Select Water Solutions (NYSE:WTTR) Releases Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Key Points

• Select Water Solutions reported a quarterly EPS of $0.10, missing the consensus estimate of $0.11 by $0.01.
• The company announced a quarterly dividend of $0.07 per share, with a dividend yield of 3.1%.
• Major institutional investors have increased their positions in Select Water Solutions, with significant growth from firms like Millennium Management LLC (466.8%) and Jones Financial Companies Lllp (5,584%) in the first quarter.

Select Water Solutions (NYSE:WTTR - Get Free Report) released its quarterly earnings data on Tuesday. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.03), Zacks reports. The business had revenue of $364.22 million during the quarter, compared to the consensus estimate of $362.93 million. Select Water Solutions had a return on equity of 3.69% and a net margin of 2.26%. The business's revenue was down .3% on a year-over-year basis. During the same period last year, the company earned $0.13 EPS.

Select Water Solutions Price Performance

Select Water Solutions stock traded down $0.11 during midday trading on Friday, reaching $8.37. 966,011 shares of the stock traded hands, compared to its average volume of 992,856. The stock's fifty day moving average is $9.14 and its 200-day moving average is $9.80. Select Water Solutions has a 12 month low of $7.20 and a 12 month high of $15.14. The stock has a market cap of $1.01 billion, a P/E ratio of 27.00 and a beta of 1.26. The company has a quick ratio of 1.67, a current ratio of 2.01 and a debt-to-equity ratio of 0.29.

Select Water Solutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, August 5th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $0.28 dividend on an annualized basis and a yield of 3.3%. Select Water Solutions's dividend payout ratio is presently 90.32%.

Institutional Investors Weigh In On Select Water Solutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WTTR. Royal Bank of Canada raised its position in Select Water Solutions by 10.1% during the first 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. raised its holdings in shares of Select Water Solutions by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,221 shares of the company's stock worth $569,000 after buying an additional 2,356 shares during the period. Millennium Management LLC raised its holdings 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 worth $10,236,000 after buying an additional 802,833 shares during the period. Jones Financial Companies Lllp raised its holdings 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 worth $75,000 after buying an additional 6,980 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings 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 worth $12,726,000 after buying an additional 576,660 shares during the period. 81.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on WTTR. Piper Sandler began coverage on Select Water Solutions in a research note on Tuesday, July 15th. They issued an "overweight" rating and a $15.00 price objective for the company. Citigroup dropped their price objective on Select Water Solutions from $18.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Finally, Raymond James Financial dropped their price target on Select Water Solutions from $19.00 to $16.00 and set a "strong-buy" rating for the company in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Select Water Solutions has an average rating of "Buy" and a consensus price target of $14.88.

Select Water Solutions Company Profile

Select Water Solutions, Inc, together with its subsidiaries, provides water management and chemical solutions to the energy industry in the United States. The company operates through three segments: Water Services, Water Infrastructure, and Chemical Technologies. The Water Services segment provides water-related services, including water sourcing, water transfer, flowback and well testing, water containment, fluids hauling, water monitoring, and water network automation; technology solutions comprising hydrographic mapping, water volume and quality monitoring, remote pit and tank monitoring, leak detection, asset and fuel tracking, and automated-equipment services, as well as various surface rental equipment and workforce accommodation services.