Energy Recovery, Inc. (NASDAQ:ERII) – Stock analysts at Jefferies Group cut their FY2017 earnings estimates for Energy Recovery in a research note issued to investors on Monday. Jefferies Group analyst L. Alexander now forecasts that the industrial products company will post earnings of $0.05 per share for the year, down from their prior forecast of $0.35. Jefferies Group currently has a “Buy” rating and a $14.00 target price on the stock. Jefferies Group also issued estimates for Energy Recovery’s Q4 2017 earnings at $0.04 EPS, Q1 2018 earnings at $0.03 EPS and FY2019 earnings at $0.70 EPS.
Other research analysts have also recently issued research reports about the stock. B. Riley reissued a “buy” rating and issued a $20.00 target price (up previously from $16.00) on shares of Energy Recovery in a report on Wednesday, November 1st. BidaskClub lowered shares of Energy Recovery from a “buy” rating to a “hold” rating in a report on Tuesday. JMP Securities assumed coverage on shares of Energy Recovery in a report on Tuesday, September 5th. They issued an “outperform” rating and a $12.00 price objective for the company. Seaport Global Securities assumed coverage on shares of Energy Recovery in a report on Tuesday, October 17th. They issued a “buy” rating and a $17.00 price objective for the company. Finally, FBR & Co reiterated a “buy” rating on shares of Energy Recovery in a report on Wednesday, October 11th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $16.63.
Energy Recovery (NASDAQ:ERII) last posted its earnings results on Wednesday, November 1st. The industrial products company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.31). The company had revenue of $15.08 million during the quarter, compared to the consensus estimate of $14.64 million. Energy Recovery had a return on equity of 5.75% and a net margin of 7.78%. The firm’s revenue was up 22.9% compared to the same quarter last year. During the same period last year, the company posted ($0.01) EPS.
In other news, VP Andrew B. Stroud, Jr. sold 7,117 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $11.00, for a total transaction of $78,287.00. Following the completion of the sale, the vice president now owns 32,398 shares of the company’s stock, valued at approximately $356,378. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 23.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Heartland Advisors Inc. grew its position in shares of Energy Recovery by 183.3% during the 3rd quarter. Heartland Advisors Inc. now owns 850,000 shares of the industrial products company’s stock worth $6,715,000 after buying an additional 550,000 shares during the period. 683 Capital Management LLC grew its position in Energy Recovery by 115.3% in the 3rd quarter. 683 Capital Management LLC now owns 700,100 shares of the industrial products company’s stock valued at $5,531,000 after purchasing an additional 374,900 shares during the period. State Street Corp grew its position in Energy Recovery by 8.8% in the 2nd quarter. State Street Corp now owns 604,520 shares of the industrial products company’s stock valued at $5,014,000 after purchasing an additional 48,823 shares during the period. Goldman Sachs Group Inc. grew its position in Energy Recovery by 64.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 593,539 shares of the industrial products company’s stock valued at $4,920,000 after purchasing an additional 233,625 shares during the period. Finally, Northern Trust Corp grew its position in Energy Recovery by 10.9% in the 2nd quarter. Northern Trust Corp now owns 449,189 shares of the industrial products company’s stock valued at $3,724,000 after purchasing an additional 44,294 shares during the period. 33.58% of the stock is owned by institutional investors.
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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