Energy Recovery (NASDAQ:ERII) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Energy Recovery (NASDAQ:ERII) from a buy rating to a hold rating in a report published on Thursday, Zacks.com reports.

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. “

Separately, Raymond James raised their price objective on shares of Energy Recovery from $21.00 to $23.00 and gave the stock an outperform rating in a research note on Friday, May 7th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $17.50.

Shares of NASDAQ:ERII opened at $20.78 on Thursday. Energy Recovery has a 12 month low of $6.69 and a 12 month high of $22.42. The firm has a 50-day simple moving average of $19.28. The company has a market cap of $1.19 billion, a P/E ratio of 35.83 and a beta of 1.26.

Energy Recovery (NASDAQ:ERII) last announced its quarterly earnings data on Thursday, May 6th. The industrial products company reported $0.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.04. The business had revenue of $28.94 million during the quarter, compared to the consensus estimate of $30.00 million. Energy Recovery had a net margin of 25.82% and a return on equity of 20.30%. Equities research analysts predict that Energy Recovery will post 0.2 EPS for the current year.

In other news, Director Arve Hanstveit sold 9,426 shares of Energy Recovery stock in a transaction that occurred on Monday, April 26th. The shares were sold at an average price of $22.00, for a total transaction of $207,372.00. Following the completion of the sale, the director now owns 940,307 shares of the company’s stock, valued at $20,686,754. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder As Arvarius sold 1,000,000 shares of Energy Recovery stock in a transaction that occurred on Thursday, May 6th. The shares were sold at an average price of $19.50, for a total transaction of $19,500,000.00. Following the sale, the insider now directly owns 6,532,490 shares of the company’s stock, valued at approximately $127,383,555. The disclosure for this sale can be found here. Insiders have sold 1,023,800 shares of company stock valued at $20,025,900 in the last ninety days. Insiders own 17.40% of the company’s stock.

A number of hedge funds have recently modified their holdings of ERII. William Blair Investment Management LLC increased its holdings in Energy Recovery by 386.4% during the fourth quarter. William Blair Investment Management LLC now owns 1,004,266 shares of the industrial products company’s stock valued at $13,698,000 after buying an additional 797,805 shares during the period. BlackRock Inc. increased its holdings in Energy Recovery by 12.9% during the first quarter. BlackRock Inc. now owns 3,686,967 shares of the industrial products company’s stock valued at $67,619,000 after buying an additional 420,437 shares during the period. KBC Group NV purchased a new position in Energy Recovery during the first quarter valued at approximately $5,922,000. FIL Ltd increased its holdings in Energy Recovery by 4,245.7% during the first quarter. FIL Ltd now owns 259,743 shares of the industrial products company’s stock valued at $4,764,000 after buying an additional 253,766 shares during the period. Finally, Essex Investment Management Co. LLC increased its holdings in Energy Recovery by 147.1% during the fourth quarter. Essex Investment Management Co. LLC now owns 360,964 shares of the industrial products company’s stock valued at $4,924,000 after buying an additional 214,861 shares during the period. 46.61% of the stock is currently owned by institutional investors.

Energy Recovery Company Profile

Energy Recovery, Inc, together with its subsidiaries, designs, manufactures, and sells various solutions for industrial fluid-flow markets worldwide. The company operates through Water, and Oil & Gas segments. It designs, engineers, manufactures, and supplies various energy recovery devices (ERDs), including positive displacement isobaric ERDs and centrifugal-type ERDs, such as our hydraulic turbochargers; and high-pressure feed and circulation pumps.

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