Tenaris (TEN IM) Italy

Materials

ALEZOR Research

Alejandro Acosta highlights a structural shift in global energy markets, noting that oil and gas exploration has not kept up with production since the 2014-2016 crisis, but is now rebounding as major producers resume investment. Slower-than-expected EV adoption and renewed automaker focus on internal combustion engines support sustained demand, while rising US natural gas consumption - driven by data centre power needs - adds further tailwinds. Alejandro argues these dynamics are not yet priced into TEN, whose improving financials and active share buybacks underscore management confidence. Although potential tariffs pose risks, TEN’s extensive US manufacturing base provides a competitive edge over other foreign suppliers.

- 17 October, 2025

Tenaris (TEN IM) Italy

Energy

Stockcube

Stockcube opens a short position as TEN's share price reasserts the downtrend and makes new short term relative lows. Their TP is €10.50. The stock was one of the names highlighted in Stockcube’s Daily Europe Top 200 Bulls & Bears report this week, where they also opened a long position in Lonza Group (finds short term uptrends; TP CHF600). Having recently closed shorts in Norsk Hydro (finds short term price and relative support) and Kering (finds long term support at €240), as well as closing their long position in Deutsche Bank (now trades sideways), Stockcube’s portfolio currently consists of 44 open longs and 26 shorts.

- 23 August, 2024