Wedbush Starts Heckmann (HEK) at Neutral; Meaningful Turnaround Underway, But Shares Already Reflect Favorable Outlook
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Price: $3.74 --0%
Rating Summary:
2 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 8 | New: 15
Rating Summary:
2 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 8 | New: 15
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Wedbush initiates coverage on Heckmann Corporation (NYSE: HEK) with a Neutral. PT $6.
Wedbush analyst says, "HEK appears to have found its way in the water business given a significant management addition, the completion of its 50 mile pipeline and a $64 million acquisition of a produced water transportation and service company. We believe this marks a significant strategic change, positioning the company for growth...Having finally stemmed the losses in the most recently completed fourth quarter, the company should see adjusted EBITDA grow from roughly $3.3 million to $32.3 million in 2011, with EPS of $0.16."
"Given the 60% appreciation in share price vs. 30% in the Russell 2000 since the announced hire of Mr. Gordon (As New CEO) on September 7, 2010, we believe these shares already reflect lofty expectations over the next three years."
For more ratings news on Heckmann Corporation click here and for the rating history of Heckmann Corporation click here.
Shares of Heckmann Corporation closed at $6.52 yesterday.
Wedbush analyst says, "HEK appears to have found its way in the water business given a significant management addition, the completion of its 50 mile pipeline and a $64 million acquisition of a produced water transportation and service company. We believe this marks a significant strategic change, positioning the company for growth...Having finally stemmed the losses in the most recently completed fourth quarter, the company should see adjusted EBITDA grow from roughly $3.3 million to $32.3 million in 2011, with EPS of $0.16."
"Given the 60% appreciation in share price vs. 30% in the Russell 2000 since the announced hire of Mr. Gordon (As New CEO) on September 7, 2010, we believe these shares already reflect lofty expectations over the next three years."
For more ratings news on Heckmann Corporation click here and for the rating history of Heckmann Corporation click here.
Shares of Heckmann Corporation closed at $6.52 yesterday.
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