Wedbush Downgrades Heckmann Corporation (HEK) to Underperform, Sees Weaker Earnings

February 11, 2013 7:25 AM EST
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Price: $3.74 --0%

Rating Summary:
    3 Buy, 4 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Wedbush downgraded Heckmann Corporation (NYSE: HEK) from Neutral to Underperform with a price target of $2.50 (from $3.00).

"Based on recent channel checks and publicly available data, we believe the earnings outlook is weaker than anticipated," the analyst said. "Valuations for the peer group reflect this unfavorable backdrop; and we believe HEK shares are likely to follow suit as earnings and valuation expectations are reduced."

The firm is reducing revenue and EBITDA assumptions for 2013 to $706 million and $178 million from $768 million and $203 million, respectively. Their 2013 EBITDA estimate is approximately $45 million below consensus. They are reducing 2013 EPS estimate to $0.16 from $0.23.

For an analyst ratings summary and ratings history on Heckmann Corporation click here. For more ratings news on Heckmann Corporation click here.

Shares of Heckmann Corporation closed at $4.35 yesterday.

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