Barclays upbeat on European energy services; picks Tecnicas, Saipem, TGS

Aker Solutions ASA

10/07/2024 08:44

** Barclays keeps a positive look on European energy
services ahead of Q2 results, saying it prefers "overweight"
rated Tecnicas Reunidas  TRE.MC , Saipem  SPMI.MI  and TGS
 TGS.OL 
    ** It says Tecnica's ambitious margin expectations are
likely to see further traction, while Saipem will benefit from a
strengthening backlog and TGS from its merger with PGS  PGS.OL 
    ** "This favourable outlook, however, has led our ratings to
creep more positive on average and lose balance within our
relative weighting system," it adds, downgrading five stocks to
re-balance the recommendations
    ** Shares in TGS and Saipem rise 1%-2% in early Wednesday
trade, while Maire  MTCM.MI , Aker Solutions  AKSOA.OL , Hunting
 HTG.L  and Subsea 7  SUBC.OL  fall 1%-1.5%
    
    BARCLAYS' RATING AND PT CHANGES:
  
 COMPANY       RATING        OLD RATING    PT         OLD PT
 Aker          equal-weight  overweight    58 NOK     63 NOK
 Solutions                                            
 Hunting       equal-weight  overweight    500 GBp    430 GBp
 Maire         equal-weight  overweight    9.50 EUR   8.30 EUR
 Saipem        overweight    n/a           3.20 EUR   2.90 EUR
 SBM           overweight    n/a           19.80 EUR  n/a
 Subsea 7      equal-weight  overweight    260 NOK    200 NOK
 Viridien      underweight   n/a           0.65 EUR   0.90 EUR
 John Wood     underweight   equal-weight  1.90 GBP   n/a
 
 (Reporting by Alessandro Parodi)
 ((alessandro.parodi@thomsonreuters.com))