CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Invests $6.43 Million in Select Water Solutions, Inc. $WTTR

Key Points

• Cushing Asset Management bought a new stake in Select Water Solutions, purchasing 420,000 shares valued at about $6.43 million in the first quarter.
• Analyst sentiment is positive, with the stock carrying an average “Buy” rating and an average price target of $22.40; Bank of America recently initiated coverage with a Buy rating.
• Recent results showed earnings and revenue beat expectations: the company reported $0.08 EPS versus $0.06 expected and revenue of $365.96 million, while also paying a quarterly dividend of $0.07 per share.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in Select Water Solutions, Inc. (NYSE:WTTR - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 420,000 shares of the company's stock, valued at approximately $6,426,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.35% of Select Water Solutions as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC grew its stake in Select Water Solutions by 0.6% during the 4th quarter. Barclays PLC now owns 147,581 shares of the company's stock valued at $1,553,000 after acquiring an additional 857 shares in the last quarter. Inspire Investing LLC lifted its stake in Select Water Solutions by 1.9% in the 4th quarter. Inspire Investing LLC now owns 55,271 shares of the company's stock worth $581,000 after purchasing an additional 1,023 shares in the last quarter. ProShare Advisors LLC lifted its stake in Select Water Solutions by 8.4% in 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 in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Select Water Solutions by 2.5% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 64,258 shares of the company's stock worth $686,000 after purchasing an additional 1,541 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its holdings in shares of Select Water Solutions by 10.6% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 17,699 shares of the company's stock worth $186,000 after purchasing an additional 1,692 shares during the last quarter. 81.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Zacks Research raised Select Water Solutions from a "hold" rating to a "strong-buy" rating in a report on Monday, May 25th. Piper Sandler boosted their price objective on Select Water Solutions from $16.00 to $21.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Weiss Ratings restated a "hold (c)" rating on shares of Select Water Solutions in a report on Wednesday, April 8th. Bank of America started coverage on Select Water Solutions in a report on Friday, May 29th. They issued a "buy" rating and a $22.00 target price for the company. Finally, Northland Securities set a $21.00 price target on Select Water Solutions in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Select Water Solutions presently has an average rating of "Buy" and an average price target of $22.40.

Insiders Place Their Bets

In other news, CAO Brian Szymanski sold 20,000 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $17.04, for a total transaction of $340,800.00. Following the completion of the transaction, the chief accounting officer directly owned 114,752 shares in the company, valued at approximately $1,955,374.08. This represents a 14.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Michael Skarke sold 90,000 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $17.31, for a total value of $1,557,900.00. Following the sale, the chief operating officer directly owned 380,738 shares of the company's stock, valued at $6,590,574.78. The trade was a 19.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 222,010 shares of company stock worth $3,925,971. Company insiders own 6.20% of the company's stock.

Select Water Solutions Stock Down 0.1%

Shares of NYSE WTTR opened at $17.97 on Monday. The company has a 50 day simple moving average of $18.33 and a 200-day simple moving average of $14.93. The company has a market capitalization of $2.48 billion, a P/E ratio of 85.57 and a beta of 0.98. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.92 and a quick ratio of 1.76. Select Water Solutions, Inc. has a 1 year low of $7.86 and a 1 year high of $20.48.

Select Water Solutions (NYSE:WTTR - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. The firm had revenue of $365.96 million for the quarter, compared to analyst estimates of $344.63 million. Select Water Solutions had a net margin of 1.54% and a return on equity of 2.21%. The business's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.08 EPS. On average, equities research analysts predict that Select Water Solutions, Inc. will post 0.45 earnings per share for the current year.

Select Water Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 13th. Stockholders of record on Thursday, April 30th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Thursday, April 30th. Select Water Solutions's dividend payout ratio is 133.33%.

Select Water Solutions 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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