Zacks Investment Research upgraded shares of Energy Recovery, Inc. (NASDAQ:ERII) from a sell rating to a hold rating in a research report sent to investors on Monday, July 10th.
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 topic of several other reports. FBR & Co reaffirmed a buy rating and set a $16.00 price target on shares of Energy Recovery in a research report on Monday, March 20th. Evercore ISI restated an outperform rating and issued a $20.00 price target on shares of Energy Recovery in a research note on Wednesday, March 15th. Finally, BidaskClub upgraded shares of Energy Recovery from a sell rating to a hold rating in a research note on Thursday, July 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $17.42.
Shares of Energy Recovery (NASDAQ ERII) traded down 1.65% during midday trading on Monday, hitting $6.57. 328,211 shares of the company traded hands. Energy Recovery has a 12-month low of $6.53 and a 12-month high of $16.67. The stock’s 50-day moving average is $7.82 and its 200 day moving average is $8.35. The stock has a market capitalization of $351.97 million, a P/E ratio of 226.55 and a beta of 5.51.
Energy Recovery (NASDAQ:ERII) last announced its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported ($0.01) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.01). The firm had revenue of $12.20 million for the quarter, compared to analyst estimates of $14.99 million. Energy Recovery had a net margin of 3.07% and a return on equity of 2.43%. The business’s revenue was down 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 earnings per share. On average, analysts expect that Energy Recovery will post $0.68 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the company. Heartland Advisors Inc. bought a new stake in shares of Energy Recovery during the second quarter valued at approximately $2,487,000. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Energy Recovery during the second quarter valued at approximately $170,000. Virginia Retirement Systems ET AL increased its stake in Energy Recovery by 6.9% in the second quarter. Virginia Retirement Systems ET AL now owns 107,300 shares of the industrial products company’s stock valued at $890,000 after buying an additional 6,900 shares during the last quarter. Marshall Wace North America L.P. increased its stake in Energy Recovery by 41.1% in the second quarter. Marshall Wace North America L.P. now owns 42,784 shares of the industrial products company’s stock valued at $342,000 after buying an additional 12,455 shares during the last quarter. Finally, KBC Group NV increased its stake in Energy Recovery by 3.9% in the second quarter. KBC Group NV now owns 269,471 shares of the industrial products company’s stock valued at $2,234,000 after buying an additional 10,007 shares during the last quarter. 31.86% of the stock is owned by institutional investors.
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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