Assenagon Asset Management S.A. Raises Holdings in Select Water Solutions, Inc. $WTTR

Key Points

• Assenagon Asset Management increased its Select Water Solutions stake by 41% in the second quarter, bringing its holdings to 285,084 shares valued at approximately $5.7 million. Institutional investors collectively own 81.73% of the company.
• Select Water Solutions exceeded quarterly expectations, reporting $0.17 in earnings per share versus the $0.13 consensus estimate and $395.81 million in revenue, up 8.7% year over year.
• The stock traded at $21.14, near its 52-week high, while analysts maintained a “Moderate Buy” consensus with an average price target of $22.80. The company also announced a quarterly dividend of $0.07 per share, yielding 1.3%.

Assenagon Asset Management S.A. boosted its position in Select Water Solutions, Inc. (NYSE:WTTR - Free Report) by 41.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 285,084 shares of the company's stock after acquiring an additional 82,902 shares during the quarter. Assenagon Asset Management S.A. owned 0.21% of Select Water Solutions worth $5,696,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Barclays PLC increased its stake in Select Water Solutions by 0.6% during the fourth quarter. Barclays PLC now owns 147,581 shares of the company's stock worth $1,553,000 after acquiring an additional 857 shares during the last quarter. Inspire Investing LLC lifted its stake in shares of Select Water Solutions by 1.9% in the 4th quarter. Inspire Investing LLC now owns 55,271 shares of the company's stock valued at $581,000 after purchasing an additional 1,023 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Select Water Solutions by 8.4% during the 4th quarter. ProShare Advisors LLC now owns 17,299 shares of the company's stock worth $182,000 after purchasing an additional 1,336 shares during the period. Quantinno Capital Management LP increased its position in Select Water Solutions by 3.5% during the 1st quarter. Quantinno Capital Management LP now owns 42,180 shares of the company's stock worth $645,000 after purchasing an additional 1,438 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Select Water Solutions by 2.5% in the third quarter. CANADA LIFE ASSURANCE Co now owns 64,258 shares of the company's stock valued at $686,000 after buying an additional 1,541 shares during the period. Hedge funds and other institutional investors own 81.73% of the company's stock.

Select Water Solutions Trading Up 1.2%

NYSE WTTR opened at $21.14 on Wednesday. The stock has a market cap of $2.92 billion, a P/E ratio of 75.49 and a beta of 0.99. The company's fifty day simple moving average is $19.17 and its 200-day simple moving average is $16.56. The company has a current ratio of 1.92, a quick ratio of 1.76 and a debt-to-equity ratio of 0.18. Select Water Solutions, Inc. has a 52 week low of $7.86 and a 52 week high of $22.55.

Select Water Solutions (NYSE:WTTR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.17 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.04. The firm had revenue of $395.81 million for the quarter, compared to analyst estimates of $373.33 million. Select Water Solutions had a net margin of 2.24% and a return on equity of 3.22%. The firm's revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.10 EPS. Equities research analysts predict that Select Water Solutions, Inc. will post 0.54 EPS for the current fiscal year.

Select Water Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th will be given a $0.07 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.28 annualized dividend and a dividend yield of 1.3%. Select Water Solutions's payout ratio is presently 100.00%.

Insider Activity

In other news, Director Richard Alan Burnett sold 45,316 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $18.74, for a total transaction of $849,221.84. Following the transaction, the director owned 71,578 shares of the company's stock, valued at approximately $1,341,371.72. This trade represents a 38.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.20% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Select Water Solutions in a research report on Monday, July 6th. Piper Sandler raised their target price on shares of Select Water Solutions from $16.00 to $21.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Northland Securities set a $21.00 target price on shares of Select Water Solutions in a report on Thursday, May 7th. Bank of America initiated coverage on shares of Select Water Solutions in a research report on Friday, May 29th. They set a "buy" rating and a $22.00 price target for the company. Finally, Wall Street Zen upgraded Select Water Solutions from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.80.

Select Water Solutions Company Profile

Select Water Solutions, Inc, headquartered in Houston, Texas, is a water management services provider primarily serving the oil and gas industry. Formerly operating under the name Select Energy Services, the company rebranded to reflect its core focus on water treatment, recycling and disposal. Since its inception in 2016, Select Water Solutions has expanded to key U.S. basins—including the Permian, Eagle Ford, Marcellus and DJ Basin—and maintains strategic operations in select international regions.

The company's offerings span the full water lifecycle, from produced water gathering and transportation to advanced treatment and beneficial reuse.

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