Stock Update (NASDAQ:ERII): Energy Recovery, Inc. Awarded $10.3 Million to Supply Pressure Exchanger Devices in Asia and the Middle East
Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, announced that the Company has recently received $10.3 million in mega project awards to install its PX Pressure Exchanger® technology in desalination plants in Asia and the Middle East.
The Company expects to ship and recognize revenue in the second half of 2015 and first half of 2016.
Mr. Joel Gay, Energy Recovery’s President and Chief Executive Officer, stated, “These recent mega project awards are indicative of continuing progress in our desalination business, as new projects are up year-over-year from 2014. We began the year cautiously optimistic concerning desalination, and have seen many of our past customers deploying capital as part of the improving desalination market. We are building momentum, and feel that these recent wins further validate our leadership position in the desalination market. We are confident that the momentum will propel Energy Recovery forward as we continue implementing technological innovations throughout the global water market.” (Original Source)
Shares of Energy Recovery closed last Friday at $2.51 . ERII has a 1-year high of $5.98 and a 1-year low of $2.28. The stock’s 50-day moving average is $2.76 and its 200-day moving average is $3.44.
On the ratings front, Ardour analyst Jinming Liu downgraded ERII to Hold, with a price target of $3.50, in a report issued on March 11. The current price target implies an upside of 39.4% from current levels.
According to TipRanks.com, Liu has a total average return of -3.8%, a 53.8% success rate, and is ranked #3043 out of 3638 analysts.
Energy Recovery Inc is engaged in designing, developing, and manufacturing of energy recovery devices that transform untapped energy into reusable energy from industrial fluid flows and pressure cycles.