Jefferies downgraded nine oil services stocks on Monday, noting that there is still “material downside” to consensus estimates from lower oil prices. Analysts cut EBITDA estimates by an average of 23 percent for 2015 and 31 percent for 2016. Despite this medium-term negative view on oil, Jefferies notes that it expects oil prices to start to recover in 2015 with prices rising to levels that support oil services in 2016.

Shares will continue to decline, Jefferies warns, until the majority forward earnings estimates have been cut. That will happen throughout the first half of 2015 with the potential for shares to recover in the second half.

Yet the analysts do not expect oil services to recover quickly. Deepwater drilling, in particular, will languish as high costs and “flat-to-modestly-lower activity.”

Jefferies new estimates are 17 percent and 20 percent below consensus for 2015 and 2016 EBITDA estimates.

Included in the downgrade:

FMC Technologies, Inc. (NYSE: FTI)

Transocean LTD (NYSE: RIG)

Nabors Industries Ltd. (NYSE: NBR)

Patterson-UTI Energy, Inc. (NASDAQ: PTEN)

Cameron International Corporation (NYSE: CAM)

Precision Drilling Corp (USA) (NYSE: PDS)

Pioneer Energy Services Corp (NYSE: PES)

U.S. Silica Holdings Inc (NYSE: SLCA)

FMSA Holdings Inc (NYSE: FMSA).