Energy Recovery (NASDAQ:ERII) declared that its board has authorized a stock repurchase program, which authorizes the company to repurchase $10.00 million in shares on Thursday, March 8th. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
ERII has been the subject of several recent research reports. BidaskClub cut shares of Energy Recovery from a “sell” rating to a “strong sell” rating in a research report on Wednesday, January 31st. Zacks Investment Research cut shares of Energy Recovery from a “strong-buy” rating to a “sell” rating in a research report on Monday, January 8th. B. Riley set a $20.00 price objective on shares of Energy Recovery and gave the company a “buy” rating in a research report on Monday, December 18th. Jefferies Group restated a “buy” rating and issued a $14.00 price objective on shares of Energy Recovery in a research report on Wednesday, December 20th. Finally, ValuEngine cut shares of Energy Recovery from a “hold” rating to a “sell” rating in a research report on Thursday, March 1st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $15.00.
NASDAQ ERII traded up $0.18 on Thursday, reaching $8.44. The company had a trading volume of 197,546 shares, compared to its average volume of 417,896. The firm has a market cap of $438.36, a PE ratio of 120.57 and a beta of 5.31. Energy Recovery has a 1-year low of $6.13 and a 1-year high of $11.30.
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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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