NEW YORK (TheStreet) -- Shares of Talisman Energy (TLM) were gaining 22.8% to $5.27 in morning trading Monday after the oil and gas company confirmed it is in talks with Repsol (REPYY) about a potential transaction.
In its statement Talisman said that it was also approached by "a number of other parties" in regards to various possible deals. The company said that there "can be no assurances" that any discussions will lead to a transaction, adding that it will make a public announcement on a transaction when appropriate.
The Spain-based Repsol reportedly sent executives to Talisman's Calgary headquarters to finalize a potential deal last week, according to Reuters.
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TheStreet Ratings team rates TALISMAN ENERGY INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TALISMAN ENERGY INC (TLM) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."