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

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

Tenaris Price Performance

Shares of NYSE:TS opened at $37.41 on Friday. The stock has a market cap of $21.75 billion, a price-to-earnings ratio of 8.15 and a beta of 1.43. The company has a 50 day moving average of $31.04 and a 200-day moving average of $31.43. Tenaris has a one year low of $27.24 and a one year high of $40.72.

Tenaris Cuts Dividend

The firm also recently announced a Semi-Annual dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Tuesday, November 19th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. Tenaris’s dividend payout ratio (DPR) is presently 34.86%.

Hedge Funds Weigh In On Tenaris

A number of hedge funds and other institutional investors have recently bought and sold shares of TS. Allspring Global Investments Holdings LLC boosted its holdings in Tenaris by 36.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,420 shares of the industrial products company’s stock worth $45,000 after buying an additional 377 shares during the last quarter. Evergreen Capital Management LLC lifted its holdings in Tenaris by 3.7% during the second quarter. Evergreen Capital Management LLC now owns 19,932 shares of the industrial products company’s stock worth $608,000 after acquiring an additional 710 shares in the last quarter. Signaturefd LLC raised its position in shares of Tenaris by 4.7% during the second quarter. Signaturefd LLC now owns 16,338 shares of the industrial products company’s stock worth $499,000 after purchasing an additional 732 shares during the period. Covestor Ltd bought a new stake in Tenaris during the 3rd quarter worth approximately $40,000. Finally, Commonwealth Equity Services LLC raised its holdings in Tenaris by 9.3% during the 2nd quarter. Commonwealth Equity Services LLC now owns 14,918 shares of the industrial products company’s stock worth $455,000 after buying an additional 1,271 shares during the period. 10.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on TS shares. Stifel Nicolaus cut their target price on Tenaris from $37.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, October 11th. StockNews.com downgraded shares of Tenaris from a “buy” rating to a “hold” rating in a report on Saturday, October 26th. Finally, Piper Sandler cut their price objective on Tenaris from $43.00 to $40.00 and set an “overweight” rating for the company in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently 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.