Tenaris S.A. announces it holds 5.01% of its own ordinary shares in treasury following a share buyback program.
Quiver AI Summary
Tenaris S.A. announced that as of November 20, 2024, it has acquired and currently holds 5.01% of its own ordinary shares under its share buyback programs, as required by Luxembourg Transparency Law. The repurchased shares are held in treasury with suspended voting rights and will be canceled in the future. The company provided information about its share buyback transactions in accordance with the Market Abuse Regulation. Additionally, the press release includes forward-looking statements regarding potential risks that could affect the company's future performance, particularly related to fluctuations in oil and gas prices. Tenaris is a major global provider of steel tubes and services for the energy sector and other industrial applications.
Potential Positives
- Achievement of a significant threshold with 5.01% of own ordinary shares acquired, indicating strong confidence in the company’s value.
- The share buyback program demonstrates a commitment to enhancing shareholder value through the reduction of the number of shares outstanding.
- Compliance with Luxembourg Transparency Law and Market Abuse Regulation highlights the company's dedication to transparency and regulatory adherence.
- The ability to hold shares in treasury and plan for their cancellation indicates proactive management of capital structure.
Potential Negatives
- The press release reveals that the company has acquired a significant proportion (5.01%) of its own shares, which may suggest a lack of confidence in its current stock value, prompting the need for buybacks to support price.
- Warnings about the uncertainties regarding future oil and gas prices could indicate vulnerability to market fluctuations, potentially impacting the company's financial performance.
FAQ
What percentage of shares did Tenaris acquire under its buyback program?
Tenaris acquired 5.01% of its voting rights under the share buyback programs.
Where can I find details on Tenaris's share buyback transactions?
Details on Tenaris's share buyback transactions are available at: https://ir.tenaris.com/share-buyback-program.
What happens to the shares repurchased by Tenaris?
The repurchased ordinary shares are held in treasury and will be cancelled in due course.
What are forward-looking statements in the context of this press release?
Forward-looking statements are based on management’s views and involve risks that may affect actual results.
What industry does Tenaris primarily serve?
Tenaris primarily serves the energy industry by supplying steel tubes and related services.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$TS Hedge Fund Activity
We have seen 95 institutional investors add shares of $TS stock to their portfolio, and 159 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ORBIS ALLAN GRAY LTD removed 5,581,059 shares (-75.8%) from their portfolio in Q3 2024
- BALYASNY ASSET MANAGEMENT L.P. added 2,036,609 shares (+inf%) to their portfolio in Q3 2024
- WELLINGTON MANAGEMENT GROUP LLP added 1,660,300 shares (+187.4%) to their portfolio in Q3 2024
- MILLENNIUM MANAGEMENT LLC added 1,633,604 shares (+403.3%) to their portfolio in Q3 2024
- SIR CAPITAL MANAGEMENT, L.P. added 1,113,382 shares (+351.0%) to their portfolio in Q3 2024
- SOURCEROCK GROUP LLC removed 880,616 shares (-28.9%) from their portfolio in Q3 2024
- MARSHALL WACE, LLP removed 714,161 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
LUXEMBOURG, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Pursuant to applicable Luxembourg Transparency Law requirements, Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) announces that on November 20, 2024, the proportion of own ordinary shares acquired under the share buyback programs and currently held in treasury has reached a threshold of 5.01% of Tenaris’s voting rights. Ordinary shares repurchased under the programs are being held in treasury (their voting rights are suspended) and will be cancelled in due course. Reporting of share buyback transactions in accordance with Market Abuse Regulation is available at: https://ir.tenaris.com/share-buyback-program .
Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.
Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.
Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
