Tenaris SA (TS)

We reiterate this international pipeline manufacturer as a TOP PICK.  The company recently reported quarterly free cash flow of $1.1 billion, a 33% increase in operating income, and announced it will buy back more shares.  It trades at 8x earnings, 1.2x book and supports a 24% ROE.  We continue to recommend a stop at $30, looking to achieve $42 -- upside potential of 21%.  Yield 1.6%

Our PAST TOP PICK with TS is stalling.  To remain disciplined, we recommend trailing up the stop (from $28) to $30 at this time.

With recently reported earnings improving sharply, we reiterate this steel and pipe supplier to the oil and gas sector as a TOP PICK.  Net income and EPS was nearly double that of the first half of 2022.  Free cash flow reached a record $1.2 billion.  It trades at 7x earnings, 1.2x book and supports a 25% ROE.  We recommend trailing up the stop (from $26) to $28, looking to achieve $42 -- upside potential over 25%.  Yield 1.0%     

Tenaris S.A. is a global manufacturer and supplier of steel pipes and related services, primarily for the energy industry.

This international producer of steel for the energy industry recently reported a 75% increase in Q1 sales.  It trades at 6x earnings, 1.4x book value and supports a ROE of 22%.  Cash reserves are growing, while debt is retired.  We recommend placing a stop-loss at $26, looking to achieve $42 -- upside potential of 27%.  Yield 1.5%