Energy Recovery (ERII) Upgraded to Strong-Buy by Zacks Investment Research

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Energy Recovery (NASDAQ:ERII) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The firm presently has a $10.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 9.41% from the company’s previous close.

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. “

ERII has been the subject of a number of other research reports. JMP Securities lowered their target price on shares of Energy Recovery from $15.00 to $13.00 and set a “market outperform” rating for the company in a research note on Friday, June 15th. BidaskClub downgraded shares of Energy Recovery from a “hold” rating to a “sell” rating in a research note on Thursday, August 2nd. ValuEngine downgraded shares of Energy Recovery from a “buy” rating to a “hold” rating in a research note on Monday, June 11th. TheStreet downgraded shares of Energy Recovery from a “b-” rating to a “c” rating in a research note on Tuesday, May 29th. Finally, B. Riley set a $20.00 target price on shares of Energy Recovery and gave the stock a “buy” rating in a research note on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $14.80.

Shares of ERII stock traded up $0.10 during trading hours on Wednesday, hitting $9.14. 202,100 shares of the company’s stock traded hands, compared to its average volume of 358,378. The company has a market capitalization of $488.11 million, a P/E ratio of 130.57 and a beta of 5.73. Energy Recovery has a 12 month low of $6.17 and a 12 month high of $11.30. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.26 and a current ratio of 4.51.

Energy Recovery (NASDAQ:ERII) last announced its earnings results on Thursday, August 2nd. The industrial products company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.06. Energy Recovery had a net margin of 46.91% and a return on equity of 10.72%. The business had revenue of $20.80 million during the quarter, compared to the consensus estimate of $16.39 million. During the same quarter last year, the firm earned ($0.01) earnings per share. Energy Recovery’s quarterly revenue was up 90.8% on a year-over-year basis. sell-side analysts forecast that Energy Recovery will post 0.23 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of ERII. SG Americas Securities LLC acquired a new stake in Energy Recovery in the first quarter worth $161,000. Schwab Charles Investment Management Inc. grew its holdings in Energy Recovery by 10.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 165,409 shares of the industrial products company’s stock worth $1,360,000 after purchasing an additional 16,097 shares during the period. JPMorgan Chase & Co. grew its holdings in Energy Recovery by 28.6% in the first quarter. JPMorgan Chase & Co. now owns 232,568 shares of the industrial products company’s stock worth $1,912,000 after purchasing an additional 51,725 shares during the period. Heartland Advisors Inc. grew its holdings in Energy Recovery by 17.6% in the first quarter. Heartland Advisors Inc. now owns 1,000,000 shares of the industrial products company’s stock worth $8,220,000 after purchasing an additional 150,000 shares during the period. Finally, Avenir Corp grew its holdings in Energy Recovery by 8.9% in the first quarter. Avenir Corp now owns 311,050 shares of the industrial products company’s stock worth $2,557,000 after purchasing an additional 25,500 shares during the period. Institutional investors and hedge funds own 37.10% 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 worldwide. 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 low and high-pressure reverse osmosis systems.

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