2024-06-24 07:35:15 ET
Summary
- Tenaris is an attractive company in the energy servicing sector. The company has recently dropped quite a bit, and is now more attractive than a few months ago.
- There's upside to be had, despite the company's relatively flat growth outlook for 2024 and 2025.
- I am upgrading the company to a "BUY" here, from a "HOLD".
Dear readers/followers,
It's been about 2 months since I last covered Tenaris ( TS ) here on Seeking Alpha. The company is a fairly volatile commodity specialist, which specifically focuses on steel for very particular use cases, such as gas pipelines. It's by far the largest company and player in steel tubing and has a considerable portion of the global market share. The company has ongoing expansion plans in both the Middle East and NA and is trying to focus on supply chain management and improving fundamentals and results.
While Tenaris has seen record results and has a strong brand reputation, it faces competition, pricing declines, and the risk of domestic companies favoring domestic suppliers in certain markets....
Read the full article on Seeking Alpha
For further details see:
Tenaris: Holding Was The Right Choice, Upgrading To A Buy (Rating Upgrade)