Energy Recovery (NASDAQ:ERII) Rating Increased 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 research note published on Thursday morning, Zacks.com reports. The brokerage currently has $11.00 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. “

Other analysts also recently issued reports about the stock. ValuEngine downgraded shares of Energy Recovery from a buy rating to a hold rating in a report on Wednesday, October 2nd. JMP Securities set a $15.00 price target on shares of Energy Recovery and gave the stock a buy rating in a report on Thursday, October 10th. Evercore ISI reissued a buy rating and set a $18.00 price target on shares of Energy Recovery in a report on Thursday, August 8th. B. Riley set a $15.00 price target on shares of Energy Recovery and gave the stock a buy rating in a report on Monday, July 15th. Finally, BidaskClub downgraded shares of Energy Recovery from a hold rating to a sell rating in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. Energy Recovery has a consensus rating of Hold and an average price target of $14.75.

ERII stock opened at $9.69 on Thursday. The firm’s fifty day simple moving average is $9.52 and its 200-day simple moving average is $9.89. The company has a market capitalization of $537.55 million, a P/E ratio of 48.43 and a beta of 4.31. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.09 and a quick ratio of 4.76. Energy Recovery has a 12 month low of $6.17 and a 12 month high of $12.04.

Energy Recovery (NASDAQ:ERII) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.02. Energy Recovery had a net margin of 20.21% and a return on equity of 10.89%. The firm had revenue of $22.80 million for the quarter, compared to the consensus estimate of $20.53 million. During the same period in the prior year, the firm posted $0.07 earnings per share. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Energy Recovery will post 0.12 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP acquired a new position in Energy Recovery during the second quarter worth $131,000. Cubist Systematic Strategies LLC acquired a new position in Energy Recovery during the second quarter worth $147,000. SFE Investment Counsel raised its position in Energy Recovery by 27.5% during the second quarter. SFE Investment Counsel now owns 19,951 shares of the industrial products company’s stock worth $208,000 after acquiring an additional 4,303 shares during the period. Ibex Investors LLC acquired a new position in Energy Recovery during the second quarter worth $233,000. Finally, Cambridge Investment Research Advisors Inc. raised its position in Energy Recovery by 36.7% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 27,417 shares of the industrial products company’s stock worth $286,000 after acquiring an additional 7,360 shares during the period. 33.33% of the stock is currently owned by hedge funds and other institutional investors.

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. 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 small- to medium-sized desalination plants.

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