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Tenaris SA ADR TS

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Morningstar’s Analysis

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Tenaris’ Third-Quarter Results Reflect Heightened Tubes Demand in the Americas; Maintaining $19 FVE

Analyst Note

| Katherine Olexa |

Tenaris’ third-quarter results reflect sustained improvements in oil and gas production throughout North America and, more recently, South America. Revenue grew 15% compared with last quarter, as recovering production drove both higher volumes and increased prices. Operating income reached 13% this quarter, in line with 2018 and 2019 averages before the pandemic, as increased production improved the firm’s fixed-cost absorption. We expect margin improvements will persist over the next few quarters as Tenaris continues passing higher input costs onto its customers. We also expect further fixed-cost absorption will benefit margins through 2022, as current capacity utilization remains about 10% below average prepandemic levels.

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Company Profile

Business Description

Tenaris is one of the largest global producers of oil country tubular goods, which are used primarily in the construction of oil and gas wells. The company’s production facilities are located primarily in the U.S., Argentina, Mexico, and Italy. Tenaris’ premium OCTG products are among the most trusted by oil companies for use in the most challenging applications, including deep-water offshore as well as horizontal shale wells.

26, Boulevard Royal, 4th Floor
Luxembourg, L-2449, Luxembourg
T +352 26478978
Sector Energy
Industry Oil & Gas Equipment & Services
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 19,028