NEW YORK (TheStreet) -- Shares of Baker Hughes (BHI) are up 17.2% to $59.80 after it was reported that the oilfield services company is in talks to be bought by Halliburton Co. (HAL) , sources told the Wall Street Journal.
Talks between the two oil-field-services companies are moving quickly, and they could reach an agreement soon, sources say, the Journal reports.
The price being discussed couldn't be learned, but a deal for Baker Hughes would likely come at a premium to the Houston company's market capitalization, which was $21.6 billion as of Thursday afternoon, the Journal said, adding Halliburton had a market value of $45.2 billion.
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Separately, TheStreet Ratings team rates BAKER HUGHES INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BAKER HUGHES INC (BHI) a BUY. This is driven by multiple strengths, 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, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, increase in net income and notable return on equity. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."