Tenaris S.A. (TS) Stock Forecast & Price Target

Tenaris benefits from a strong position in the market, particularly due to its premium OCTG products, which are highly regarded for demanding applications such as deep-water offshore wells. The company’s exposure to regions like Argentina and Suriname is expected to drive a robust backlog for 2026, highlighting its potential for sustained growth despite international market deceleration. Additionally, an improved supply/demand balance signals a favorable environment for OCTG pricing, contributing to a positive long-term outlook for Tenaris's financial performance.

The performance of Tenaris (TS) has been notably lagging, with muted earnings revisions reflecting ongoing market concerns, as evidenced by a modest return of +1% over the past month, trailing behind peers. Additionally, the flattening of steel prices, which constitute primary inputs for oil country tubular goods (OCTG), signals a lack of growth potential, contributing to a cautious outlook for the company. Furthermore, the EBITDA estimates for 2025 and 2026 remain stagnant or negative, with no indication of recovery, suggesting persistent challenges in the operational environment.