Seaport Res Ptn Upgrades Energy Recovery (NASDAQ:ERII) to Strong-Buy

Energy Recovery (NASDAQ:ERII) was upgraded by stock analysts at Seaport Res Ptn to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

A number of other research firms have also recently commented on ERII. Evercore ISI reduced their price target on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Tuesday, November 19th. Fearnley Fonds cut Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. B. Riley reduced their price objective on Energy Recovery from $22.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, November 19th. Finally, Scotiabank started coverage on Energy Recovery in a report on Thursday. They set a “buy” rating and a $22.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $20.75.

Energy Recovery Stock Performance

Energy Recovery stock opened at $16.40 on Thursday. Energy Recovery has a 52 week low of $12.26 and a 52 week high of $20.27. The stock has a market capitalization of $949.40 million, a P/E ratio of 48.24 and a beta of 1.18. The stock has a 50-day simple moving average of $17.57 and a 200 day simple moving average of $15.83.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The business had revenue of $38.60 million during the quarter, compared to analysts’ expectations of $37.37 million. During the same quarter last year, the company posted $0.17 earnings per share. Energy Recovery’s quarterly revenue was up 4.3% on a year-over-year basis. Research analysts forecast that Energy Recovery will post 0.41 earnings per share for the current year.

Insider Activity at Energy Recovery

In related news, CEO David W. Moon sold 2,550 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.97, for a total value of $45,823.50. Following the completion of the sale, the chief executive officer now directly owns 87,101 shares in the company, valued at approximately $1,565,204.97. The trade was a 2.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Farshad Ghasripoor sold 10,526 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.97, for a total value of $189,152.22. Following the completion of the sale, the chief technology officer now owns 126,961 shares of the company’s stock, valued at approximately $2,281,489.17. This trade represents a 7.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,406 shares of company stock worth $828,688. Company insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Energy Recovery

Several institutional investors have recently made changes to their positions in ERII. Hantz Financial Services Inc. bought a new stake in shares of Energy Recovery in the second quarter valued at approximately $26,000. CWM LLC raised its position in Energy Recovery by 5,032.5% during the third quarter. CWM LLC now owns 4,260 shares of the industrial products company’s stock valued at $74,000 after purchasing an additional 4,177 shares in the last quarter. AXA S.A. acquired a new position in Energy Recovery during the second quarter valued at approximately $149,000. AQR Capital Management LLC raised its position in Energy Recovery by 19.8% during the second quarter. AQR Capital Management LLC now owns 11,998 shares of the industrial products company’s stock valued at $159,000 after purchasing an additional 1,986 shares in the last quarter. Finally, Pinnacle Associates Ltd. acquired a new position in Energy Recovery during the third quarter valued at approximately $193,000. 83.58% of the stock is currently owned by institutional investors.

About Energy Recovery

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.