Energy Recovery Receives a Buy from B.Riley FBR

By Austin Angelo

B.Riley FBR analyst Tom Curran maintained a Buy rating on Energy Recovery (NASDAQ: ERII) yesterday and set a price target of $20. The company’s shares opened today at $8.58.

Curran said:

“Last week, we hosted Chris Gannon, newly appointed Smith, VP , Marketing, in meetings with clients in two cities as part of Chris’s first NDR in his new role. While again affirming his commitment to ERII’s prior corporate strategy and initiatives, Mr. Gannon revealed changes in (1) organization, as he’s created distinct business units for Water and Oil & Gas; (2) Water’s growth mandate, which has become more ambitious and broader in scope; (3) Oil & Gas’s near-term focus, which has narrowed to commercialization progress on with all other PX-derivative developments temporarily suspended; and (4) tone of and approach to guidance. On the whole, we felt he and his message were positively received.”

According to TipRanks.com, Curran is a 1-star analyst with an average return of -0.8% and a 51.4% success rate. Curran covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Select Energy Services Inc, and Eco-Stim Energy Solutions.

Energy Recovery has an analyst consensus of Moderate Buy, with a price target consensus of $20.

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The company has a one-year high of $11.30 and a one-year low of $6.13. Currently, Energy Recovery has an average volume of 411.7K.

Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is negative on the stock.

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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.