Barclays Raises Tenaris (NYSE:TS) Price Target to $50.00

Tenaris (NYSE:TS) had its price target increased by analysts at Barclays from $48.00 to $50.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Barclays‘s price target would suggest a potential upside of 32.57% from the company’s current price.

Several other equities research analysts have also recently commented on TS. Kepler Capital Markets cut shares of Tenaris from a “buy” rating to a “hold” rating in a research report on Friday, January 17th. Stifel Nicolaus boosted their target price on shares of Tenaris from $40.00 to $43.00 and gave the stock a “buy” rating in a report on Friday. Jefferies Financial Group raised shares of Tenaris from a “hold” rating to a “buy” rating and increased their target price for the company from $35.00 to $47.00 in a research note on Monday, December 9th. StockNews.com upgraded shares of Tenaris from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Piper Sandler initiated coverage on Tenaris in a research report on Thursday, December 19th. They set an “overweight” rating and a $48.00 price objective for the company. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five 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 price target of $45.60.

Tenaris Price Performance

NYSE TS opened at $37.72 on Monday. Tenaris has a 12 month low of $27.24 and a 12 month high of $40.72. The firm has a market capitalization of $21.93 billion, a PE ratio of 10.45 and a beta of 1.44. The company’s 50 day simple moving average is $38.31 and its 200 day simple moving average is $34.57.

Tenaris (NYSE:TS) last issued its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.31. Tenaris had a return on equity of 11.76% and a net margin of 16.26%. The company had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Sell-side analysts anticipate that Tenaris will post 3.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tenaris

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning lifted its holdings in shares of Tenaris by 8.2% in the third quarter. Creative Planning now owns 31,176 shares of the industrial products company’s stock valued at $991,000 after purchasing an additional 2,352 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Tenaris by 36.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,420 shares of the industrial products company’s stock valued at $45,000 after buying an additional 377 shares during the period. International Assets Investment Management LLC purchased a new stake in Tenaris in the 3rd quarter worth about $380,000. Assetmark Inc. boosted its position in Tenaris by 0.9% during the 3rd quarter. Assetmark Inc. now owns 439,553 shares of the industrial products company’s stock worth $13,973,000 after acquiring an additional 4,053 shares during the period. Finally, Covestor Ltd purchased a new position in Tenaris during the 3rd quarter valued at about $40,000. Institutional investors and hedge funds 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.