NEW YORK (TheStreet) -- Shares of Weatherford International (WFT) suddenly spiked just before the market close Thursday and the stock closed up 5.76% to $16.33 after Dow Jones reported that Halliburton (HAL) was in talks to buy Baker Hughes (BHI) .
The talks were "moving quickly," according to Dow Jones. The deal would combine two of the largest oilfield services companies in the sector.
Weatherford is a smaller company compared to the two aforementioned heavyweights, but the possibility of a merger between Halliburton and Baker Hughes energized the S&P energy sector in late afternoon trading Thursday. Weatherford could be a potential acquisition target, as well.
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More than 34 million shares changed hands Thursday, compared to the average volume of 7,548,860.
Separately, TheStreet Ratings team rates WEATHERFORD INTL PLC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate WEATHERFORD INTL PLC (WFT) 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 growth in earnings per share, increase in net income and revenue growth. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, disappointing return on equity and poor profit margins."