JPMorgan Chase & Co. Begins Coverage on Select Water Solutions (NYSE:WTTR)

Key Points

• JPMorgan initiated coverage of Select Water Solutions with an “overweight” rating and a $24 price target, implying about 20% upside from the stock’s $19.99 price.
• Analyst sentiment is generally positive: six analysts rate the stock a Buy and three rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $23.
• Select Water Solutions exceeded quarterly expectations, reporting $0.17 in EPS versus $0.13 expected and $395.81 million in revenue versus $373.33 million expected; revenue increased 8.7% year over year.

Stock analysts at JPMorgan Chase & Co. assumed coverage on shares of Select Water Solutions (NYSE:WTTR - Get Free Report) in a report released on Friday. The brokerage set an "overweight" rating and a $24.00 price target on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 20.06% from the stock's current price.

Several other analysts have also issued reports on the stock. TD Cowen lowered shares of Select Water Solutions to a "neutral" rating in a research report on Friday. Piper Sandler increased their price target on Select Water Solutions from $16.00 to $21.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Bank of America initiated coverage on Select Water Solutions in a report on Friday, May 29th. They set a "buy" rating and a $22.00 price target for the company. Citigroup lifted their price objective on shares of Select Water Solutions from $18.00 to $24.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Finally, Northland Securities set a $21.00 price objective on shares of Select Water Solutions in a research report on Thursday, May 7th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $23.00.

Select Water Solutions Trading Down 2.2%

Shares of NYSE:WTTR opened at $19.99 on Friday. The company's 50-day moving average price is $19.47 and its two-hundred day moving average price is $16.99. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.58 and a quick ratio of 1.40. Select Water Solutions has a one year low of $7.89 and a one year high of $22.55. The stock has a market capitalization of $2.77 billion, a PE ratio of 71.39 and a beta of 0.99.

Select Water Solutions (NYSE:WTTR - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.04. The company had revenue of $395.81 million during the quarter, compared to analysts' expectations of $373.33 million. Select Water Solutions had a return on equity of 3.11% and a net margin of 2.24%.Select Water Solutions's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.10 EPS. On average, equities analysts forecast that Select Water Solutions will post 0.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Select Water Solutions

A number of institutional investors have recently modified their holdings of WTTR. Royal Bank of Canada boosted its holdings in Select Water Solutions by 10.1% in the 1st quarter. Royal Bank of Canada now owns 531,681 shares of the company's stock valued at $5,582,000 after purchasing an additional 48,896 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Select Water Solutions by 4.5% during the first 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 raised its position in shares of Select Water Solutions by 466.8% in the first quarter. Millennium Management LLC now owns 974,821 shares of the company's stock valued at $10,236,000 after buying an additional 802,833 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Select Water Solutions by 5,584.0% in the first quarter. Jones Financial Companies Lllp now owns 7,105 shares of the company's stock valued at $75,000 after buying an additional 6,980 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Select Water Solutions by 90.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,212,008 shares of the company's stock valued at $12,726,000 after buying an additional 576,660 shares during the period. Institutional investors own 81.73% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source