Energy Recovery, Inc. (ERII) Releases Earnings Results, Misses Expectations By $0.31 EPS
Energy Recovery, Inc. (NASDAQ:ERII) announced its quarterly earnings data on Tuesday. The industrial products company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.31), Bloomberg Earnings reports. Energy Recovery had a net margin of 3.07% and a return on equity of 2.43%. The company had revenue of $15.08 million for the quarter, compared to analyst estimates of $14.64 million. During the same quarter last year, the company posted ($0.01) EPS. Energy Recovery’s revenue was up 22.9% on a year-over-year basis.
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In other news, Director Olav Fjell acquired 18,000 shares of the stock in a transaction dated Thursday, September 14th. The shares were bought at an average cost of $7.08 per share, for a total transaction of $127,440.00. Following the purchase, the director now directly owns 18,000 shares of the company’s stock, valued at $127,440. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 23.60% of the stock is owned by insiders.
A number of brokerages have recently commented on ERII. Jefferies Group LLC reiterated a “buy” rating and set a $17.00 price objective (down previously from $20.00) on shares of Energy Recovery in a research report on Wednesday, August 9th. BidaskClub upgraded Energy Recovery from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. FBR & Co reiterated a “buy” rating on shares of Energy Recovery in a research report on Wednesday, October 11th. Seaport Global Securities began coverage on Energy Recovery in a research report on Tuesday, October 17th. They set a “buy” rating and a $17.00 price objective for the company. Finally, Zacks Investment Research upgraded Energy Recovery from a “sell” rating to a “hold” rating in a research report on Monday, July 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. Energy Recovery presently has an average rating of “Buy” and a consensus price target of $16.57.
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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