Heckmann (HEK) Moves Higher on Volume; Could Be Related to Chesapeake (CHK) Sales
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Heckmann Corp. (NYSE: HEK) is showing some unsual strength today, with shares up over 12 percent on the session. No word on why shares are popping so high, though the hydro fracking water solutions provider might be seeing some upside in the M&A sector from Chesapeake (NYSE: CHK). Hekmann said Chesapeake accounted for 25 percent of total revs last year.
From the 10-K filing in March: "Our customers include major United States and international oil and gas companies, foreign national oil and gas companies and independent oil and natural gas production companies that are active in our core areas of operations. Chesapeake Energy Corp. represented 25% of our total revenues for the year ended December 31, 2011. El Paso E&P Company, L.P. and Exco Production Company, L.P. represented 16% and 12% of our revenues for the year ended December 31, 2010, respectively."
Notably, the stock is also mobing above its 200-day SMA, which is currently situated at $4.33. Volume is also heavy, with 6 million shares trading so far compared with the daily average of about 2.7 million.
From the 10-K filing in March: "Our customers include major United States and international oil and gas companies, foreign national oil and gas companies and independent oil and natural gas production companies that are active in our core areas of operations. Chesapeake Energy Corp. represented 25% of our total revenues for the year ended December 31, 2011. El Paso E&P Company, L.P. and Exco Production Company, L.P. represented 16% and 12% of our revenues for the year ended December 31, 2010, respectively."
Notably, the stock is also mobing above its 200-day SMA, which is currently situated at $4.33. Volume is also heavy, with 6 million shares trading so far compared with the daily average of about 2.7 million.
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