Energy Recovery (NASDAQ:ERII) Coverage Initiated at Scotiabank

Investment analysts at Scotiabank started coverage on shares of Energy Recovery (NASDAQ:ERII) in a research note issued on Thursday,Benzinga reports. The brokerage set a “buy” rating and a $22.00 price target on the industrial products company’s stock. Scotiabank’s price objective would indicate a potential upside of 35.30% from the stock’s previous close.

Several other equities analysts have also weighed in on ERII. Evercore ISI cut their target price on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating on the stock in a report on Tuesday, November 19th. Fearnley Fonds downgraded Energy Recovery from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Finally, B. Riley reduced their target price on Energy Recovery from $22.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, November 19th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Energy Recovery currently has a consensus rating of “Buy” and a consensus price target of $20.75.

Energy Recovery Price Performance

Shares of Energy Recovery stock opened at $16.26 on Thursday. The stock has a 50-day simple moving average of $17.55 and a 200-day simple moving average of $15.85. Energy Recovery has a 52-week low of $12.26 and a 52-week high of $20.27. The firm has a market cap of $941.29 million, a price-to-earnings ratio of 47.82 and a beta of 1.18.

Energy Recovery (NASDAQ:ERII) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.14 by $0.01. The company had revenue of $38.60 million during the quarter, compared to the consensus estimate of $37.37 million. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 earnings per share. As a group, equities research analysts predict that Energy Recovery will post 0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Rodney Clemente sold 6,505 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.98, for a total transaction of $116,959.90. Following the transaction, the senior vice president now owns 133,823 shares in the company, valued at approximately $2,406,137.54. The trade was a 4.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David W. Moon sold 2,550 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.97, for a total transaction of $45,823.50. Following the completion of the sale, the chief executive officer now owns 87,101 shares of the company’s stock, valued at approximately $1,565,204.97. The trade was a 2.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,406 shares of company stock valued at $828,688. Insiders own 4.10% of the company’s stock.

Institutional Trading of Energy Recovery

Institutional investors have recently modified their holdings of the company. KBC Group NV lifted its position in Energy Recovery by 14.1% in the third quarter. KBC Group NV now owns 1,238,219 shares of the industrial products company’s stock worth $21,533,000 after purchasing an additional 153,381 shares during the period. Federated Hermes Inc. bought a new position in shares of Energy Recovery during the 2nd quarter worth about $472,000. Baillie Gifford & Co. acquired a new stake in shares of Energy Recovery during the 3rd quarter valued at about $15,237,000. Summit Global Investments bought a new stake in Energy Recovery in the third quarter valued at about $939,000. Finally, Raymond James & Associates raised its position in Energy Recovery by 15.0% in the second quarter. Raymond James & Associates now owns 409,623 shares of the industrial products company’s stock worth $5,444,000 after purchasing an additional 53,330 shares in the last quarter. Institutional investors and hedge funds own 83.58% of the company’s stock.

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.