Select Water Solutions (NYSE:WTTR) Hits New 52-Week High - Here's What Happened

Key Points

• Select Water Solutions (NYSE:WTTR) hit a new 52-week high, trading as high as $18.62 as investor momentum continued.
• Recent analyst action has been notably positive, with Citigroup raising its target to $24 and several firms maintaining buy/strong-buy views. The stock now has an average analyst rating of Buy and an average price target of $21.25.
• The company beat quarterly earnings expectations, reporting $0.08 EPS versus $0.06 expected and revenue of $365.96 million versus $344.63 million projected. It also paid a quarterly dividend of $0.07 per share, though insider selling has been active in recent months.

Select Water Solutions, Inc. (NYSE:WTTR - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $18.62 and last traded at $18.58, with a volume of 27117 shares trading hands. The stock had previously closed at $18.34.

Analysts Set New Price Targets

WTTR has been the subject of several recent research reports. Citigroup increased their price target on Select Water Solutions from $18.00 to $24.00 and gave the company a "buy" rating in a report on Tuesday. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $24.00 target price on shares of Select Water Solutions in a research report on Thursday, May 7th. Northland Securities set a $21.00 target price on Select Water Solutions in a research note on Thursday, May 7th. Piper Sandler raised their target price on Select Water Solutions from $14.00 to $16.00 and gave the company an "overweight" rating in a report on Thursday, February 26th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Select Water Solutions in a research report on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $21.25.

Select Water Solutions Price Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.42 and a current ratio of 1.92. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 88.39 and a beta of 0.99. The business's fifty day simple moving average is $15.37 and its 200 day simple moving average is $12.85.

Select Water Solutions (NYSE:WTTR - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. Select Water Solutions had a return on equity of 2.21% and a net margin of 1.54%.The company had revenue of $365.96 million during the quarter, compared to the consensus estimate of $344.63 million. During the same period last year, the firm earned $0.08 earnings per share. The company's revenue was down 2.2% on a year-over-year basis. Research analysts predict that Select Water Solutions, Inc. will post 0.29 EPS for the current fiscal year.

Select Water Solutions Announces Dividend

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

Insiders Place Their Bets

In other Select Water Solutions news, CAO Brian Szymanski sold 20,000 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $17.04, for a total value of $340,800.00. Following the transaction, the chief accounting officer directly owned 114,752 shares of the company's stock, valued at $1,955,374.08. This represents a 14.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Michael Skarke sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $17.78, for a total value of $355,600.00. Following the transaction, the chief operating officer owned 360,738 shares of the company's stock, valued at approximately $6,413,921.64. This trade represents a 5.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 157,010 shares of company stock worth $2,708,068 in the last three months. 6.20% of the stock is owned by insiders.

Institutional Trading of Select Water Solutions

Institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. increased its position in Select Water Solutions by 56.4% in the fourth quarter. Franklin Resources Inc. now owns 7,726,049 shares of the company's stock worth $81,278,000 after buying an additional 2,786,172 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Select Water Solutions by 2.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,550,309 shares of the company's stock worth $100,220,000 after acquiring an additional 185,821 shares during the period. Vanguard Group Inc. increased its holdings in shares of Select Water Solutions by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,297,344 shares of the company's stock worth $67,319,000 after acquiring an additional 15,800 shares during the period. Wellington Management Group LLP lifted its position in Select Water Solutions by 16.0% in the 3rd quarter. Wellington Management Group LLP now owns 5,126,486 shares of the company's stock valued at $54,802,000 after purchasing an additional 705,612 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in Select Water Solutions by 6.5% in the 3rd quarter. American Century Companies Inc. now owns 3,899,603 shares of the company's stock valued at $41,687,000 after purchasing an additional 238,898 shares during the last quarter. 81.73% of the stock is owned by institutional investors and hedge funds.

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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