Jefferies Group cut shares of Heckmann (NYSE: HEK) from a buy rating to a hold rating in a research note issued to investors on Thursday. The firm currently has $4.50 target price on the stock, down from their previous target price of $5.50.
“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.,” Jefferies Group’s analyst wrote.
Shares of Heckmann traded up 1.95% during mid-day trading on Thursday, hitting $3.66. Heckmann has a one year low of $2.60 and a one year high of $5.41. The stock’s 50-day moving average is currently $3.92. The company’s market cap is $573.5 million.
A number of other analysts have also recently weighed in on HEK. Analysts at Wedbush downgraded shares of Heckmann from a neutral rating to an underperform rating in a research note to investors on Monday, February 11th. They now have a $2.50 price target on the stock, down previously from $3.00. Analysts at Ladenburg Thalmann upgraded shares of Heckmann from a sell rating to a neutral rating in a research note to investors on Tuesday, January 8th. They now have a $3.75 price target on the stock, up previously from $2.75.
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