Energy Recovery (ERII) Stock Rating Lowered by Zacks Investment Research

Energy Recovery (NASDAQ:ERII) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

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. “

A number of other equities analysts have also recently commented on ERII. ValuEngine raised Energy Recovery from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. BidaskClub cut Energy Recovery from a “hold” rating to a “sell” rating in a research note on Thursday, August 2nd. B. Riley set a $20.00 price target on Energy Recovery and gave the stock a “buy” rating in a research note on Monday, August 6th. Finally, TheStreet raised Energy Recovery from a “c” rating to a “b-” rating in a research note on Tuesday, August 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $14.13.

Energy Recovery stock traded up $1.41 during trading hours on Friday, reaching $9.18. The company had a trading volume of 1,256,000 shares, compared to its average volume of 347,539. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.51 and a quick ratio of 4.26. The stock has a market capitalization of $385.24 million, a P/E ratio of 131.14 and a beta of 5.62. Energy Recovery has a 12-month low of $6.17 and a 12-month high of $11.30.

Energy Recovery (NASDAQ:ERII) last announced its quarterly earnings results on Thursday, November 1st. The industrial products company reported $0.08 EPS for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.03. The business had revenue of $22.20 million for the quarter, compared to analysts’ expectations of $20.63 million. Energy Recovery had a return on equity of 10.72% and a net margin of 46.91%. The business’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 EPS. Sell-side analysts expect that Energy Recovery will post 0.18 earnings per share for the current fiscal year.

In other Energy Recovery news, VP Nocair Bensalah sold 31,404 shares of Energy Recovery stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $8.77, for a total value of $275,413.08. Following the transaction, the vice president now directly owns 95,000 shares of the company’s stock, valued at approximately $833,150. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 23.80% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cadence Capital Management LLC increased its stake in shares of Energy Recovery by 20.0% during the third quarter. Cadence Capital Management LLC now owns 264,270 shares of the industrial products company’s stock valued at $2,365,000 after buying an additional 44,094 shares during the period. Wells Fargo & Company MN increased its stake in shares of Energy Recovery by 26.2% during the third quarter. Wells Fargo & Company MN now owns 113,529 shares of the industrial products company’s stock valued at $1,016,000 after buying an additional 23,583 shares during the period. Manchester Capital Management LLC increased its stake in shares of Energy Recovery by 83.7% during the third quarter. Manchester Capital Management LLC now owns 58,063 shares of the industrial products company’s stock valued at $520,000 after buying an additional 26,450 shares during the period. Alps Advisors Inc. purchased a new position in shares of Energy Recovery during the third quarter valued at approximately $476,000. Finally, Fox Run Management L.L.C. purchased a new position in shares of Energy Recovery during the third quarter valued at approximately $167,000. 37.09% of the stock is currently owned by hedge funds and other institutional investors.

Energy Recovery Company Profile

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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