Needham Investment Management LLC Grows Position in Select Water Solutions, Inc. $WTTR

Key Points

• Needham Investment Management increased its stake in Select Water Solutions by 34.8% in the fourth quarter, buying 200,000 more shares and bringing its holding to 775,000 shares valued at about $8.15 million.
• The company reported better-than-expected quarterly results, with EPS of $0.08 versus the $0.06 consensus and revenue of $365.96 million above estimates, even though revenue was down 2.2% year over year.
• Wall Street sentiment remains generally positive, with analysts giving WTTR an average Buy rating and an average price target of $22.40, while insiders have recently sold shares and the stock has risen to near its 52-week high.

Needham Investment Management LLC lifted its holdings in shares of Select Water Solutions, Inc. (NYSE:WTTR - Free Report) by 34.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 775,000 shares of the company's stock after purchasing an additional 200,000 shares during the quarter. Needham Investment Management LLC owned about 0.64% of Select Water Solutions worth $8,153,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of WTTR. Royal Bank of Canada grew its holdings in shares of Select Water Solutions by 10.1% during the 1st quarter. Royal Bank of Canada now owns 531,681 shares of the company's stock worth $5,582,000 after purchasing an additional 48,896 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Select Water Solutions by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,221 shares of the company's stock worth $569,000 after purchasing an additional 2,356 shares during the period. Millennium Management LLC grew its holdings in shares of Select Water Solutions by 466.8% during the 1st quarter. Millennium Management LLC now owns 974,821 shares of the company's stock worth $10,236,000 after purchasing an additional 802,833 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Select Water Solutions by 5,584.0% during the 1st quarter. Jones Financial Companies Lllp now owns 7,105 shares of the company's stock worth $75,000 after purchasing an additional 6,980 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Select Water Solutions by 90.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,212,008 shares of the company's stock worth $12,726,000 after purchasing an additional 576,660 shares during the period. 81.73% of the stock is currently owned by hedge funds and other institutional investors.

Select Water Solutions Price Performance

WTTR stock opened at $18.46 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.92 and a quick ratio of 1.76. The firm has a market capitalization of $2.55 billion, a P/E ratio of 87.90 and a beta of 1.00. The business's 50-day moving average is $17.38 and its two-hundred day moving average is $14.16. 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 posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.02. The company had revenue of $365.96 million for the quarter, compared to analyst estimates of $344.63 million. Select Water Solutions had a return on equity of 2.21% and a net margin of 1.54%.Select Water Solutions's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.08 EPS. Analysts anticipate that Select Water Solutions, Inc. will post 0.38 earnings per share for the current fiscal year.

Select Water Solutions Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 13th. Shareholders of record on Thursday, April 30th were given a $0.07 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $0.28 dividend on an annualized basis and a yield of 1.5%. Select Water Solutions's dividend payout ratio (DPR) is currently 133.33%.

Insider Buying and Selling

In other Select Water Solutions news, COO Michael Skarke sold 20,000 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $17.78, for a total value of $355,600.00. Following the sale, the chief operating officer owned 360,738 shares of the company's stock, valued at $6,413,921.64. This trade represents a 5.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Brian Szymanski sold 20,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $17.04, for a total value of $340,800.00. Following the completion of the sale, the chief accounting officer directly owned 114,752 shares in the company, valued at $1,955,374.08. This represents a 14.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 222,010 shares of company stock worth $3,925,971 over the last 90 days. 6.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

WTTR has been the subject of a number of research analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Select Water Solutions in a report on Wednesday, April 8th. Zacks Research upgraded Select Water Solutions from a "hold" rating to a "strong-buy" rating in a report on Monday, May 25th. Raymond James Financial reissued a "strong-buy" rating and set a $24.00 target price on shares of Select Water Solutions in a research note on Thursday, May 7th. Northland Securities set a $21.00 target price on Select Water Solutions in a research note on Thursday, May 7th. Finally, Wall Street Zen lowered Select Water Solutions from a "buy" rating to a "hold" rating in a research note on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $22.40.

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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