B.Riley FBR Sticks to Their Buy Rating for Energy Recovery

By Austin Angelo

B.Riley FBR analyst Tom Curran reiterated a Buy rating on Energy Recovery (NASDAQ: ERII) today and set a price target of $20. The company’s shares closed yesterday at $10.58.

Curran said:

“Despite its recent surge, ERII’s stock has ample appreciation potential left and just entered a multi-week window that should bring positive developments for the company’s portfolio of oil & gas technologies which, collectively, should act as a potent catalyst. The expected datapoints should pertain to ERII’s VorTeq and MTeq offerings for hydraulic fracturing and land drilling, respectively. We expect ERII (1) to announce, at some time between 12/11 and 12/25, that Milestone 1 (M1) has been achieved, in line with recently reiterated guidance; and (2) subsequently, to reveal that the first commercial deployment of a VorTeq system may very well be undertaken by Liberty Oilfield, who seems positioned to move even faster than we expect SLB to.”

According to TipRanks.com, Curran is a 1-star analyst with an average return of -3.3% and a 45.0% success rate. Curran covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Select Energy Services Inc, and Baker Hughes a GE company.

Energy Recovery has an analyst consensus of Strong Buy, with a price target consensus of $16.33.

The company has a one-year high of $12.73 and a one-year low of $6.13. Currently, Energy Recovery has an average volume of 450.1K.

Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ERII in relation to earlier this year.

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Energy Recovery, Inc. engages in the provision of energy solutions to industrial fluid flow markets worldwide. It operates through Water; and Oil & Gas business segments. The Water segment represents the solutions sold for use in reverse osmosis desalination.