Barclays upgrades oilfield sector stocks, including Halliburton and Baker Hughes

A Halliburton oil well fielder works on a well head at a fracking rig site January 27, 2016 near Stillwater, Oklahoma.
J. Pat Carter | Getty Images

The economy is entering the right time in the economic cycle for investors to bet on oilfield services and equipment stocks like Halliburton and Baker Hughes, Barclays said in a note to clients.

Analyst J. David Anderson upgraded the industry's rating to positive on Monday and hiked estimates and ratings on many of its biggest names. Anderson said the group was entering a strong multiyear period.