NEW YORK (TheStreet) --Halliburton (HAL) - Get Report shares are up 1.02% to $32.83 Friday after the Houston-based oilfield services provider on Thursday said it would eliminate an additional 5,000 jobs as it grapples with weak oil prices.
This is about 8% of its global workforce. Since 2014, the company has cut 25% of its workforce or almost 22,000 jobs Reuters reports.
"We regret having to make this decision but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment," a Halliburton spokesperson told Bloomberg.
Additionally, shares are also getting a boost from jumping oil prices.
Crude oil (WTI) is rallying 3.11% to $34.10 per barrel and Brent crude is leaping 3.43% to $36.50 per barrel.
Futures gained as gasoline demand was strong in the U.S., overshadowing oversupply concerns, Reuters noted.
Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C.
Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including disappointing return on equity, poor profit margins and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HAL