Cinctive Capital Management LP Has $3.15 Million Stock Position in Select Water Solutions, Inc. $WTTR

Key Points

• Cinctive Capital Management LP significantly increased its stake in Select Water Solutions by 287.4%, acquiring an additional 222,709 shares and bringing its total ownership to 300,209 shares, valued at approximately $3.15 million.
• Select Water Solutions recently reported quarterly earnings that missed analysts' expectations, with earnings per share of $0.10 against a forecast of $0.13, while revenue was down by 0.3% year-over-year.
• The company declared a quarterly dividend of $0.07 per share, resulting in an annualized dividend yield of 3.2%, reflecting a payout ratio of 90.32%.

Cinctive Capital Management LP boosted its position in shares of Select Water Solutions, Inc. (NYSE:WTTR - Free Report) by 287.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 300,209 shares of the company's stock after acquiring an additional 222,709 shares during the quarter. Cinctive Capital Management LP owned 0.25% of Select Water Solutions worth $3,152,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Select Water Solutions by 8.3% during the first quarter. Vanguard Group Inc. now owns 6,358,953 shares of the company's stock worth $66,769,000 after acquiring an additional 488,443 shares during the last quarter. Wellington Management Group LLP boosted its position in Select Water Solutions by 7.8% during the first quarter. Wellington Management Group LLP now owns 4,070,293 shares of the company's stock worth $42,738,000 after purchasing an additional 293,784 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Select Water Solutions by 6.2% in the first quarter. Victory Capital Management Inc. now owns 3,953,648 shares of the company's stock valued at $41,513,000 after acquiring an additional 229,736 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Select Water Solutions by 10.8% in the first quarter. American Century Companies Inc. now owns 3,518,256 shares of the company's stock valued at $36,942,000 after acquiring an additional 343,581 shares in the last quarter. Finally, Royce & Associates LP lifted its position in shares of Select Water Solutions by 2.1% in the first quarter. Royce & Associates LP now owns 1,784,043 shares of the company's stock valued at $18,732,000 after acquiring an additional 36,032 shares in the last quarter. Hedge funds and other institutional investors own 81.73% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WTTR. Piper Sandler started coverage on Select Water Solutions in a research report on Tuesday, July 15th. They set an "overweight" rating and a $15.00 target price on the stock. Citigroup lowered their target price on Select Water Solutions from $18.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $15.00.

Select Water Solutions Stock Performance

Shares of WTTR traded up $0.21 during mid-day trading on Wednesday, hitting $8.62. The stock had a trading volume of 455,570 shares, compared to its average volume of 1,222,354. The company has a market cap of $1.04 billion, a PE ratio of 27.79 and a beta of 1.26. Select Water Solutions, Inc. has a fifty-two week low of $7.20 and a fifty-two week high of $15.14. The company has a quick ratio of 1.82, a current ratio of 2.01 and a debt-to-equity ratio of 0.29. The company's fifty day simple moving average is $8.88 and its two-hundred day simple moving average is $9.06.

Select Water Solutions (NYSE:WTTR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.03). Select Water Solutions had a net margin of 2.26% and a return on equity of 3.69%. The business had revenue of $364.22 million for the quarter, compared to analysts' expectations of $362.93 million. During the same quarter in the prior year, the firm posted $0.13 EPS. The business's quarterly revenue was down .3% compared to the same quarter last year. On average, equities analysts expect that Select Water Solutions, Inc. will post 0.91 earnings per share for the current year.

Select Water Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $0.28 dividend on an annualized basis and a yield of 3.3%. Select Water Solutions's dividend payout ratio (DPR) is presently 90.32%.

Select Water Solutions Company Profile

Select Water Solutions, Inc, together with its subsidiaries, provides water management and chemical solutions to the energy industry in the United States. The company operates through three segments: Water Services, Water Infrastructure, and Chemical Technologies. The Water Services segment provides water-related services, including water sourcing, water transfer, flowback and well testing, water containment, fluids hauling, water monitoring, and water network automation; technology solutions comprising hydrographic mapping, water volume and quality monitoring, remote pit and tank monitoring, leak detection, asset and fuel tracking, and automated-equipment services, as well as various surface rental equipment and workforce accommodation services.