Energy Recovery (NASDAQ:ERII) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Energy Recovery (NASDAQ:ERII) from a buy rating to a hold rating in a research note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Based in San Leandro, California, ENERGY RECOVERY, INC. is a leading global developer and manufacturer of highly efficient energy recovery devices utilized in the water desalination industry. Energy Recovery, Inc. operates primarily in the sea water reverse osmosis segment of the desalination industry.ERI manufactures ultra-high efficiency recovery products and technology, specifically the ERI PX Pressure Exchanger, that are among the enabling technologies driving the rapid growth in seawater reverse osmosis desalination, and are helping to make desalination affordable worldwide. “

A number of other equities analysts also recently issued reports on the company. BidaskClub downgraded Energy Recovery from a hold rating to a sell rating in a report on Friday, September 6th. Evercore ISI reiterated a buy rating and issued a $18.00 price objective on shares of Energy Recovery in a report on Thursday, August 8th. JMP Securities set a $15.00 price objective on Energy Recovery and gave the stock a buy rating in a report on Thursday, October 10th. ValuEngine downgraded Energy Recovery from a buy rating to a hold rating in a report on Wednesday, October 2nd. Finally, B. Riley set a $15.00 price objective on Energy Recovery and gave the stock a buy rating in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. Energy Recovery currently has an average rating of Hold and an average target price of $14.75.

ERII opened at $9.69 on Friday. The stock has a fifty day simple moving average of $9.52 and a two-hundred day simple moving average of $9.89. The company has a current ratio of 5.09, a quick ratio of 4.76 and a debt-to-equity ratio of 0.09. The company has a market cap of $537.55 million, a price-to-earnings ratio of 48.43 and a beta of 4.31. Energy Recovery has a 12-month low of $6.17 and a 12-month high of $12.04.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings data on Thursday, August 1st. The industrial products company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.02. The business had revenue of $22.80 million during the quarter, compared to the consensus estimate of $20.53 million. Energy Recovery had a return on equity of 10.89% and a net margin of 20.21%. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.07 earnings per share. On average, analysts predict that Energy Recovery will post 0.12 EPS for the current year.

Large investors have recently made changes to their positions in the business. GSA Capital Partners LLP purchased a new position in Energy Recovery in the second quarter worth about $131,000. Cubist Systematic Strategies LLC purchased a new position in Energy Recovery in the second quarter worth about $147,000. SFE Investment Counsel boosted its position in Energy Recovery by 27.5% in the second quarter. SFE Investment Counsel now owns 19,951 shares of the industrial products company’s stock worth $208,000 after purchasing an additional 4,303 shares during the last quarter. Ibex Investors LLC purchased a new position in Energy Recovery in the second quarter worth about $233,000. Finally, Cambridge Investment Research Advisors Inc. boosted its position in Energy Recovery by 36.7% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 27,417 shares of the industrial products company’s stock worth $286,000 after purchasing an additional 7,360 shares during the last quarter. 33.32% of the stock is currently owned by institutional investors and hedge funds.

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. 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 small- to medium-sized desalination plants.

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