Company Reports

We will discontinue analyst coverage of Tenaris on or about Oct. 14.

Tenaris' revenue decreased 7% year over year to $3.1 billion from $3.3 billion. Even so, higher average selling prices in the tubes segment caused sales to rise 6% sequentially, though a 1% decrease in volume slightly offset this benefit. Tenaris' cost of sales have risen 5% since last quarter.

Tenaris is the largest provider of oil country tubular goods, the steel tubing that is used to construct oil and gas wells. It controls nearly half the global OCTG market, providing premium and nonpremium solutions for offshore and onshore applications.

Tenaris announced that its board has approved a share repurchase program of up to $1.2 billion. The repurchases must be executed within a year, and Tenaris expects the program to launch in June 2025.

Tenaris is the largest provider of oil country tubular goods, the steel tubing used to construct oil and gas wells. It controls nearly half the global OCTG market, providing premium and nonpremium solutions for offshore and onshore applications.

Tenaris' first quarter revenue declined 15% year on year to $2.9 billion. Average selling prices in its tubes segment decreased 11% year on year due to market and mix impacts from lower sales of premium tubes. Still, volumes improved sequentially in both Canada and in US onshore.

Tenaris is the largest provider of oil country tubular goods, the steel tubing used to construct oil and gas wells. It controls nearly half the global OCTG market, providing premium and nonpremium solutions for offshore and onshore applications.

Tenaris is the largest provider of oil country tubular goods, the steel tubing used to construct oil and gas wells. It controls nearly half the global OCTG market, providing premium and nonpremium solutions for offshore and onshore applications.

No-moat-rated Tenaris reported fourth-quarter results that trailed our fourth-quarter expectations, but beat PitchBook consensus. However, we no reason to change our $37 fair value estimate per ADS, though we lift our fair value estimate to EUR 18 from EUR 17 for shares listed on the Italian stock exchange, due to currency movements since our last update. While our long-term outlook remains fundamentally intact, we reduced our 2025 expectations based on management’s muted commentary. Still, time value of money offset these headwinds, and we’re not overly surprised at the outlook, given what we’ve heard from other services firms.

Tenaris is the largest provider of oil country tubular goods, the steel tubing used to construct oil and gas wells. It controls nearly half the global OCTG market, providing premium and nonpremium solutions for offshore and onshore applications.

We maintain our $37 per share fair value estimate for no-moat Tenaris' ADR shares, but decrease our fair value estimate to EUR 17 per share from EUR 20, due to exchange rate movements since our last update. Tenaris posted third-quarter earnings per share of $0.40 and net sales of $2.9 billion. The firm’s results were in line with our EPS estimate but missed our net sales estimate only slightly. Net sales, however, did drop 12% from last quarter’s $3.3 billion. Lower prices in the Americas and lower demand from decreased drilling activity in the United States, Mexico, and Saudi Arabia drove the dip in net sales quarter over quarter. North and South America represent about two thirds of Tenaris’ business.

Tenaris is the largest provider of oil country tubular goods, the steel tubing used to construct oil and gas wells. It controls nearly half the global OCTG market, providing premium and nonpremium solutions for offshore and onshore applications.

Tenaris is the largest provider of oil country tubular goods, the steel tubing used to construct oil and gas wells. It controls nearly half the global OCTG market, providing premium and nonpremium solutions for offshore and onshore applications.

Tenaris posted underwhelming second-quarter results as weakened demand for oil country tubular goods, or OCTG, continues to drive down selling prices. Subdued production activity across North and South America—Tenaris’ two major regional end markets—weighed on second-quarter sales, which declined 18% year over year and 3% sequentially. We’ll incorporate the firm’s full financial results shortly, but after this first look, we maintain our $37 (EUR 20) fair value estimate and no-moat rating.

Tenaris is the largest provider of oil country tubular goods, the steel tubing used to construct oil and gas wells. It controls nearly half the global OCTG market, providing premium and nonpremium solutions for offshore and onshore applications.

We maintain our $37 fair value estimate for no-moat Tenaris after the company posted first-quarter earnings per share of $0.64 and $3.4 billion of net sales. These were down substantially from the first quarter of 2023 but still beat FactSet consensus estimates by 22% and 2.5%, respectively.

We maintain our $37 fair value estimate of no-moat Tenaris after the company closed 2023 with a robust fourth quarter.

Tenaris is the largest provider of oil country tubular goods, the steel tubing used to construct oil and gas wells. It controls nearly half the global OCTG market, providing premium and nonpremium solutions for offshore and onshore applications.

Tenaris is the largest provider of oil country tubular goods, or OCTG, the steel tubing used to construct oil and gas wells. It controls nearly half the global OCTG market, providing premium and nonpremium solutions for offshore and onshore applications. The firm manages low-cost high-quality manufacturing operations on nearly every continent, enabling it to reap the benefits of a globalized supply chain while maintaining a localized presence. The firm continues pursuing capacity expansions in North America and the Middle East.

Tenaris’ third-quarter results were weaker compared with a very strong first half, as subdued North American markets contributed to declining firm performance that commenced near the end of the second quarter. Total revenue dropped 21% quarter over quarter while the firmwide EBITDA margin contracted over 350 basis points to 31%. Reduced volumes and unfavorable pricing dynamics both contributed to the sequential decline, mainly due to subdued drilling and completion activity throughout North America. We expect these dynamics will persist through year-end but remain optimistic regarding Tenaris’ longer-term prospects, especially as international and offshore markets continue to deliver robust activity. We therefore maintain our $37 fair value estimate and no-moat rating following the results. Our euro-denominated fair value estimate increased slightly to EUR 17 from EUR 16 due to currency movements.