Tenaris (TS) Shares Gap Up to $32.99

Tenaris SA (NYSE:TS)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $31.52, but opened at $32.99. Tenaris shares last traded at $34.59, with a volume of 2865300 shares changing hands.

Several brokerages recently issued reports on TS. Bank of America upgraded Tenaris from an “underperform” rating to a “buy” rating and boosted their price target for the company from $30.00 to $40.00 in a research note on Tuesday. Stifel Nicolaus began coverage on Tenaris in a research note on Monday, September 10th. They set a “buy” rating and a $41.00 price target on the stock. Jefferies Financial Group began coverage on Tenaris in a research note on Thursday, August 23rd. They set a “buy” rating on the stock. Citigroup lowered Tenaris from a “buy” rating to a “neutral” rating in a research note on Friday, August 17th. Finally, TheStreet lowered Tenaris from a “b” rating to a “c+” rating in a research note on Wednesday, August 15th. Ten research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $42.04.

The company has a market cap of $19.30 billion, a price-to-earnings ratio of 45.05, a P/E/G ratio of 0.65 and a beta of 0.58.

Tenaris (NYSE:TS) last released its quarterly earnings data on Wednesday, August 1st. The industrial products company reported $0.29 earnings per share for the quarter, meeting the consensus estimate of $0.29. Tenaris had a return on equity of 5.74% and a net margin of 10.21%. The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same period in the prior year, the company posted $0.06 EPS. The company’s revenue was up 43.9% compared to the same quarter last year. equities research analysts forecast that Tenaris SA will post 1.39 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new stake in shares of Tenaris in the 1st quarter valued at approximately $166,000. First Republic Investment Management Inc. acquired a new position in shares of Tenaris in the 1st quarter worth approximately $219,000. Delpha Capital Management LLC acquired a new position in shares of Tenaris in the 1st quarter worth approximately $227,000. Greenleaf Trust acquired a new position in shares of Tenaris in the 2nd quarter worth approximately $240,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Tenaris by 50.6% in the 2nd quarter. SG Americas Securities LLC now owns 10,268 shares of the industrial products company’s stock worth $374,000 after acquiring an additional 3,452 shares in the last quarter. Institutional investors own 13.96% of the company’s stock.

Tenaris Company Profile (NYSE:TS)

Tenaris SA 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 products for oil and gas drilling operations, such as casing and tubing products, premium connections, drill pipes, coiled tubing, hot-rolled and cold-drawn seamless tubes, tubular and non-tubular accessories, and devices.

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