Low Oil Prices Continue to Weigh on Tenaris' Shares in Second Quarter
Amid lower volumes and weaker average selling prices, Tenaris was unprofitable at the operating income line in the second quarter. Shares are unlikely to rebound until we see higher oil prices inspire incremental drilling activity which, in turn, would drive healthier demand for Tenaris' tubular products.We've updated our valuation model to reflect weaker near-term profits after light second-quarter results. However, we've also raised our midcycle enterprise value/EBITDA multiple to 7.2 times f...
Tenaris manufactures and supplies seamless steel pipe products for the global oil and gas industry, as well as other industrial applications. Co. operates an integrated worldwide network of steel pipe manufacturing, research, finishing, and service facilities with industrial operations in the Americas, Europe, Asia, and Africa. Co. produces pipes for boilers, heat exchangers, hydraulic cylinders, automotive, structural and other industrial applications and supplies welded steel pipes for oil and gas pipelines in the South American region. Its principal products include casing, tubing, line pipe, and mechanical and structural pipes. Co.'s organizes its business around one segment: Tubes.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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