Siemens Energy has pressed ahead with its share repurchase program, acquiring 637,140 of its own shares between July 20 and 26, even as the stock trades well below its recent highs. The buyback brings the total since the program’s June 4 launch to 4,571,595 shares, signaling management’s confidence in the company’s valuation despite a stretch of weakness in the equity.
The shares closed Monday at €149.88, shedding 5.5% over the past week and sitting 23.35% below the 52-week peak of €195.54 reached on April 24. The pullback has pushed the stock 6.19% beneath its 50-day moving average, with the relative strength index at 44.3 — territory that suggests short-term momentum has cooled. Yet the stock still trades 3.10% above its 200-day average, indicating the longer-term trend remains intact.
For Siemens Energy, the softer share price offers a tactical advantage: the company can execute its buyback at more favorable levels, effectively supporting demand for the stock while the broader market takes a breather.
Record Order Book and Major Project Wins
Operationally, the group continues to fire on multiple cylinders. On July 25, Siemens Energy confirmed a record order backlog of €154 billion as of May, just ahead of its upcoming quarterly earnings release. That backlog was bolstered by a fresh mandate: grid operator 50Hertz awarded a consortium of Siemens Energy and shipyard Neptun Smulders the contract to build the 2-gigawatt “North Sea Connector 2” converter platform, with commissioning slated for 2034. The project underscores the long-dated revenue pipeline in the company’s grid technology business.
International expansion is also gathering pace. Algeria’s state-owned Sonatrach recently fleshed out details of a memorandum of understanding with Siemens Energy to develop a hydrogen hub in the country, including a potential local manufacturing facility for electrolyzers. Across the Atlantic, Siemens Energy broke ground on July 17 on a new transformer plant in Mississippi, aimed at boosting production capacity for the North American grid market.
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Analysts Turn More Bullish Despite Price Weakness
The recent share price decline has done little to dampen analyst enthusiasm. UBS’s Christopher Leonard upgraded the stock from “Neutral” to “Buy” on July 20, lifting the price target from €175 to €210 on the back of long-term earnings potential in the gas turbine service business. Just days later, on July 27, Deutsche Bank Research’s Gael de-Bray reaffirmed his “Buy” rating with a €200 target, following an analysis of peer GE Vernova’s results.
Other major houses have also weighed in with optimistic calls. JPMorgan set a €235 target in mid-July, while Jefferies maintained its rating with a €215 price objective. All four targets sit comfortably above the current trading level, creating a disconnect between near-term price action and the longer-term outlook that analysts are pricing in.
Brand Overhaul and Key Dates Ahead
On the corporate identity front, Siemens Energy announced on July 14 that its Siemens Energy and Siemens Gamesa units will eventually operate under the single brand “Omterra,” a move designed to further distance the group from its former parent, Siemens AG. The rebranding preparations are now underway, with the full rollout expected to take shape over the coming months.
Investors now have two key dates circled on the calendar. On August 5, Siemens Energy will report its fiscal third-quarter results for 2026. Given the record order backlog and the string of recent contract wins, attention will focus squarely on margins and cash flow, particularly in the services segment. The following month, on September 2, management is scheduled to appear at the Commerzbank & ODDO BHF Corporate Conference, where further strategic insights are expected.
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