3:41 PM Bargain hunters may be taking note of insider cluster buying at Heckmann ( HEK +7.9%), where four different company directors and officers purchased 31,738 shares at an average price of $3.58/share during May 8-10. The move could be viewed as an indication the stock is undervalued; earlier this week, shares had touched a 52-week low.
In the last 12 months Heckmann Corp. has increased revenue tenfold. Recognized the customer shift from dry gas production to oil and nat gas liquids by shifting assets out of the Haynesville and into the Eagleford, Marcellus, and Utica shales. In the fourth quarter of 2011, the company's produced water pipeline averaged throughput of 40,000 barrels per day, compared with 30,000 barrels per day in the third quarter of 2011. In a little more than a year the company has acquired and put into service the following assets; 25 salt water disposal wells with a permitted capacity of approximately 400,000 barrels per day, a fleet of approximately 600 trucks, 450 trailers and 1100 frac tanks, taken delivery of 90 LNG-powered trucks and expects to take delivery of a total of 200 LNG vehicles, owns approximately 200 miles of portable poly and aluminum pipe and associated pumps. As of December 31, 2011, Heckmann's domestic headcount increased to approximately 1,200 employees from less than 30 employees as of September 30, 2010. seekingalpha.com
I think this has a lot more to move on the upside:
Kirby |
