TS Dividend

Tenaris S.A. American Depositary Shares dividend

Although TS has a dividend of 0.54 with an ex-dividend date of Nov 19, you can sell covered calls on Tenaris S.A. American Depositary Shares to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Fri 2:40 PM ET):

Tenaris S.A. American Depositary Shares (TS)
Bid Ask Last Change Volume P/E Market Cap
36.89 36.90 36.89 -0.53 1.3M 16 23B

TS Dividend-Like Income Using Covered Calls

With TS at 36.89, here's a table showing how big the annual "dividend" (i.e. total annual call premium received) would need to be to attain 3%, 5%, and 10% annual yields. Also shown is the equivalent number of cents/day necessary to achieve each yield:

Annual Yield Annual Premium Cents/Day
3% 1.11 0.3
5% 1.84 0.5
10% 3.69 1.0

So now we need to find out of the money covered calls that pay at least the prescribed cents/day amount of time premium. That will generate income and, because they are out of the money, leave room for some upside potential on the stock. Here are some examples:

3% Yield On TS Using Covered Calls
Expiration Strike Call Bid Days Cents/Day Upside Potential
Nov 15 37.50 0.20 8 2.5 0.60 (1.6%)
Dec 20 37.50 0.65 43 1.5 0.60 (1.6%)
5% Yield On TS Using Covered Calls
Expiration Strike Call Bid Days Cents/Day Upside Potential
Nov 15 37.50 0.20 8 2.5 0.60 (1.6%)
Dec 20 37.50 0.65 43 1.5 0.60 (1.6%)
10% Yield On TS Using Covered Calls
Expiration Strike Call Bid Days Cents/Day Upside Potential
Nov 15 37.50 0.20 8 2.5 0.60 (1.6%)
Dec 20 37.50 0.65 43 1.5 0.60 (1.6%)

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