Tenaris (NYSE:TS) Shares Gap Up – Here’s Why

Tenaris S.A. (NYSE:TS) shares gapped up before the market opened on Monday . The stock had previously closed at $53.97, but opened at $56.00. Tenaris shares last traded at $56.2950, with a volume of 223,000 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TS. Morgan Stanley cut their price objective on Tenaris from $65.00 to $60.00 and set an “equal weight” rating on the stock in a report on Thursday, August 20th. TD Cowen lifted their target price on Tenaris from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Zacks Research lowered Tenaris from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 10th. Weiss Ratings downgraded shares of Tenaris from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 7th. Finally, Wall Street Zen lowered shares of Tenaris from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Tenaris has an average rating of “Hold” and an average price target of $62.45.

Tenaris Price Performance

The business’s fifty day simple moving average is $55.21 and its two-hundred day simple moving average is $57.25. The company has a market cap of $30.36 billion, a PE ratio of 15.15, a PEG ratio of 1.34 and a beta of 0.85.

Tenaris (NYSE:TS) last posted its earnings results on Wednesday, August 5th. The industrial products company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.16. Tenaris had a net margin of 15.88% and a return on equity of 11.14%. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same period in the prior year, the company posted $0.50 EPS. The company’s revenue for the quarter was down 3.9% on a year-over-year basis. As a group, analysts predict that Tenaris S.A. will post 3.71 EPS for the current year.

Institutional Trading of Tenaris

Several institutional investors have recently bought and sold shares of the business. Corient Private Wealth LP grew its stake in Tenaris by 24.3% in the 2nd quarter. Corient Private Wealth LP now owns 18,328 shares of the industrial products company’s stock valued at $1,017,000 after acquiring an additional 3,588 shares during the period. Ameritas Advisory Services LLC acquired a new position in Tenaris during the second quarter worth $48,000. Wellington Management Group LLP lifted its holdings in Tenaris by 2.2% during the second quarter. Wellington Management Group LLP now owns 2,458,033 shares of the industrial products company’s stock valued at $136,396,000 after purchasing an additional 52,999 shares in the last quarter. Kiltearn Partners LLP purchased a new position in Tenaris during the second quarter valued at $9,642,000. Finally, Hennion & Walsh Asset Management Inc. grew its position in shares of Tenaris by 1.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 24,383 shares of the industrial products company’s stock valued at $1,353,000 after purchasing an additional 341 shares during the period. 10.45% of the stock is owned by institutional investors and hedge funds.

About Tenaris

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.