Barclays Upgrades Energy Services Outlook, Picks Winners

Barclays upgraded its energy services view to Positive, calling it the best setup in 20 years due to Middle East supply shock.
J. David Anderson raised Halliburton, Patterson‑UTI, ProPetro, Transocean, Noble, Seadrill to Overweight, downgrading Baker Hughes to Equal Weight and NOV to Underweight.
The bank now expects upstream spending growth of 9‑10% in 2027 and double‑digit growth in 2028, up from its prior 3‑5% forecast.
Barclays projects 600 active U.S. onshore rigs and 131 deepwater rigs by end‑2027, up from 122 today, indicating limited spare capacity.