Energy Recovery (NASDAQ:ERII) Rating Lowered to Hold at Freedom Capital

Energy Recovery (NASDAQ:ERII) was downgraded by equities research analysts at Freedom Capital from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Several other equities research analysts have also weighed in on the company. Loop Capital set a $13.00 price objective on Energy Recovery in a research note on Monday, March 2nd. Weiss Ratings reissued a “hold (c-)” rating on shares of Energy Recovery in a research note on Monday, April 27th. Finally, Northcoast Research lowered Energy Recovery from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.

Energy Recovery Stock Down 4.7%

ERII opened at $8.70 on Monday. The firm has a market cap of $448.40 million, a PE ratio of 22.90 and a beta of 1.04. The business has a fifty day simple moving average of $10.45 and a 200-day simple moving average of $13.29. Energy Recovery has a fifty-two week low of $8.62 and a fifty-two week high of $18.32.

Energy Recovery (NASDAQ:ERII) last released its quarterly earnings data on Wednesday, May 6th. The industrial products company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.13). The company had revenue of $9.71 million for the quarter, compared to the consensus estimate of $8.37 million. Energy Recovery had a return on equity of 10.89% and a net margin of 15.07%. On average, equities research analysts anticipate that Energy Recovery will post 0.42 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Rodney Clemente sold 20,568 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $10.61, for a total value of $218,226.48. Following the completion of the sale, the senior vice president owned 116,008 shares in the company, valued at $1,230,844.88. This represents a 15.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Arve Hanstveit sold 165,292 shares of the stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $10.14, for a total value of $1,676,060.88. Following the completion of the sale, the director owned 384,928 shares of the company’s stock, valued at $3,903,169.92. The trade was a 30.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 238,551 shares of company stock valued at $2,456,512 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Energy Recovery

A number of hedge funds have recently modified their holdings of the business. S&CO Inc. lifted its holdings in shares of Energy Recovery by 8.3% in the first quarter. S&CO Inc. now owns 13,000 shares of the industrial products company’s stock valued at $130,000 after purchasing an additional 1,000 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Energy Recovery by 9.0% during the first quarter. Principal Financial Group Inc. now owns 68,682 shares of the industrial products company’s stock worth $692,000 after acquiring an additional 5,644 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Energy Recovery by 70.3% during the first quarter. Hsbc Holdings PLC now owns 110,812 shares of the industrial products company’s stock worth $1,102,000 after acquiring an additional 45,756 shares in the last quarter. Isthmus Partners LLC raised its holdings in shares of Energy Recovery by 38.0% during the first quarter. Isthmus Partners LLC now owns 153,262 shares of the industrial products company’s stock worth $1,543,000 after acquiring an additional 42,208 shares in the last quarter. Finally, Inspire Investing LLC raised its holdings in shares of Energy Recovery by 47.2% during the first quarter. Inspire Investing LLC now owns 52,030 shares of the industrial products company’s stock worth $524,000 after acquiring an additional 16,691 shares in the last quarter. Hedge funds and other institutional investors own 83.58% of the company’s stock.

Energy Recovery Company Profile

Energy Recovery, Inc (NASDAQ: ERII) is an energy technology company specializing in the design and manufacture of high-efficiency devices that capture and repurpose energy in fluid-handling applications. The company’s core offering, the Pressure Exchanger® (PX®) device, enables seawater reverse osmosis (SWRO) desalination plants to recover and reuse hydraulic energy that would otherwise be lost during brine discharge. By integrating PX technology into desalination processes, Energy Recovery helps operators significantly reduce the energy consumption and operating costs of producing fresh water from seawater or brackish sources.

In addition to desalination solutions, Energy Recovery has expanded its portfolio to serve the oil and gas sector through turbocharger systems that improve the energy efficiency of hydraulic fracturing operations.