarter worth about $17,255,000. Finally, SIR Capital Management L.P. acquired a new stake in Tenaris during the second quarter worth about $9,680,000. 10.45% of the stock is currently owned by hedge funds and other 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.