Tenaris : Egypt, or the new American dream
>Cautious recommendation maintained target price adjusted to € 13.3 - We are sticking with our Reduce recommendation on the stock. Until recently the US shale oil market has driven the upturn in activity, however, infrastructure problems in the Permian basin are slowing momentum. Egypt and Zohr deliveries are a lifeline. In the meantime, the recovery in offshore drilling is taking time to materialise. We have marginally adjusted our sequence of EBITDA estimates for ...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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