Wednesday's Water Stocks Trading: (NasdaqGM: CDZI), (NASDAQ:ERII), (NYSE: MLI), (NYSE: SJW)
Point Roberts, WA - November 3, 2011 – Investorideas.com, a leader in sector research including water stocks issues a trading snapshot for four leading water stocks trading up as of the close November 3rd.
NasdaqGM: CDZI) closed up at $9.47, up 0.46 (5.11%). The Company reported October 20 th, that a multi-disciplinary panel of groundwater experts has found the Cadiz Valley Water Project can be operated on an environmentally sustainable basis to offer Southern Californians a significant water supply and storage option. The next day the stock rose 21.5 percent to $10.07.
The Cadiz Valley Water Conservation, Recovery and Storage Project is designed to capture and conserve thousands of acre-feet of native groundwater currently being lost to evaporation through an aquifer system beneath private property owned by Cadiz Inc. in eastern San Bernardino County, California. SMWD is serving as the lead agency of the CEQA review for the Project. The Project will maximize the beneficial use of groundwater currently lost to evaporation by 1) capturing the natural recharge of rain and snow that filters through the ground from the nearby mountains and 2) recovering groundwater that would otherwise continue on its down slope path and be lost to salt contamination and evaporation.
Energy Recovery Inc (NASDAQ:ERII) closed up at $3.15, up 0.14 (4.65%) on news.
The Company announced Wednesday that the Southern Seawater Alliance (SSWA) will expand the original Binningup facility in Western Australia with PX Pressure Exchanger™ (PX™) devices. By utilizing ERI's PX devices, the Southern Seawater Desalination Plant (SSDP) will virtually eliminate costly unplanned downtime and reduce the energy and costs required to produce an additional 140,000 m3/day (37 million gallons) of fresh water for a total new capacity of 300,000 m3/day of water (79.2 million gallons) for the greater Perth region.
Mueller Industries, Inc. (NYSE: MLI) closed up at $40.81, up 1.25 (3.16%) on just over 241,000 shares. The Company reported Third Quarter results last Tuesday. Mueller's net income in the third quarter was $10.5 million, or 27 cents per diluted share, on net sales of $585.8 million. This compares with net income of $18.9 million, or 50 cents per diluted share, on net sales of $507.2 million in the third quarter of 2010. The third quarter 2011 results were affected by the precipitous decline in copper prices, resulting in a pretax charge of $6.8 million (or approximately 12 cents per diluted share after tax). Without these charges, earnings would have been 39 cents per diluted share.
SJW Corporation (NYSE: SJW) closed up at $23.49, up 0.85 (3.75%). Last week the Company reported financial results for the third quarter ended September 30, 2011. Operating revenue was $73.9 million in the quarter compared to $70.3 million in 2010. The $3.6 million increase in revenue reflects cumulative rate increases of $4.4 million, $221,000 in new customers, partially offset by lower customer usage (a $1.4 million impact), and $353,000 in higher revenue from real estate operations.
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