Energy Recovery (NASDAQ:ERII) announced that its board has initiated a share buyback program, which permits the company to repurchase $10.00 million in shares on Thursday, March 8th, EventVestor reports. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
Several equities analysts have recently weighed in on the company. Jefferies Group reiterated a “buy” rating and issued a $14.00 price target on shares of Energy Recovery in a research report on Wednesday, December 20th. TheStreet raised Energy Recovery from a “c” rating to a “b-” rating in a research note on Thursday, March 8th. ValuEngine lowered Energy Recovery from a “hold” rating to a “sell” rating in a research note on Thursday, March 1st. BidaskClub downgraded Energy Recovery from a “sell” rating to a “strong sell” rating in a report on Wednesday, January 31st. Finally, Zacks Investment Research downgraded Energy Recovery from a “strong-buy” rating to a “sell” rating in a report on Monday, January 8th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $15.00.
Shares of ERII stock opened at $8.43 on Wednesday. Energy Recovery has a 12 month low of $6.13 and a 12 month high of $11.30. The company has a market capitalization of $463.20, a price-to-earnings ratio of 122.57 and a beta of 5.35.
In related news, Director Hans Peter Michelet sold 50,000 shares of Energy Recovery stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $8.91, for a total transaction of $445,500.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 23.60% of the company’s stock.
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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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