Tenaris : Light at the end of the tunnel…but just how long is it?
>Reduce recommendation maintained (target price € 4.8 vs € 4.2), exploration will not be a priority in the short term - Q3 2020 will mark a low point in terms of activity Indeed the group should benefit from the beginning of a turnaround in the US zone; however, we believe that prices should remain under pressure there and the timing of this rebound remains uncertain. We recognise that the group’s financial situation remains solid with a net cash position of $ 1.1bn, ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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