Jennison Associates LLC Increases Holdings in Solaris Energy Infrastructure, Inc. $SEI

Key Points

• Jennison Associates LLC sharply increased its stake in Solaris Energy Infrastructure, boosting holdings by 215.1% in the first quarter to 1.18 million shares, worth about $66.7 million.
• Wall Street remains constructive on SEI, with nine Buy ratings and a consensus price target of $86.25 after several analysts raised their targets.
• The company recently posted better-than-expected earnings of $0.44 per share versus a $0.26 estimate, even as insiders sold shares and the stock traded near $60.25.

Jennison Associates LLC grew its position in shares of Solaris Energy Infrastructure, Inc. (NYSE:SEI - Free Report) by 215.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,179,736 shares of the company's stock after buying an additional 805,319 shares during the quarter. Jennison Associates LLC owned 1.72% of Solaris Energy Infrastructure worth $66,667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Zweig DiMenna Associates LLC bought a new position in Solaris Energy Infrastructure in the first quarter valued at about $2,684,000. Sanctuary Advisors LLC lifted its stake in shares of Solaris Energy Infrastructure by 12.8% in the 1st quarter. Sanctuary Advisors LLC now owns 5,552 shares of the company's stock worth $314,000 after purchasing an additional 632 shares during the period. Emerald Mutual Fund Advisers Trust boosted its holdings in shares of Solaris Energy Infrastructure by 0.9% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 314,782 shares of the company's stock worth $17,788,000 after buying an additional 2,755 shares during the last quarter. Triglav Investments D.O.O. purchased a new position in shares of Solaris Energy Infrastructure in the first quarter worth approximately $411,000. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in Solaris Energy Infrastructure during the first quarter valued at approximately $916,000. Institutional investors own 67.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SEI shares. Wells Fargo & Company increased their price target on shares of Solaris Energy Infrastructure from $71.00 to $82.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 29th. Citigroup upped their price objective on Solaris Energy Infrastructure from $61.00 to $84.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Northland Securities set a $104.00 target price on Solaris Energy Infrastructure in a research report on Friday, June 12th. Raymond James Financial reissued an "outperform" rating and set a $82.00 price target on shares of Solaris Energy Infrastructure in a report on Wednesday, April 29th. Finally, Barclays upped their price target on Solaris Energy Infrastructure from $74.00 to $86.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 29th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $86.25.

Insiders Place Their Bets

In other Solaris Energy Infrastructure news, CAO Christopher P. Wirtz sold 700 shares of the firm's stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $77.22, for a total transaction of $54,054.00. Following the sale, the chief accounting officer directly owned 36,085 shares of the company's stock, valued at $2,786,483.70. This trade represents a 1.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ray N. Walker, Jr. sold 56,841 shares of the firm's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $72.11, for a total value of $4,098,804.51. Following the sale, the director directly owned 5,760 shares in the company, valued at approximately $415,353.60. This represents a 90.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,099,593 shares of company stock worth $297,782,099 in the last three months. 20.23% of the stock is owned by company insiders.

Solaris Energy Infrastructure Stock Performance

SEI opened at $60.25 on Monday. The firm has a market cap of $4.43 billion, a P/E ratio of 67.70 and a beta of 1.17. Solaris Energy Infrastructure, Inc. has a 1-year low of $24.57 and a 1-year high of $86.19. The company has a 50 day simple moving average of $72.91 and a two-hundred day simple moving average of $62.76. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.11 and a quick ratio of 1.07.

Solaris Energy Infrastructure (NYSE:SEI - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.18. Solaris Energy Infrastructure had a net margin of 6.69% and a return on equity of 13.33%. The firm had revenue of $196.24 million during the quarter. Equities analysts forecast that Solaris Energy Infrastructure, Inc. will post 1.09 earnings per share for the current fiscal year.

Solaris Energy Infrastructure Profile

Solaris Energy Infrastructure Fund Inc NYSE: SEI is a closed-end management investment company that seeks to provide total return through a combination of current income and capital appreciation. The fund pursues its objective by investing primarily in equity securities of energy infrastructure companies, including master limited partnerships (MLPs) and other midstream entities. SEI is externally managed by Solaris Asset Management LP, a firm specializing in energy infrastructure investments.

The fund’s portfolio targets businesses involved in the gathering, processing, transportation, storage and terminalling of oil, natural gas and refined products.

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