Energy Recovery (ERII) Raised to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Energy Recovery (NASDAQ:ERII) from a hold rating to a buy rating in a report released on Tuesday morning. The brokerage currently has $10.00 price objective on the industrial products company’s stock.

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. “

Several other equities research analysts also recently weighed in on ERII. ValuEngine raised Energy Recovery from a hold rating to a buy rating in a report on Tuesday, July 10th. BidaskClub downgraded Energy Recovery from a hold rating to a sell rating in a report on Thursday, August 2nd. B. Riley set a $20.00 price objective on Energy Recovery and gave the company a buy rating in a report on Monday, August 6th. Finally, TheStreet raised Energy Recovery from a c rating to a b- rating in a report on Tuesday, August 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Energy Recovery presently has a consensus rating of Buy and a consensus price target of $14.25.

Shares of ERII stock traded down $0.32 during trading hours on Tuesday, hitting $8.85. The stock had a trading volume of 157,904 shares, compared to its average volume of 299,393. The company has a market capitalization of $497.69 million, a P/E ratio of 126.43 and a beta of 5.54. Energy Recovery has a twelve month low of $6.17 and a twelve month high of $11.30. The company has a current ratio of 4.22, a quick ratio of 3.99 and a debt-to-equity ratio of 0.12.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings data on Friday, November 2nd. The industrial products company reported $0.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The business had revenue of $22.20 million during the quarter, compared to the consensus estimate of $20.63 million. Energy Recovery had a return on equity of 12.63% and a net margin of 48.60%. The company’s revenue was up 29.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.03 earnings per share. Research analysts predict that Energy Recovery will post 0.19 EPS for the current fiscal year.

In other news, VP Nocair Bensalah sold 31,404 shares of the company’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $8.77, for a total transaction of $275,413.08. Following the completion of the sale, the vice president now owns 95,000 shares in the company, valued at $833,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arve Hanstveit sold 45,708 shares of the company’s stock in a transaction that occurred on Thursday, November 8th. The stock was sold at an average price of $9.15, for a total value of $418,228.20. Following the sale, the director now owns 1,113,945 shares of the company’s stock, valued at approximately $10,192,596.75. The disclosure for this sale can be found here. Insiders have sold 155,356 shares of company stock valued at $1,380,624 in the last 90 days. Company insiders own 23.80% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in ERII. Trexquant Investment LP purchased a new position in Energy Recovery in the third quarter worth $115,000. Aristotle Atlantic Partners LLC purchased a new position in Energy Recovery in the second quarter worth $121,000. Aperio Group LLC purchased a new position in Energy Recovery in the second quarter worth $132,000. Fox Run Management L.L.C. purchased a new position in Energy Recovery in the third quarter worth $167,000. Finally, Dimensional Fund Advisors LP purchased a new position in Energy Recovery in the second quarter worth $250,000. Hedge funds and other institutional investors own 36.99% of the company’s stock.

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.

Read More: Analyzing a company’s cash flow statement

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