Energy Recovery (NASDAQ:ERII) Cut to “Hold” at ValuEngine

ValuEngine cut shares of Energy Recovery (NASDAQ:ERII) from a buy rating to a hold rating in a research note published on Thursday morning, ValuEngine reports.

Several other research firms have also recently weighed in on ERII. Raymond James initiated coverage on Energy Recovery in a research note on Wednesday, October 23rd. They set an outperform rating and a $12.00 target price for the company. BidaskClub cut Energy Recovery from a hold rating to a sell rating in a research note on Wednesday. Zacks Investment Research upgraded Energy Recovery from a hold rating to a buy rating and set a $11.00 price objective for the company in a research note on Friday, November 8th. Evercore ISI reiterated a buy rating and issued a $18.00 price objective on shares of Energy Recovery in a research note on Thursday, August 8th. Finally, JMP Securities set a $15.00 price objective on Energy Recovery and gave the company a buy rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. Energy Recovery presently has an average rating of Buy and a consensus target price of $14.20.

Shares of NASDAQ:ERII traded down $0.03 during midday trading on Thursday, reaching $8.77. 206,600 shares of the company’s stock were exchanged, compared to its average volume of 275,301. The firm’s 50 day simple moving average is $9.39 and its two-hundred day simple moving average is $9.91. The stock has a market cap of $485.02 million, a price-to-earnings ratio of 43.85 and a beta of 4.25. Energy Recovery has a fifty-two week low of $6.17 and a fifty-two week high of $12.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.32 and a quick ratio of 4.01.

Energy Recovery (NASDAQ:ERII) last posted its earnings results on Thursday, October 31st. The industrial products company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.04. The firm had revenue of $24.90 million during the quarter, compared to analysts’ expectations of $22.01 million. Energy Recovery had a return on equity of 9.95% and a net margin of 18.65%. The firm’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.08 earnings per share. Equities research analysts predict that Energy Recovery will post 0.17 earnings per share for the current fiscal year.

In other Energy Recovery news, Director Arve Hanstveit sold 13,605 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $9.22, for a total value of $125,438.10. Following the completion of the sale, the director now owns 1,109,405 shares in the company, valued at $10,228,714.10. The sale was disclosed in a document filed with the SEC, which is available through this link. In the last quarter, insiders sold 14,294 shares of company stock valued at $131,947. 23.80% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of ERII. River & Mercantile Asset Management LLP acquired a new position in shares of Energy Recovery in the second quarter valued at approximately $3,059,000. KBC Group NV increased its holdings in shares of Energy Recovery by 508.9% in the second quarter. KBC Group NV now owns 313,451 shares of the industrial products company’s stock valued at $3,266,000 after purchasing an additional 261,971 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Energy Recovery by 104.9% in the second quarter. Bank of New York Mellon Corp now owns 482,965 shares of the industrial products company’s stock valued at $5,033,000 after purchasing an additional 247,287 shares during the period. Morgan Stanley increased its holdings in shares of Energy Recovery by 85.2% in the second quarter. Morgan Stanley now owns 278,187 shares of the industrial products company’s stock valued at $2,899,000 after purchasing an additional 127,992 shares during the period. Finally, BlackRock Inc. increased its holdings in shares of Energy Recovery by 4.5% in the second quarter. BlackRock Inc. now owns 2,518,679 shares of the industrial products company’s stock valued at $26,245,000 after purchasing an additional 107,783 shares during the period. Institutional investors own 32.46% of the company’s stock.

Energy Recovery Company Profile

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.

Further Reading: Are sell-side analysts objective?

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Analyst Recommendations for Energy Recovery (NASDAQ:ERII)

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