Energy Recovery (NASDAQ:ERII) Downgraded to Hold Rating by Freedom Capital

Energy Recovery (NASDAQ:ERII) was downgraded by Freedom Capital from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Several other equities analysts have also commented on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Energy Recovery in a report on Monday, April 27th. Northcoast Research lowered Energy Recovery from a “buy” rating to a “neutral” rating in a report on Wednesday, April 15th. Finally, Loop Capital set a $13.00 target price on Energy Recovery in a report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $15.00.

Energy Recovery Trading Down 4.7%

NASDAQ:ERII opened at $8.70 on Monday. The firm has a market capitalization of $448.40 million, a PE ratio of 22.90 and a beta of 1.04. The stock has a 50 day moving average of $10.45 and a 200-day moving average of $13.29. Energy Recovery has a 52 week low of $8.62 and a 52 week high of $18.32.

Energy Recovery (NASDAQ:ERII) last posted its earnings results on Wednesday, May 6th. The industrial products company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.13). The company had revenue of $9.71 million for the quarter, compared to the consensus estimate of $8.37 million. Energy Recovery had a net margin of 15.07% and a return on equity of 10.89%. As a group, analysts predict that Energy Recovery will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Rodney Clemente sold 20,568 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $10.61, for a total value of $218,226.48. Following the completion of the transaction, the senior vice president directly owned 116,008 shares of the company’s stock, valued at $1,230,844.88. This represents a 15.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Arve Hanstveit sold 165,292 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $10.14, for a total value of $1,676,060.88. Following the completion of the transaction, the director directly owned 384,928 shares of the company’s stock, valued at $3,903,169.92. This trade represents a 30.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 238,551 shares of company stock valued at $2,456,512 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Energy Recovery

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wexford Capital LP bought a new position in Energy Recovery during the 3rd quarter valued at $27,000. Hantz Financial Services Inc. boosted its stake in Energy Recovery by 2,581.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,931 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 1,859 shares in the last quarter. Parallel Advisors LLC bought a new position in Energy Recovery during the 4th quarter valued at $38,000. State of Alaska Department of Revenue bought a new position in Energy Recovery during the 3rd quarter valued at $46,000. Finally, Comerica Bank boosted its stake in Energy Recovery by 150.5% during the 4th quarter. Comerica Bank now owns 3,868 shares of the industrial products company’s stock valued at $52,000 after purchasing an additional 2,324 shares in the last quarter. 83.58% of the stock is owned by institutional investors.

Energy Recovery Company Profile

Energy Recovery, Inc (NASDAQ: ERII) is an energy technology company specializing in the design and manufacture of high-efficiency devices that capture and repurpose energy in fluid-handling applications. The company’s core offering, the Pressure Exchanger® (PX®) device, enables seawater reverse osmosis (SWRO) desalination plants to recover and reuse hydraulic energy that would otherwise be lost during brine discharge. By integrating PX technology into desalination processes, Energy Recovery helps operators significantly reduce the energy consumption and operating costs of producing fresh water from seawater or brackish sources.

In addition to desalination solutions, Energy Recovery has expanded its portfolio to serve the oil and gas sector through turbocharger systems that improve the energy efficiency of hydraulic fracturing operations.