Zacks Investment Research upgraded shares of Energy Recovery (NASDAQ:ERII) from a sell rating to a hold rating in a research report report published on Friday morning.
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 subject of several other research reports. B. Riley set a $20.00 price target on shares of Energy Recovery and gave the company a buy rating in a report on Friday, March 9th. ValuEngine raised shares of Energy Recovery from a sell rating to a hold rating in a report on Friday, March 9th. BidaskClub raised shares of Energy Recovery from a strong sell rating to a sell rating in a report on Tuesday, March 13th. Finally, TheStreet raised shares of Energy Recovery from a c rating to a b- rating in a report on Thursday, March 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. Energy Recovery has an average rating of Buy and a consensus price target of $15.00.
ERII opened at $8.68 on Friday. Energy Recovery has a 52 week low of $6.13 and a 52 week high of $11.30. The firm has a market cap of $472.37, a price-to-earnings ratio of 124.00 and a beta of 5.31.
Energy Recovery (NASDAQ:ERII) last released its earnings results on Wednesday, March 7th. The industrial products company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.17). Energy Recovery had a return on equity of 5.62% and a net margin of 22.39%. The business had revenue of $22.39 million for the quarter, compared to analyst estimates of $30.59 million. During the same period in the prior year, the firm posted $0.06 EPS. Energy Recovery’s revenue was up 25.0% on a year-over-year basis. equities analysts forecast that Energy Recovery will post 0.25 earnings per share for the current fiscal year.
Energy Recovery announced that its board has approved a stock repurchase plan on Thursday, March 8th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, Director Arve Hanstveit sold 50,000 shares of the business’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $8.57, for a total value of $428,500.00. Following the sale, the director now directly owns 1,095,800 shares of the company’s stock, valued at approximately $9,391,006. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 23.60% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Teacher Retirement System of Texas bought a new stake in Energy Recovery in the 4th quarter valued at $101,000. Aristotle Atlantic Partners LLC bought a new stake in Energy Recovery in the 4th quarter valued at $131,000. GSA Capital Partners LLP bought a new stake in Energy Recovery in the 3rd quarter valued at $130,000. LPL Financial LLC bought a new stake in Energy Recovery in the 4th quarter valued at $155,000. Finally, MetLife Investment Advisors LLC bought a new stake in Energy Recovery in the 4th quarter valued at $157,000. 36.07% of the stock is currently owned by institutional investors and hedge funds.
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About Energy Recovery
Energy Recovery, Inc provides energy solutions to industrial fluid flow markets under the ERI, PX, Pressure Exchanger, PX Pressure Exchanger, AT, AquaBold, VorTeq, MTeq, IsoBoost, and IsoGen names worldwide. The company operates through Water and Oil & Gas segments. It offers pressure exchanger energy recovery devices for water desalination plants; hydraulic turbochargers for low-pressure brackish, high-pressure seawater reverse osmosis systems, and other water treatment applications; and high-pressure and circulation pumps for low and high-pressure reverse osmosis systems.
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