NEW YORK (TheStreet) -- Shares of Talisman Energy (TLM) closed higher by 19.35% to $5.12 on heavy trading volume Monday following reports that Repsol (REPYY) is still in talks to acquire the oil and gas company, Bloomberg reports.
On Friday, senior executives of the Spain-based Repsol were in Calgary to discuss a deal that could value Talisman at up to $8 billion, according to the Financial Times.
The companies reportedly are negotiating on a price of between $6 and $8 a share for Talisman, and hope to agree on a deal before Christmas.
About 38.19 million shares of Talisman Energy have changed hands, compared to the average volume of about 11.32 million shares a day.
Separately, 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."