Shares of Jacobs Engineering Group Inc. gave back gains on Friday, the day after an analyst upgraded the engineering consulting company’s stock from “hold” to “buy.”

Barry Bannister at Stifel, Nicolaus & Co. Inc. told clients in a Thursday note that Jacobs Engineering, which like other engineering and construction companies has been hurt by soaring energy costs, now is benefiting from slowing energy price increases.

Bannister also predicted that a peak in global energy capital spending that would benefit Jacobs is at least five years away. He set a one-year price target of $91, 20 percent higher that Jacob’s current range.

Jacobs which serves private and government customers in the aerospace, defense, oil and gas, and automotive industries last month reported its quarterly net earnings soared 45 percent. The company also has a record backlog of orders totaling $7.3 billion.

Shares of Jacobs rose more than 2 percent on the New York Stock Exchange after the report, but were down $1.08 to $75.58 in Friday morning trading, below Thursday close.