NEW YORK (TheStreet) -- Shares of Halliburton (HAL) are declining, lower by 0.55% to $39.46 in midday trading Tuesday, one day after the company disclosed details of its Baker Hughes (BHI) acquisition, revealing that the two companies had to bridge a $3.3 billion gap before reaching an agreement, the Wall Street Journal reports.
Halliburton bought its smaller rival in cash and stock for $34.6 billion, higher than its initial offer of $32.8 billion, the Journal added.
Halliburton CEO Martin Craighead noted in an email yesterday to all employees that pricing pressure on its products and services will intensify next year, as "market conditions will demand tough decisions from us in the months ahead."
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Houston, TX-Based Halliburton is an oilfield services company that provides services and products to the energy industry related to the exploration, development, and production of oil and natural gas.
Separately, TheStreet Ratings team rates HALLIBURTON CO as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALLIBURTON CO (HAL) 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, compelling growth in net income, attractive valuation levels, impressive record of earnings per share growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."