NEW YORK (TheStreet) -- Nabors Industries (NBR) shares are spiking, up 7.8% to $29.43, on Thursday following reports that the land drilling contractor is set to merge with C&J Energy Services (CJES) in a $2.86 billion deal.
The deal involves Nabor Industries oil and gas wells in the U.S. and Canada.
C&J Energy Services shares are up 1.5% to $33.30 in early market trading today.
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Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate NABORS INDUSTRIES LTD (NBR) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."