NewEdge Advisors LLC Buys 83,296 Shares of Select Water Solutions, Inc. $WTTR

Key Points

• NewEdge Advisors increased its Select Water Solutions stake by 37.3% in the second quarter, buying 83,296 shares for a total holding of 306,424 shares. Institutional investors collectively own 81.73% of WTTR.
• Select Water Solutions exceeded quarterly expectations, reporting $0.17 in EPS and $395.81 million in revenue, with revenue up 8.7% year over year. The company also declared a quarterly dividend of $0.07 per share, yielding about 1.4% annually.
• Analyst sentiment is generally positive, with six Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $23, above the reported share price of $20.66.

NewEdge Advisors LLC increased its stake in shares of Select Water Solutions, Inc. (NYSE:WTTR - Free Report) by 37.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 306,424 shares of the company's stock after purchasing an additional 83,296 shares during the quarter. NewEdge Advisors LLC owned about 0.22% of Select Water Solutions worth $6,122,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nykredit A S acquired a new stake in Select Water Solutions in the second quarter worth about $62,000. Corient Private Wealth LP lifted its position in Select Water Solutions by 35.2% during the 2nd quarter. Corient Private Wealth LP now owns 18,208 shares of the company's stock valued at $364,000 after purchasing an additional 4,740 shares during the period. California State Teachers Retirement System boosted its stake in shares of Select Water Solutions by 2,246.8% in the 2nd quarter. California State Teachers Retirement System now owns 2,507,910 shares of the company's stock valued at $50,108,000 after purchasing an additional 2,401,043 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Select Water Solutions in the 2nd quarter valued at about $54,000. Finally, Cullen Capital Management LLC acquired a new stake in shares of Select Water Solutions during the 2nd quarter worth approximately $498,000. Institutional investors and hedge funds own 81.73% of the company's stock.

Select Water Solutions Price Performance

WTTR opened at $20.66 on Monday. The company has a quick ratio of 1.40, a current ratio of 1.58 and a debt-to-equity ratio of 0.17. Select Water Solutions, Inc. has a 12 month low of $8.91 and a 12 month high of $22.55. The company has a fifty day simple moving average of $19.88 and a 200 day simple moving average of $17.78. The stock has a market cap of $2.86 billion, a P/E ratio of 73.78 and a beta of 1.01.

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 the consensus estimate of $0.13 by $0.04. Select Water Solutions had a return on equity of 3.11% and a net margin of 2.24%.The business had revenue of $395.81 million for the quarter, compared to the consensus estimate of $373.33 million. During the same quarter last year, the business posted $0.10 EPS. The firm's revenue was up 8.7% compared to the same quarter last year. On average, research analysts expect that Select Water Solutions, Inc. will post 0.59 EPS for the current year.

Select Water Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.4%. Select Water Solutions's dividend payout ratio (DPR) is currently 100.00%.

Analysts Set New Price Targets

A number of research firms recently weighed in on WTTR. JPMorgan Chase & Co. initiated coverage on shares of Select Water Solutions in a research note on Friday, August 21st. They set an "overweight" rating and a $24.00 price target for the company. Zacks Research cut shares of Select Water Solutions from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Piper Sandler lifted their target price on shares of Select Water Solutions from $16.00 to $21.00 and gave the stock an "overweight" rating in a report on Monday, May 18th. Weiss Ratings reissued a "hold (c)" rating on shares of Select Water Solutions in a research note on Monday, July 6th. Finally, Wall Street Zen upgraded Select Water Solutions from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $23.00.

Select Water Solutions Company Profile

Select Water Solutions, Inc provides water management and chemical solutions to the North American oil and gas industry. Its services include water sourcing, transfer, recycling, treatment, storage, and disposal, supporting hydraulic fracturing, drilling, completions, and production operations. The company also provides water infrastructure services and oilfield chemical products and solutions.

The company operates through its Water Services, Water Infrastructure, and Chemical Technologies businesses.

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