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Tenaris shares rise on Q3 rebound, improved Q4 and 2027 outlook

By Reuters News

** Milan-listed shares in Tenaris TENR.MI trade up around 2.5% after posting Q3 results above estimates and providing a rosier outlook in the near term

** The steel pipe maker now sees higher sales and core profit in Q4, reflecting higher OCTG demand and prices in North America, setting a new baseline going into 2027

** "Q3 performance came in as the expected sequential rebound quarter following the Q3 Middle East-driven trough, as Middle East and Africa net sales rose 7% q/q," J.P. Morgan says in a note

** Equita also notes the EBITDA margin improved by 250 bps on the quarter, significantly above its expectations of flat growth

** The stock is outperforming Europe's oil and gas sector, which is down 2% at a one-month low

** Including Thursday's gains, Tenaris shares are up by almost 54% YTD

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