Energy Recovery (NASDAQ:ERII) had its price target cut by JMP Securities from $15.00 to $13.00 in a research report report published on Friday, June 15th. They currently have a market outperform rating on the industrial products company’s stock.
Several other analysts also recently issued reports on the company. B. Riley set a $20.00 price objective on Energy Recovery and gave the company a buy rating in a research report on Tuesday, March 27th. ValuEngine upgraded Energy Recovery from a hold rating to a buy rating in a research report on Tuesday, May 8th. BidaskClub upgraded Energy Recovery from a strong sell rating to a sell rating in a research report on Tuesday, March 13th. TheStreet upgraded Energy Recovery from a c rating to a b- rating in a research report on Thursday, March 8th. Finally, Zacks Investment Research upgraded Energy Recovery from a sell rating to a hold rating in a research report on Friday, April 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $15.14.
ERII traded down $0.01 during trading on Friday, reaching $8.11. 925 shares of the stock were exchanged, compared to its average volume of 341,578. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.32 and a current ratio of 4.61. The company has a market cap of $434.44 million, a price-to-earnings ratio of 115.71 and a beta of 5.29. Energy Recovery has a 1 year low of $6.13 and a 1 year high of $11.30.
Energy Recovery (NASDAQ:ERII) last issued its quarterly earnings data on Thursday, May 3rd. The industrial products company reported $0.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. Energy Recovery had a return on equity of 6.13% and a net margin of 22.35%. The business had revenue of $13.80 million for the quarter, compared to the consensus estimate of $16.08 million. During the same period in the prior year, the business earned $0.01 earnings per share. The business’s revenue was down 4.8% on a year-over-year basis. analysts predict that Energy Recovery will post 0.15 EPS for the current fiscal year.
Energy Recovery announced that its board has initiated a share repurchase plan on Thursday, March 8th that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In other news, Director Hans Peter Michelet sold 101,990 shares of the stock in a transaction dated Monday, June 18th. The stock was sold at an average price of $8.12, for a total value of $828,158.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 23.80% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of ERII. Schwab Charles Investment Management Inc. grew its stake in shares of Energy Recovery by 18.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 149,312 shares of the industrial products company’s stock valued at $1,307,000 after buying an additional 23,276 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in Energy Recovery during the 4th quarter valued at approximately $101,000. Advisory Research Inc. acquired a new stake in Energy Recovery during the 4th quarter valued at approximately $1,079,000. Bank of New York Mellon Corp grew its stake in Energy Recovery by 6.9% during the 4th quarter. Bank of New York Mellon Corp now owns 129,486 shares of the industrial products company’s stock valued at $1,133,000 after purchasing an additional 8,359 shares in the last quarter. Finally, BlackRock Inc. grew its stake in Energy Recovery by 1.2% during the 4th quarter. BlackRock Inc. now owns 2,204,184 shares of the industrial products company’s stock valued at $19,287,000 after purchasing an additional 26,017 shares in the last quarter. Institutional investors and hedge funds own 38.14% of the company’s stock.
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 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.
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