Jacobs Engineering Group Inc. shares rose 14 percent Tuesday after an analyst boosted his rating to “buy” from “neutral,” noting that the company’s stock price did not reflect its strong performance

“Although a more difficult environment will undoubtedly slow capital investment spending, we see modest risk to the company’s near-term prospects, with oil well above $70 a barrel and an extensive backlog of fully financed projects for energy, government and other customers,” wrote D.A. Davidson & Co. analyst John Rogers in a note to investors.

Jacobs Engineering shares had declined about 50 percent since May, as the investors saw engineering companies being vulnerable to lost business in the current economy. But Jacobs’ net income rose 46 percent on increased oil and natural gas projects last quarter, with revenue up 40 percent to $2.9 billion.

Jacobs Engineering closed up $6.71 to $54.31 on the New York Stock Exchange. Bloomberg News noted that was the biggest percentage gain in the company’s stock in 21 years.