Energy Recovery, Inc. (NASDAQ:ERII) Given Consensus Recommendation of “Buy” by Brokerages

Energy Recovery, Inc. (NASDAQ:ERII) has received a consensus rating of “Buy” from the six brokerages that are presently covering the stock, Marketbeat Ratings 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 1 year price target among analysts that have covered the stock in the last year is $20.75.

A number of equities research analysts have commented on ERII shares. Seaport Res Ptn raised Energy Recovery to a “strong-buy” rating in a report on Thursday, December 5th. Fearnley Fonds downgraded shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. Evercore ISI dropped their target price on shares of Energy Recovery from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Tuesday, November 19th. B. Riley decreased their price target on Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. Finally, Scotiabank initiated coverage on Energy Recovery in a research note on Thursday, December 5th. They issued a “buy” rating and a $22.00 price objective for the company.

Insiders Place Their Bets

In related news, Director Arve Hanstveit sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $16.87, for a total transaction of $337,400.00. Following the completion of the transaction, the director now owns 743,182 shares of the company’s stock, valued at approximately $12,537,480.34. This represents a 2.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Rodney Clemente sold 6,505 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.98, for a total transaction of $116,959.90. Following the sale, the senior vice president now directly owns 133,823 shares of the company’s stock, valued at $2,406,137.54. This represents a 4.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 63,406 shares of company stock valued at $1,166,088 in the last ninety days. Insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Energy Recovery

Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in shares of Energy Recovery by 66.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 274,893 shares of the industrial products company’s stock worth $4,780,000 after purchasing an additional 109,847 shares during the period. Barclays PLC increased its position in shares of Energy Recovery by 376.6% in the third quarter. Barclays PLC now owns 96,677 shares of the industrial products company’s stock worth $1,681,000 after acquiring an additional 76,393 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Energy Recovery by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,358,620 shares of the industrial products company’s stock valued at $23,631,000 after acquiring an additional 56,306 shares during the period. HighTower Advisors LLC lifted its holdings in shares of Energy Recovery by 10.6% during the 3rd quarter. HighTower Advisors LLC now owns 33,239 shares of the industrial products company’s stock valued at $578,000 after acquiring an additional 3,176 shares in the last quarter. Finally, Alpha Wave Global LP increased its holdings in 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 valued at $20,374,000 after purchasing an additional 564,463 shares in the last quarter. Hedge funds and other institutional investors own 83.58% of the company’s stock.

Energy Recovery Price Performance

NASDAQ:ERII opened at $15.06 on Monday. The firm has a market cap of $871.88 million, a price-to-earnings ratio of 44.29 and a beta of 1.18. Energy Recovery has a 1-year low of $12.26 and a 1-year high of $20.27. The firm’s fifty day moving average price is $16.55 and its 200 day moving average price is $16.14.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.01. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. The firm had revenue of $38.60 million during the quarter, compared to analysts’ expectations of $37.37 million. During the same period in the prior year, the company posted $0.17 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, analysts expect that Energy Recovery will post 0.39 earnings per share for the current fiscal year.

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.