ValuEngine upgraded shares of Energy Recovery (NASDAQ:ERII) from a sell rating to a hold rating in a report issued on Friday morning.
Other equities research analysts also recently issued research reports about the company. B. Riley restated a buy rating on shares of Energy Recovery in a research report on Tuesday, February 27th. Jefferies Group restated a buy rating and set a $14.00 price target on shares of Energy Recovery in a research report on Wednesday, December 20th. BidaskClub downgraded Energy Recovery from a buy rating to a hold rating in a research report on Tuesday, December 19th. Finally, Zacks Investment Research downgraded Energy Recovery from a strong-buy rating to a sell rating in a research report on Monday, January 8th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. The company has an average rating of Buy and an average price target of $15.63.
Shares of Energy Recovery (NASDAQ:ERII) opened at $8.75 on Friday. Energy Recovery has a 12-month low of $6.13 and a 12-month high of $11.30. The firm has a market capitalization of $468.96, a PE ratio of 25.00 and a beta of 5.34.
Energy Recovery declared that its board has approved a stock buyback program on Thursday, March 8th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, Director Hans Peter Michelet sold 50,000 shares of Energy Recovery stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $8.91, for a total value of $445,500.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 23.60% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Energy Recovery by 1.2% in the fourth quarter. BlackRock Inc. now owns 2,204,184 shares of the industrial products company’s stock worth $19,287,000 after buying an additional 26,017 shares during the period. Nokomis Capital L.L.C. increased its holdings in shares of Energy Recovery by 28.9% in the fourth quarter. Nokomis Capital L.L.C. now owns 1,829,581 shares of the industrial products company’s stock worth $16,009,000 after buying an additional 409,756 shares during the period. Encompass Capital Advisors LLC increased its holdings in shares of Energy Recovery by 51.1% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,208,674 shares of the industrial products company’s stock worth $10,576,000 after buying an additional 408,674 shares during the period. 683 Capital Management LLC increased its holdings in shares of Energy Recovery by 7.1% in the fourth quarter. 683 Capital Management LLC now owns 750,000 shares of the industrial products company’s stock worth $6,563,000 after buying an additional 49,900 shares during the period. Finally, State Street Corp increased its holdings in shares of Energy Recovery by 8.8% in the second quarter. State Street Corp now owns 604,520 shares of the industrial products company’s stock worth $5,014,000 after buying an additional 48,823 shares during the period. Hedge funds and other institutional investors own 36.68% of the company’s stock.
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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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