Tenaris (NYSE:TS) Posts Earnings Results, Beats Estimates By $0.20 EPS

Tenaris (NYSE:TS) released its quarterly earnings results on Wednesday. The industrial products company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.20, Zacks reports. The business had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.03 billion. Tenaris had a return on equity of 11.53% and a net margin of 16.24%. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.85 earnings per share.

Tenaris Stock Performance

Tenaris stock traded up $2.43 during trading hours on Friday, reaching $58.96. 796,015 shares of the company’s stock traded hands, compared to its average volume of 1,513,775. Tenaris has a fifty-two week low of $37.69 and a fifty-two week high of $64.60. The firm has a market capitalization of $31.60 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 1.59 and a beta of 0.89. The firm’s 50 day moving average is $57.02 and its 200-day moving average is $56.26.

Key Stories Impacting Tenaris

Here are the key news stories impacting Tenaris this week:

• Positive Sentiment: Barclays raised its price target to $88 from $80 and maintained an Overweight rating. The higher target signals increased analyst confidence in Tenaris’s prospects. Barclays stock recommendations
• Positive Sentiment: Third-quarter results beat expectations: Tenaris reported EPS of $1.01 versus the $0.81 consensus and revenue of $3.10 billion versus estimates of $3.03 billion. Revenue rose 4.2% year over year, with North American sales up 14%. Tenaris Q3 revenue and North American sales
• Positive Sentiment: Management expects roughly 10% fourth-quarter revenue growth and an EBITDA margin near 25%. The forecast suggests improving near-term momentum, partly reflecting a recovery in the Middle East. Tenaris Q4 outlook
• Positive Sentiment: Tenaris won a tubular-products package for the Cronos gas development in the Eastern Mediterranean, adding project business. Cronos gas development contract
• Neutral Sentiment: Piper Sandler reaffirmed its Hold rating, indicating it sees no change in its current stance. Piper Sandler rating

Wall Street Analyst Weigh In

TS has been the topic of a number of research analyst reports. TD Cowen increased their price objective on shares of Tenaris from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Bank of America boosted their target price on shares of Tenaris from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday, October 5th. Wall Street Zen lowered shares of Tenaris from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Barclays increased their price target on shares of Tenaris from $80.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Morgan Stanley raised their price target on shares of Tenaris from $60.00 to $62.00 and gave the company an “equal weight” rating in a report on Wednesday, October 14th. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $62.59.

Tenaris Company Profile

Tenaris SA (NYSE: TS) is a global manufacturer and supplier of steel tubular products and related services. The company primarily serves the energy industry, producing seamless and welded steel pipes used in oil and natural gas exploration, production, transportation and processing. Its offerings include oil country tubular goods, line pipe, premium connections, coiled tubing and sucker rods.

Tenaris also supplies pipes for industrial and mechanical applications, including products used in power generation, automotive manufacturing, construction and other specialized industries.