Tenaris Drops 4.2% After Vallourec Cuts 2014 Ebitda Forecast
2014-06-10 16:59:59.157 GMT
By Arie Shapira
June 10 (Bloomberg) -- Tenaris down as much as 4.2% on
almost 2x avg volume after Vallourec says now sees 2014 Ebitda
down ~10% Y/y vs prior “stable to moderate” increase.
* Vallourec cites significant temporary adjustments due to
Petrobras decision to eliminate most of tube inventories;
also cites reduced level of oil/gas orders in EAMEA
* Sterne Agee: Reduced forecast from largest competitor likely
negative for TS shrs, though TS outlook has been more
cautious vs Vallourec; maintains neutral rating on TS
* TS has 6 buys, 11 holds, 2 sells w/ avg PT $46: Bloomberg
data
* TS nears 200-DMA $44.68, 50-DMA $44.47
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To contact the reporter on this story:
Arie Shapira in New York at +1-212-617-1488 or
ashapira3@bloomberg.net
To contact the editor responsible for this story:
Brad Skillman at +1-212-617-2763 or
bskillman1@bloomberg.net
2014-06-10 16:59:59.157 GMT
By Arie Shapira
June 10 (Bloomberg) -- Tenaris down as much as 4.2% on
almost 2x avg volume after Vallourec says now sees 2014 Ebitda
down ~10% Y/y vs prior “stable to moderate” increase.
* Vallourec cites significant temporary adjustments due to
Petrobras decision to eliminate most of tube inventories;
also cites reduced level of oil/gas orders in EAMEA
* Sterne Agee: Reduced forecast from largest competitor likely
negative for TS shrs, though TS outlook has been more
cautious vs Vallourec; maintains neutral rating on TS
* TS has 6 buys, 11 holds, 2 sells w/ avg PT $46: Bloomberg
data
* TS nears 200-DMA $44.68, 50-DMA $44.47
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Arie Shapira in New York at +1-212-617-1488 or
ashapira3@bloomberg.net
To contact the editor responsible for this story:
Brad Skillman at +1-212-617-2763 or
bskillman1@bloomberg.net