UPDATE: Jefferies Initiates Coverage on Heckmann
According to a research report published this morning, Jefferies has initiated Heckmann (NYSE: HEK) with a Buy rating and $5.25 PT.
In the report, Jefferies commented, "We believe HEK offers both revenue stability and growth opportunities in its water and UMO/RFO service businesses stemming from its produced water sales and the historical stability of UMO/RFO end-markets. Combined with expected margin expansion, we see above-peer EBITDA growth. Jefferies acted as a joint manager for HEK's secondary stock offering completed on 3/30/12."
Heckmann is currently trading at $3.70.
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