Encompass Capital Advisors LLC raised its holdings in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 51.1% in the 4th quarter, HoldingsChannel reports. The fund owned 1,208,674 shares of the industrial products company’s stock after buying an additional 408,674 shares during the period. Energy Recovery makes up approximately 1.5% of Encompass Capital Advisors LLC’s portfolio, making the stock its 23rd largest position. Encompass Capital Advisors LLC’s holdings in Energy Recovery were worth $10,576,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of ERII. Alliancebernstein L.P. grew its stake in shares of Energy Recovery by 51.5% during the 2nd quarter. Alliancebernstein L.P. now owns 30,300 shares of the industrial products company’s stock worth $251,000 after acquiring an additional 10,300 shares in the last quarter. TIAA CREF Investment Management LLC grew its stake in shares of Energy Recovery by 7.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 97,258 shares of the industrial products company’s stock worth $806,000 after acquiring an additional 6,387 shares in the last quarter. Northern Trust Corp grew its stake in shares of Energy Recovery by 10.9% during the 2nd quarter. Northern Trust Corp now owns 449,189 shares of the industrial products company’s stock worth $3,724,000 after acquiring an additional 44,294 shares in the last quarter. Parametric Portfolio Associates LLC bought a new position in shares of Energy Recovery during the 2nd quarter worth approximately $117,000. Finally, Voya Investment Management LLC grew its stake in shares of Energy Recovery by 21.0% during the 2nd quarter. Voya Investment Management LLC now owns 19,001 shares of the industrial products company’s stock worth $158,000 after acquiring an additional 3,293 shares in the last quarter. 36.68% of the stock is owned by institutional investors.
In related news, Director Hans Peter Michelet sold 50,000 shares of the firm’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $8.91, for a total value of $445,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 23.60% of the stock is currently owned by company insiders.
Energy Recovery (NASDAQ:ERII) last released its earnings results on Wednesday, March 7th. The industrial products company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.17). Energy Recovery had a net margin of 22.39% and a return on equity of 5.93%. The firm had revenue of $22.39 million during the quarter, compared to the consensus estimate of $30.59 million. During the same period in the prior year, the business posted $0.06 earnings per share. Energy Recovery’s quarterly revenue was up 25.0% compared to the same quarter last year. equities analysts anticipate that Energy Recovery, Inc. will post 0.22 EPS for the current fiscal year.
Energy Recovery declared that its board has authorized a stock repurchase plan on Thursday, March 8th that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
ERII has been the subject of several research reports. TheStreet raised shares of Energy Recovery from a “c” rating to a “b-” rating in a research note on Thursday. B. Riley set a $20.00 price target on shares of Energy Recovery and gave the stock a “buy” rating in a research note on Friday. Jefferies Group reaffirmed a “buy” rating and set a $14.00 price target on shares of Energy Recovery in a research note on Wednesday, December 20th. BidaskClub cut shares of Energy Recovery from a “buy” rating to a “hold” rating in a research note on Tuesday, December 19th. Finally, ValuEngine raised shares of Energy Recovery from a “sell” rating to a “hold” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $15.63.
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Energy Recovery Company Profile
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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