Energy Recovery Inc. (ERII) Coverage Initiated by Analysts at Evercore ISI
Evercore ISI initiated coverage on shares of Energy Recovery Inc. (NASDAQ:ERII) in a research note issued to investors on Tuesday morning. The brokerage issued a buy rating and a $23.00 price objective on the stock.
Several other research firms have also issued reports on ERII. Zacks Investment Research raised Energy Recovery from a hold rating to a strong-buy rating and set a $16.00 price target on the stock in a research report on Wednesday, September 14th. Jefferies Group raised Energy Recovery from a hold rating to a buy rating and upped their price target for the company from $8.00 to $20.00 in a research report on Tuesday, September 13th. FBR & Co reissued a buy rating on shares of Energy Recovery in a research report on Thursday, September 8th. Finally, Iberia Capital assumed coverage on Energy Recovery in a research report on Monday. They issued an outperform rating and a $21.00 target price on the stock. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $17.00.
Shares of Energy Recovery (NASDAQ:ERII) traded down 2.39% during trading on Tuesday, hitting $15.96. 260,374 shares of the stock were exchanged. The firm has a 50 day moving average of $13.34 and a 200-day moving average of $11.15. Energy Recovery has a 12-month low of $2.07 and a 12-month high of $16.67. The company’s market cap is $830.78 million.
Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.06. The business had revenue of $13.20 million for the quarter, compared to analyst estimates of $10.34 million. Energy Recovery had a positive return on equity of 3.97% and a negative net margin of 3.05%. The business’s revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.01) EPS. On average, analysts forecast that Energy Recovery will post $0.67 earnings per share for the current year.
In related news, Director Alexander J. Buehler sold 24,500 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $13.05, for a total transaction of $319,725.00. Following the completion of the transaction, the director now owns 60,500 shares of the company’s stock, valued at $789,525. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Alexander J. Buehler sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $13.00, for a total value of $65,000.00. Following the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $1,105,000. The disclosure for this sale can be found here. Corporate insiders own 26.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in ERII. Jane Street Group LLC boosted its position in shares of Energy Recovery by 17.8% in the second quarter. Jane Street Group LLC now owns 14,059 shares of the company’s stock valued at $125,000 after buying an additional 2,127 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Energy Recovery by 1.5% in the first quarter. Geode Capital Management LLC now owns 249,003 shares of the company’s stock valued at $2,573,000 after buying an additional 3,687 shares in the last quarter. Acrospire Investment Management LLC boosted its position in shares of Energy Recovery by 109.3% in the second quarter. Acrospire Investment Management LLC now owns 12,449 shares of the company’s stock valued at $111,000 after buying an additional 6,500 shares in the last quarter. Menta Capital LLC purchased a new position in shares of Energy Recovery during the first quarter valued at $107,000. Finally, BlackRock Advisors LLC boosted its position in shares of Energy Recovery by 200.2% in the second quarter. BlackRock Advisors LLC now owns 15,709 shares of the company’s stock valued at $140,000 after buying an additional 10,477 shares in the last quarter. 26.13% of the stock is owned by institutional investors and hedge funds.
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. It operates through two segments: Water, and Oil & Gas. Its Water Segment focuses on products sold for use in reverse osmosis water desalination.
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