** Milan-listed shares in Tenaris TENR.MI rise as much as 6.5% and hit new record highs at 22.47 EUR/Shr ($26.52) after posting Q4 sales above market expectations and guiding for stable margins in the current quarter

** Net sales increased to $3 billion in Q4, ahead of analyst estimates of $2.96 billion, as a 29% yoy jump in North America tube sales helped cushion declining revenue in South America and Europe

** Jefferies highlights the group's outlook for 2026, seeing sales and margins to remain close to current levels, while expecting US Oil Country Tubular Goods (OCTG) pricing to "eventually respond" to tariffs & raw material increases

** Both Jefferies and Italian broker Equita note the Q1 guidance implies slight upside to expectations

** Analysts at Santander also look favourably to the approved dividend and the potential discussion of an additional buyback program at the May 12 shareholder meeting - given a robust net cash position of $3.3 billion as of Dec 31

** Year-to-date, Tenaris' shares on the Milan stock exchange gain 33.1%

($1 = 0.8473 euros)

(Enrico Sciacovelli)

((Enrico.sciacovelli@thomsonreuters.com))