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Tenaris rises at Stifel benefiting from global OCTG market strength


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Tennis (TS) + 6.4% in trading Thursday after Stifel upgraded the stock to Buy from Hold with a $38 price target, up from $30, citing the company’s excellent position in the global market for commodities. tubularization of the oil country, which is in high demand. and strong pricing.

Stifel expects U.S. drilling and finishing activity to continue trending higher into 2023 and forecasts at least double-digit growth in the Eastern Hemisphere with continued growth in North and South America. .

Stifel also predicts Tenaris (TS) will generate strong free cash flow in 2022-23 and maintain or potentially increase dividends.

Tennis (TS) the stock is undervalued relative to its peers and the company’s balance sheet remains stable, while the significant improvement in free cash flow generation adds to the attractiveness of the stock. votes, Badsha Chowdhury wrote in a New analysis published on Seeking Alpha.

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