Tenaris (NYSE:TS) Given New $88.00 Price Target at Barclays

Tenaris (NYSE:TS) had its price target boosted by Barclays from $80.00 to $88.00 in a research report released on Friday,Benzinga reports. Barclays currently has an overweight rating on the industrial products company’s stock.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley increased their price objective on Tenaris from $60.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 14th. TD Cowen boosted their target price on Tenaris from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Bank of America upped their target price on Tenaris from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday, October 5th. Weiss Ratings cut Tenaris from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, October 6th. Finally, Zacks Research downgraded Tenaris from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 10th. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $62.59.

Tenaris Stock Performance

Tenaris stock traded up $2.28 during midday trading on Friday, reaching $58.81. 1,281,754 shares of the stock were exchanged, compared to its average volume of 1,088,038. The company’s fifty day moving average is $57.11 and its 200-day moving average is $56.34. The firm has a market cap of $31.52 billion, a PE ratio of 15.08, a PEG ratio of 1.65 and a beta of 0.89. Tenaris has a 52 week low of $37.69 and a 52 week high of $64.60.

Tenaris (NYSE:TS) last announced its quarterly earnings results on Wednesday, November 4th. The industrial products company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.81 by $0.20. Tenaris had a net margin of 15.88% and a return on equity of 11.14%. The firm had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.03 billion. During the same period last year, the firm earned $0.85 EPS. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Tenaris will post 3.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in Tenaris by 7.9% during the first quarter. Renaissance Technologies LLC now owns 3,199,744 shares of the industrial products company’s stock valued at $186,161,000 after purchasing an additional 235,400 shares in the last quarter. Kiltearn Partners LLP purchased a new position in shares of Tenaris in the 2nd quarter worth about $9,642,000. Wellington Management Group LLP increased its position in shares of Tenaris by 2.2% during the 2nd 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 during the last quarter. Ethic Inc. increased its position in shares of Tenaris by 40.5% during the 3rd quarter. Ethic Inc. now owns 139,055 shares of the industrial products company’s stock valued at $7,673,000 after purchasing an additional 40,067 shares during the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Tenaris by 20.9% during the 1st quarter. Quantinno Capital Management LP now owns 146,347 shares of the industrial products company’s stock valued at $8,514,000 after purchasing an additional 25,271 shares during the last quarter. Institutional investors own 10.45% of the company’s stock.

Tenaris News Roundup

Here are the key news stories impacting Tenaris this week:

• Positive Sentiment: Barclays raised its price target to $88 from $80 and kept an Overweight rating. The new target implies substantial upside from the reference price cited in the report. Barclays rating information
• Positive Sentiment: Tenaris won a tubular-supply package for the Cronos gas development in the Eastern Mediterranean. The award adds project demand, although the reported item does not disclose its financial value. Cronos project award
• Positive Sentiment: Q3 results topped expectations, and management signaled stronger near-term growth. EPS was $1.01 versus the $0.81 consensus, while revenue of $3.10 billion exceeded estimates of $3.03 billion and rose 4.2% year over year. Tenaris expects roughly 10% Q4 revenue growth and an approximately 25% EBITDA margin, with a partial recovery in the Middle East contributing to the outlook. Q4 outlook
• Neutral Sentiment: Piper Sandler reaffirmed its Hold rating. This offers a more cautious counterpoint to Barclays’ upgrade in price target. Piper Sandler rating

Tenaris Company Profile

Tenaris SA is a global manufacturer and supplier of steel pipe products and related services, with a primary focus on the energy industry. Its products include casing and tubing used in oil and gas wells, line pipe for transporting fluids, and other tubular products for industrial applications.

The company also provides services such as pipe processing, engineering support, logistics, and assistance at drilling sites. Tenaris serves customers across a broad range of international markets, including the Americas, Europe, the Middle East, Africa, and Asia.

Tenaris was established in 2001, bringing together several established pipe manufacturers, including Argentina’s Siderca, Mexico’s Tamsa, and Italy’s Dalmine.