Energy Recovery (ERII) Rating Increased to Buy at Zacks Investment Research

Share on StockTwits

Zacks Investment Research upgraded shares of Energy Recovery (NASDAQ:ERII) from a hold rating to a buy rating in a report issued on Tuesday morning. They currently have $9.50 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. “

Other research analysts have also issued research reports about the company. TheStreet upgraded Energy Recovery from a c rating to a b- rating in a report on Tuesday, August 28th. ValuEngine upgraded Energy Recovery from a hold rating to a buy rating in a report on Tuesday, July 10th. B. Riley set a $20.00 price target on Energy Recovery and gave the stock a buy rating in a report on Monday, August 6th. BidaskClub upgraded Energy Recovery from a sell rating to a hold rating in a report on Saturday, September 1st. Finally, JMP Securities reduced their price target on Energy Recovery from $15.00 to $13.00 and set a market outperform rating on the stock in a report on Friday, June 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $14.70.

Shares of NASDAQ ERII traded up $0.02 during trading on Tuesday, hitting $7.81. 198,451 shares of the company were exchanged, compared to its average volume of 349,998. Energy Recovery has a 12-month low of $6.17 and a 12-month high of $11.30. The company has a quick ratio of 4.26, a current ratio of 4.51 and a debt-to-equity ratio of 0.13. The firm has a market cap of $479.54 million, a PE ratio of 111.57 and a beta of 5.62.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Thursday, August 2nd. The industrial products company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.01 by $0.06. Energy Recovery had a return on equity of 10.72% and a net margin of 46.91%. The business had revenue of $20.80 million for the quarter, compared to analyst estimates of $16.39 million. During the same quarter in the previous year, the firm earned ($0.01) EPS. The company’s quarterly revenue was up 90.8% compared to the same quarter last year. Research analysts expect that Energy Recovery will post 0.18 EPS for the current year.

In related news, VP Nocair Bensalah sold 31,404 shares of the firm’s stock in a transaction dated 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 directly owns 95,000 shares of the company’s stock, valued at approximately $833,150. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 23.80% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of ERII. SG Americas Securities LLC acquired a new stake in shares of Energy Recovery during the 1st quarter worth about $161,000. Schwab Charles Investment Management Inc. increased its position in shares of Energy Recovery by 10.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 165,409 shares of the industrial products company’s stock worth $1,360,000 after purchasing an additional 16,097 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Energy Recovery by 28.6% during the 1st quarter. JPMorgan Chase & Co. now owns 232,568 shares of the industrial products company’s stock worth $1,912,000 after purchasing an additional 51,725 shares during the last quarter. Amundi Pioneer Asset Management Inc. increased its position in shares of Energy Recovery by 37.8% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 291,900 shares of the industrial products company’s stock worth $2,400,000 after purchasing an additional 80,100 shares during the last quarter. Finally, Nokomis Capital L.L.C. increased its position in shares of Energy Recovery by 33.2% during the 1st quarter. Nokomis Capital L.L.C. now owns 2,437,326 shares of the industrial products company’s stock worth $20,035,000 after purchasing an additional 607,745 shares during the last quarter. 37.09% of the stock is 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.

Further Reading: How does inflation affect different investments?

Get a free copy of the Zacks research report on Energy Recovery (ERII)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Energy Recovery Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Energy Recovery and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply