Energy Recovery, Inc. (NASDAQ:ERII) Receives Average Recommendation of “Buy” from Brokerages

Shares of Energy Recovery, Inc. (NASDAQ:ERII) have been given a consensus recommendation of “Buy” by the six analysts that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $20.75.

Several brokerages have recently commented on ERII. Fearnley Fonds downgraded Energy Recovery from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Scotiabank began coverage on Energy Recovery in a research note on Thursday, December 5th. They issued a “buy” rating and a $22.00 target price for the company. Evercore ISI reduced their target price on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. B. Riley reduced their target price on Energy Recovery from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, November 19th. Finally, Seaport Res Ptn upgraded Energy Recovery to a “strong-buy” rating in a research note on Thursday, December 5th.

Energy Recovery Trading Up 0.5 %

ERII stock opened at $14.33 on Friday. The stock has a 50-day moving average price of $15.25 and a 200-day moving average price of $16.37. Energy Recovery has a 1-year low of $12.26 and a 1-year high of $20.27. The firm has a market cap of $829.56 million, a PE ratio of 42.15 and a beta of 1.18.

Energy Recovery (NASDAQ:ERII) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.14 by $0.01. The company had revenue of $38.60 million during the quarter, compared to the consensus estimate of $37.37 million. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the business posted $0.17 EPS. On average, analysts forecast that Energy Recovery will post 0.36 earnings per share for the current year.

Insider Buying and Selling at Energy Recovery

In other news, SVP Rodney Clemente sold 4,207 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $20.06, for a total value of $84,392.42. Following the transaction, the senior vice president now owns 106,367 shares in the company, valued at $2,133,722.02. The trade was a 3.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arve Hanstveit sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $16.87, for a total value of $337,400.00. Following the completion of the transaction, the director now owns 743,182 shares in the company, valued at $12,537,480.34. The trade was a 2.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,825 shares of company stock worth $814,152. Insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Energy Recovery

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. bought a new stake in shares of Energy Recovery in the 3rd quarter worth approximately $15,237,000. Alpha Wave Global LP raised its holdings in shares of Energy Recovery by 93.0% in the 3rd quarter. Alpha Wave Global LP now owns 1,171,586 shares of the industrial products company’s stock worth $20,374,000 after purchasing an additional 564,463 shares during the period. Millennium Management LLC raised its holdings in shares of Energy Recovery by 130.3% in the 2nd quarter. Millennium Management LLC now owns 356,595 shares of the industrial products company’s stock worth $4,739,000 after purchasing an additional 201,770 shares during the period. KBC Group NV raised its holdings in shares of Energy Recovery by 14.1% in the 3rd quarter. KBC Group NV now owns 1,238,219 shares of the industrial products company’s stock worth $21,533,000 after purchasing an additional 153,381 shares during the period. Finally, Exchange Traded Concepts LLC raised its holdings in shares of Energy Recovery by 668.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 145,022 shares of the industrial products company’s stock worth $2,522,000 after purchasing an additional 126,148 shares during the period. Hedge funds and other institutional investors own 83.58% of the company’s stock.

Energy Recovery Company Profile

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.