In a report published Wednesday, Wunderlich Securities analyst Michael E. Hoffman initiated coverage on Heckmann Corporation HEK with a Hold rating and $4.00 price target.
In the report, Hoffman noted, “We are initiating coverage of Heckmann Corporation (HEK) with a Hold rating and $4.00 price target. The opportunity in the E&P waste market is ripe for the picking. Conventional wisdom would say lead with disposal as transportation is a commodity. If the development of the shale plays were to remain concentrated in the hands of independent E&P companies, this perspective would be true. However, as multi-national E&Ps (“the majors”) concentrate the shale plays, they bring much higher environmental standards with a full cycle cradle-to-grave focus on environmental oversight. Full-service E&P waste firms will be best positioned to capitalize on this consolidation and increasing demand for strong environmental stewardship for E&P waste.”
Heckmann Corporation closed on Tuesday at $3.88.
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