Tenaris (NYSE:TS) Releases Earnings Results, Beats Expectations By $0.18 EPS

Tenaris (NYSE:TS) announced its quarterly earnings results on Wednesday. The industrial products company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.18, reports. The firm had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.76 billion. Tenaris had a return on equity of 15.42% and a net margin of 20.23%.

Tenaris Price Performance

NYSE TS opened at $36.99 on Friday. The stock’s fifty day moving average price is $31.35 and its 200 day moving average price is $31.47. Tenaris has a 1 year low of $27.24 and a 1 year high of $40.72. The company has a market cap of $21.51 billion, a price-to-earnings ratio of 8.06 and a beta of 1.43.

Tenaris Cuts Dividend

The company also recently announced a Semi-Annual dividend, which will be paid on Wednesday, November 20th. Investors of record on Tuesday, November 19th will be given a $0.54 dividend. The ex-dividend date is Tuesday, November 19th. Tenaris’s payout ratio is 23.53%.

Institutional Investors Weigh In On Tenaris

Hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new stake in Tenaris in the second quarter valued at $32,000. Covestor Ltd purchased a new stake in shares of Tenaris during the 3rd quarter worth about $40,000. Headlands Technologies LLC boosted its stake in shares of Tenaris by 1,486.0% during the 1st quarter. Headlands Technologies LLC now owns 1,586 shares of the industrial products company’s stock worth $62,000 after acquiring an additional 1,486 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Tenaris by 79.0% during the 2nd quarter. Blue Trust Inc. now owns 3,588 shares of the industrial products company’s stock worth $110,000 after acquiring an additional 1,583 shares in the last quarter. Finally, West Family Investments Inc. purchased a new stake in shares of Tenaris during the 3rd quarter worth about $200,000. 10.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on TS shares. StockNews.com raised shares of Tenaris from a “hold” rating to a “buy” rating in a research note on Friday. Stifel Nicolaus reduced their price target on Tenaris from $37.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Finally, Piper Sandler reduced their price target on Tenaris from $43.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $38.67.

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.