Tenaris (NYSE:TS) Posts Earnings Results, Beats Estimates By $0.17 EPS

Tenaris (NYSE:TS) issued its quarterly earnings results on Wednesday. The industrial products company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.78 by $0.17, 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 net margin of 16.17% and a return on equity of 11.53%. The firm’s revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 EPS.

Tenaris Stock Down 1.4%

Shares of NYSE TS traded down $0.82 during trading hours on Wednesday, hitting $57.14. 911,602 shares of the stock were exchanged, compared to its average volume of 1,026,737. Tenaris has a 12 month low of $33.65 and a 12 month high of $64.60. The firm has a fifty day moving average price of $57.96 and a 200-day moving average price of $56.08. The company has a market cap of $30.62 billion, a PE ratio of 15.12, a PEG ratio of 1.38 and a beta of 0.85.

Hedge Funds Weigh In On Tenaris

Large investors have recently made changes to their positions in the business. Sourcerock Group LLC boosted its position in shares of Tenaris by 25.9% in the 2nd quarter. Sourcerock Group LLC now owns 3,086,075 shares of the industrial products company’s stock worth $115,419,000 after purchasing an additional 635,817 shares in the last quarter. Wellington Management Group LLP raised its stake in Tenaris by 25.6% in the fourth quarter. Wellington Management Group LLP now owns 2,682,137 shares of the industrial products company’s stock valued at $103,128,000 after buying an additional 546,144 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Tenaris by 25.4% in the fourth quarter. Van ECK Associates Corp now owns 2,019,185 shares of the industrial products company’s stock worth $77,638,000 after acquiring an additional 408,592 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Tenaris by 3.1% during the second quarter. Balyasny Asset Management L.P. now owns 1,767,924 shares of the industrial products company’s stock worth $66,120,000 after acquiring an additional 53,155 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Tenaris by 8.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,234,828 shares of the industrial products company’s stock worth $47,481,000 after acquiring an additional 100,568 shares during the last quarter. 10.45% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TS has been the subject of a number of recent analyst reports. Weiss Ratings lowered shares of Tenaris from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, July 10th. Zacks Research upgraded shares of Tenaris from a “hold” rating to a “strong-buy” rating in a report on Friday, July 10th. Piper Sandler upped their target price on Tenaris from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, May 18th. Barclays increased their target price on Tenaris to $82.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Finally, Wall Street Zen upgraded Tenaris from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Tenaris has an average rating of “Moderate Buy” and a consensus target price of $62.12.

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.