UPDATE: Jefferies Downgrades Heckmann Corporation to Hold on Sluggish Shale Activity

Jefferies downgraded Heckmann Corporation HEK from Buy to Hold and lowered the price target from $5.50 to $4.50. Jefferies commented, "We are lowering our rating to HOLD from BUY. Following a weak 4Q12, activity in shales served by HEK looks sluggish into 1H13 and water services pricing is challenged. We are lowering our 2013 estimate and adopting a more conservative valuation posture." Heckmann Corporation closed at $3.68 on Wednesday.