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Tenaris (TS) +6.4% in Thursday’s trading after Stifel upgraded shares to Buy from Hold with a $38 price target, raised from $30, citing the company’s excellent position in the global market for oil country tubular goods, which are enjoying rising demand and strong pricing.
Stifel expects U.S. drilling and completion activity will continue to trend higher in 2023, and projects at least double-digit growth in the Eastern Hemisphere with continued growth in North and South America.
Stifel also anticipates Tenaris (TS) will generate strong free cash flow in 2022-23 and maintain or potentially hike its dividend.
Tenaris (TS) shares are undervalued vs. its peers, and the company’s balance sheet remains robust, while a considerable improvement in free cash flow generation adds to the stock’s attractiveness, Badsha Chowdhury writes in an analysis newly published on Seeking Alpha.
