Iberia Capital Initiates Coverage on Energy Recovery Inc. (ERII)
Equities researchers at Iberia Capital started coverage on shares of Energy Recovery Inc. (NASDAQ:ERII) in a research note issued on Monday. The brokerage set an “outperform” rating and a $21.00 price target on the stock. Iberia Capital’s target price would suggest a potential upside of 28.44% from the stock’s current price.
Other equities analysts also recently issued reports about the stock. Jefferies Group raised shares of Energy Recovery from a “hold” rating to a “buy” rating and increased their price target for the stock from $8.00 to $20.00 in a research note on Tuesday, September 13th. FBR & Co reaffirmed a “buy” rating on shares of Energy Recovery in a research note on Thursday, September 8th. Finally, Zacks Investment Research raised shares of Energy Recovery from a “strong sell” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Wednesday, July 13th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $17.00.
Shares of Energy Recovery (NASDAQ:ERII) opened at 16.35 on Monday. The company’s 50-day moving average price is $13.34 and its 200-day moving average price is $11.15. Energy Recovery has a 12 month low of $2.07 and a 12 month high of $16.66. The firm’s market cap is $851.08 million.
Energy Recovery (NASDAQ:ERII) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.06. Energy Recovery had a negative net margin of 3.05% and a positive return on equity of 3.97%. The company earned $13.20 million during the quarter, compared to the consensus estimate of $10.34 million. During the same period in the prior year, the firm earned ($0.01) earnings per share. Energy Recovery’s revenue was up 25.7% on a year-over-year basis. On average, analysts predict that Energy Recovery will post $0.67 EPS for the current year.
In other news, Director Alexander J. Buehler sold 24,500 shares of the stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $13.05, for a total transaction of $319,725.00. Following the sale, the director now owns 60,500 shares in the company, valued at $789,525. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Alexander J. Buehler sold 5,000 shares of the stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $13.00, for a total transaction of $65,000.00. Following the sale, the director now owns 85,000 shares in the company, valued at approximately $1,105,000. The disclosure for this sale can be found here. Insiders own 26.70% of the company’s stock.
Large investors have recently bought and sold shares of the stock. BlackRock Fund Advisors boosted its stake in Energy Recovery by 996.3% in the second quarter. BlackRock Fund Advisors now owns 895,324 shares of the company’s stock worth $7,959,000 after buying an additional 813,653 shares during the last quarter. State Street Corp boosted its stake in Energy Recovery by 1,966.8% in the second quarter. State Street Corp now owns 501,932 shares of the company’s stock worth $4,462,000 after buying an additional 477,646 shares during the last quarter. Vanguard Group Inc. boosted its stake in Energy Recovery by 19.9% in the second quarter. Vanguard Group Inc. now owns 1,458,697 shares of the company’s stock worth $12,968,000 after buying an additional 242,467 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Energy Recovery during the second quarter worth approximately $1,933,000. Finally, AXA purchased a new stake in Energy Recovery during the second quarter worth approximately $1,216,000. Hedge funds and other institutional investors own 26.13% of the company’s stock.
About Energy Recovery
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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