Barclays upbeat on European energy services beyond near-term uncertainty

Hunting

20/04/2026 13:21

** Barclays says in a note on European energy services that it expects long-term implications to outweigh current uncertainties in the sector and lifts its price targets across the board

** However, it downgrades five stocks while upgrading only two, based on their implied upsides in a sector that has been boosted by higher oil prices

** Implications from the Middle East crisis include the need for inventories to be replenished and increasing demand for the services sector, Barclays says

** "The era of outsourcing production and refining to lower-cost mega producers appears, to us, to be waning," it adds

** The brokerage says full impacts of the war are yet to be defined as it trims H1 estimates for impacted companies, adding there will be some catching up later in the year

** It raises PTs by around 21% on average, as it upgrades Technip Energies TE.PA and Viridien VIRI.PA to "overweight" and cuts Aker Solutions AKSOA.OL and Hunting  HTG.L to "underweight"

BARCLAYS' RATINGS CHANGES:

COMPANY
RATING
OLD RATING
PT
OLD PT
Technip Energies TE.PA
Overweight
Underweight
EUR 54
EUR 40.5
Viridien VIRI.PA
Overweight
Equal weight
EUR 200
EUR 150
Saipem SPMI.MI
Equal weight
Overweight
EUR 5
EUR 4
SBM Offshore SBMO.AS
Equal weight
Overweight
EUR 46
EUR 38
Subsea 7 SA SUBC.OL
Equal weight
Overweight
NOK 390
NOK 310
Aker Solutions AKSOA.OL
Underweight
Equal weight
NOK 49
NOK 44
Hunting HTG.L
Underweight
Equal weight
GBP 6
GBP 5.5

(Reporting by Mirko Miorelli)

((Mirko.Miorelli@thomsonreuters.com))