Evercore ISI Cuts Energy Recovery (NASDAQ:ERII) Price Target to $20.00

Energy Recovery (NASDAQ:ERII) had its target price trimmed by Evercore ISI from $23.00 to $20.00 in a report published on Tuesday,Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

ERII has been the topic of several other reports. Fearnley Fonds lowered Energy Recovery from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 6th. StockNews.com raised Energy Recovery from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, B. Riley dropped their target price on Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.33.

Energy Recovery Trading Up 4.7 %

NASDAQ:ERII opened at $15.35 on Tuesday. The firm has a market capitalization of $888.61 million, a price-to-earnings ratio of 45.15 and a beta of 1.22. Energy Recovery has a 1-year low of $12.26 and a 1-year high of $20.27. The business’s fifty day moving average price is $17.78 and its 200 day moving average price is $15.68.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.01. The firm had revenue of $38.60 million for the quarter, compared to analyst estimates of $37.37 million. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. Energy Recovery’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 earnings per share. Equities analysts forecast that Energy Recovery will post 0.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Farshad Ghasripoor sold 10,526 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.97, for a total transaction of $189,152.22. Following the completion of the sale, the chief technology officer now owns 126,961 shares in the company, valued at approximately $2,281,489.17. This represents a 7.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO David W. Moon sold 2,550 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.97, for a total value of $45,823.50. Following the sale, the chief executive officer now owns 87,101 shares of the company’s stock, valued at approximately $1,565,204.97. This trade represents a 2.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,406 shares of company stock valued at $828,688 in the last three months. Insiders own 4.10% of the company’s stock.

Institutional Trading of Energy Recovery

Several large investors have recently made changes to their positions in ERII. The Manufacturers Life Insurance Company grew its holdings in Energy Recovery by 6.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,127 shares of the industrial products company’s stock valued at $294,000 after buying an additional 1,330 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Energy Recovery by 8.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,642 shares of the industrial products company’s stock valued at $307,000 after buying an additional 1,433 shares during the last quarter. Rhumbline Advisers grew its holdings in Energy Recovery by 2.0% in the 2nd quarter. Rhumbline Advisers now owns 95,559 shares of the industrial products company’s stock valued at $1,270,000 after buying an additional 1,893 shares during the last quarter. Hantz Financial Services Inc. acquired a new stake in Energy Recovery in the 2nd quarter valued at approximately $26,000. Finally, AQR Capital Management LLC grew its holdings in Energy Recovery by 19.8% in the 2nd quarter. AQR Capital Management LLC now owns 11,998 shares of the industrial products company’s stock valued at $159,000 after buying an additional 1,986 shares during the last quarter. Institutional investors own 83.58% of the company’s stock.

About Energy Recovery

Energy Recovery, Inc, together with its subsidiaries, designs, manufactures, and sells energy efficiency technology solutions in the Americas, the Middle East, Africa, Asia, and Europe. The company operates through Water and Emerging Technologies segments. The company offers high and low pressure, and ultra pressure exchangers; AT and LPT hydraulic turbochargers; and high-pressure feed and circulation booster pumps for use in seawater and brackish desalination, and wastewater treatment.