Jefferies Group LLC Reaffirms “Buy” Rating for Energy Recovery, Inc. (ERII)
Jefferies Group LLC reiterated their buy rating on shares of Energy Recovery, Inc. (NASDAQ:ERII) in a research report sent to investors on Wednesday. The brokerage currently has a $17.00 price target on the industrial products company’s stock, down from their previous price target of $20.00. Jefferies Group also issued estimates for Energy Recovery’s Q3 2017 earnings at $0.00 EPS, Q4 2017 earnings at $0.37 EPS, FY2017 earnings at $0.35 EPS and FY2018 earnings at $0.50 EPS.
A number of other equities research analysts have also recently commented on ERII. BidaskClub raised shares of Energy Recovery from a sell rating to a hold rating in a report on Thursday, July 6th. Zacks Investment Research cut shares of Energy Recovery from a buy rating to a hold rating in a report on Monday, May 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. Energy Recovery has an average rating of Buy and an average target price of $16.92.
Energy Recovery (ERII) traded up 0.48% during trading on Wednesday, hitting $6.32. The stock had a trading volume of 508,019 shares. The firm has a market capitalization of $338.60 million, a PE ratio of 217.93 and a beta of 5.51. The firm has a 50 day moving average price of $7.65 and a 200-day moving average price of $8.22. Energy Recovery has a 1-year low of $6.27 and a 1-year high of $16.67.
Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). The company had revenue of $12.20 million for the quarter, compared to analysts’ expectations of $14.99 million. Energy Recovery had a net margin of 3.07% and a return on equity of 2.43%. Energy Recovery’s revenue was down 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 EPS. On average, equities research analysts expect that Energy Recovery will post $0.53 EPS for the current year.
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A number of large investors have recently modified their holdings of ERII. Rubric Capital Management LP acquired a new stake in shares of Energy Recovery during the second quarter worth about $5,349,000. Renaissance Technologies LLC boosted its stake in shares of Energy Recovery by 2,594.5% in the first quarter. Renaissance Technologies LLC now owns 441,900 shares of the industrial products company’s stock worth $3,677,000 after buying an additional 425,500 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Energy Recovery by 1,532.6% in the first quarter. Goldman Sachs Group Inc. now owns 359,914 shares of the industrial products company’s stock worth $2,994,000 after buying an additional 337,869 shares during the last quarter. Heartland Advisors Inc. acquired a new stake in shares of Energy Recovery during the second quarter worth about $2,487,000. Finally, Arosa Capital Management LP acquired a new stake in shares of Energy Recovery during the first quarter worth about $2,080,000. 31.86% of the stock is currently owned by institutional investors and hedge funds.
About Energy Recovery
Energy Recovery, Inc is an energy solutions provider to industrial fluid flow markets. The Company’s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. Its segments include Water, Oil & Gas, and Corporate. The Water Segment focuses on products sold for use in reverse osmosis water desalination.
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