Energy Recovery (NASDAQ:ERII) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday, January 3rd. The firm presently has a $10.00 target price on the industrial products company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.99% from the company’s current price.
According to Zacks, “Based in San Leandro, California, ENERGY RECOVERY, INC. is a leading global developer and manufacturer of highly efficient energy recovery devices utilized in the water desalination industry. Energy Recovery, Inc. operates primarily in the sea water reverse osmosis segment of the desalination industry.ERI manufactures ultra-high efficiency recovery products and technology, specifically the ERI PX Pressure Exchanger, that are among the enabling technologies driving the rapid growth in seawater reverse osmosis desalination, and are helping to make desalination affordable worldwide. “
ERII has been the topic of several other reports. BidaskClub downgraded Energy Recovery from a “buy” rating to a “hold” rating in a research note on Tuesday, December 19th. Capital One Financial assumed coverage on Energy Recovery in a research note on Thursday, September 7th. They issued an “overweight” rating and a $16.00 target price on the stock. Seaport Global Securities assumed coverage on Energy Recovery in a research note on Tuesday, October 17th. They issued a “buy” rating and a $17.00 target price on the stock. B. Riley set a $20.00 target price on Energy Recovery and gave the company a “buy” rating in a research note on Monday, December 18th. Finally, FBR & Co reiterated a “buy” rating on shares of Energy Recovery in a research note on Wednesday, October 11th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $15.63.
Energy Recovery (ERII) traded up $0.16 on Wednesday, reaching $8.85. The company’s stock had a trading volume of 200,500 shares, compared to its average volume of 302,900. Energy Recovery has a 52 week low of $6.13 and a 52 week high of $11.30. The firm has a market capitalization of $485.04, a price-to-earnings ratio of 147.50 and a beta of 5.73.
Energy Recovery (NASDAQ:ERII) last announced its earnings results on Wednesday, November 1st. The industrial products company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.31). Energy Recovery had a net margin of 7.78% and a return on equity of 5.75%. The company had revenue of $15.08 million during the quarter, compared to analysts’ expectations of $14.64 million. During the same quarter last year, the business posted ($0.01) earnings per share. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. research analysts expect that Energy Recovery will post 0.05 EPS for the current year.
In related news, VP Andrew B. Stroud, Jr. sold 7,117 shares of Energy Recovery stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $11.00, for a total transaction of $78,287.00. Following the completion of the transaction, the vice president now directly owns 32,398 shares of the company’s stock, valued at $356,378. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Hans Peter Michelet sold 50,000 shares of Energy Recovery stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $8.91, for a total value of $445,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,117 shares of company stock worth $545,787. Company insiders own 23.60% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Parametric Portfolio Associates LLC acquired a new position in Energy Recovery during the second quarter worth $117,000. Perigon Wealth Management LLC raised its holdings in Energy Recovery by 149.7% during the second quarter. Perigon Wealth Management LLC now owns 15,179 shares of the industrial products company’s stock worth $126,000 after purchasing an additional 9,099 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Energy Recovery during the third quarter worth $130,000. Boothbay Fund Management LLC acquired a new position in Energy Recovery during the third quarter worth $131,000. Finally, PEAK6 Investments L.P. acquired a new position in Energy Recovery during the third quarter worth $150,000. 33.58% of the stock is owned by hedge funds and other institutional investors.
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Energy Recovery Company Profile
Energy Recovery, Inc is an energy solutions provider to industrial fluid flow markets. The Company’s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. Its segments include Water, Oil & Gas, and Corporate. The Water Segment focuses on products sold for use in reverse osmosis water desalination.
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