Update (4:05 p.m.): Updated with new Reuters report and Thursday market close information.
NEW YORK (TheStreet) -- Anadarko Petroleum Corp. (APC) spiked to an all-time high of $100 on Thursday afternoon after Bloomberg reported the Environmental Protection Agency and U.S. Department of Justice would announce a settlement later in the day with regard to liabilities in the Tronox case.
Reuters subsequently reported Anadarko and its Kerr-McGee unit would pay $5.15 billion in the settlement.
Creditors of the bankrupt paint materials maker Tronox filed a $20.8 billion environmental damage claim against Anadarko's Kerr-McGee unit. U.S. Bankruptcy Judge Allan Gropper ruled in December that Kerr-McGee improperly unloaded its environmental liabilities into Tronox before Anadarko took it over.
Bloomberg reported Monday that Anadarko planned to dispute the claim on Friday.
The stock closed up 14.44% to $98.96, a $12.49 increase from its previous close of $86.47, at the close of trading on Thursday. Nearly 40.5 million shares changed hands, well above the average volume of 4,260,830. The stock hit a low of $85.97 for the day and holds a one-year low of $73.60.
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TheStreet Ratings team rates ANADARKO PETROLEUM CORP as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ANADARKO PETROLEUM CORP (APC) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity."