Tenaris SA

TEN: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€11.00	Kzh	Tcmgxdznj

Tenaris Earnings: Firm Must Turn to Cost Management to Support Margins Amid Falling OCTG Pricing

Katherine Olexa

Aug 2, 2024

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.

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