Omani Order Lights Up Siemens Energy's Backlog, But Barclays Says the Gas Turbine Party Is Over
Published on 07/10/2026 at 16:33 | Redaktion boerse-global.de
Siemens Energy shares ended Friday in the red, caught between a blockbuster 2.6-gigawatt contract from Oman and a rare downgrade from Barclays that warns the company's gas turbine business may have already peaked. The stock slid 2.94% to €151.94, after changing hands near €156.54 earlier in the session, as conflicting signals left investors scanning for direction. The shares now trade 22.3% below their April 24 high of €195.54 and have shed 9.49% over the past seven sessions.
The Omani win, covering the Misfah and Duqm power projects, includes gas and steam turbines, generators, and long-term service agreements that lock in recurring revenues for years. Crucially, the turbines are hydrogen-ready, supporting the sultanate's decarbonization plans. The size and service component make it the kind of contract that typically bolsters conviction in Siemens Energy's order pipeline. Yet for Barclays analyst Vlad Sergievskii, the deal does little to alter the view that the best days for the core gas-turbine franchise are behind it.
Barclays cut its rating on the stock to Underweight from Equal Weight, while nudging its price target up to €130 from €110 — still well below the current trading level. Sergievskii argues that Siemens Energy's cumulative order intake of 50 gigawatts has already surpassed average annual global demand, setting the stage for a normalization after fiscal 2026. He forecasts a record free cash flow of roughly €7.62 billion in fiscal 2026 but warns that earnings power will likely fade thereafter.
Should investors sell immediately? Or is it worth buying Siemens Energy?
RBC Capital Markets offers a starkly different perspective. Analyst Mark Fielding reiterated an Outperform rating and raised his price target to €210 from €200, betting that surging electricity demand from AI data centers will sustain growth well beyond the current cycle. Siemens Energy's ability to supply both power generation and cooling infrastructure puts it at the center of that theme, Fielding argues. The bank joins Bank of America, which is also said to be bullish.
The stock's technical picture reflects the indecision. At €151.94, the shares trade below their 50-day moving average of €165.46 — a short-term bearish signal — but remain comfortably above the 200-day average of €142.49, keeping the longer-term uptrend intact. The 30-day annualized volatility hovers near 60%, underscoring the market's acute uncertainty. With a market capitalisation of roughly €133 billion, Siemens Energy remains one of the DAX's heaviest weights.
Beyond the analyst split, Siemens Energy is also building out future technologies. On Thursday, it announced a cooperation with FuelCell Energy to accelerate hydrogen-based power generation, adding another potential growth leg alongside its traditional turbine business.
The stock is still up 27.48% year to date and has gained 68.86% over the past twelve months, a rally that has made valuation the central point of contention. With price targets ranging from €130 to €210, the next decisive catalyst will come on August 5, 2026, when Siemens Energy reports third-quarter earnings. Those numbers will show whether the Omani order and other recent wins are translating into margin expansion — or whether Barclays' caution will prove prescient.
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