Select Water Solutions (NYSE:WTTR) Releases Earnings Results

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) posted its quarterly earnings results on Tuesday. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.03), Zacks reports. The business had revenue of $364.22 million for the quarter, compared to the consensus estimate of $362.93 million. Select Water Solutions had a return on equity of 3.96% and a net margin of 2.42%. Select Water Solutions's quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.13 earnings per share.

Select Water Solutions Stock Performance

NYSE WTTR opened at $9.12 on Wednesday. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 26.82 and a beta of 1.26. The company has a quick ratio of 1.67, a current ratio of 1.83 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average price of $9.12 and a 200-day moving average price of $9.89. Select Water Solutions has a twelve month low of $7.20 and a twelve month high of $15.14.

Select Water Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 3.1%. Select Water Solutions's dividend payout ratio is 82.35%.

Hedge Funds Weigh In On Select Water Solutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp boosted its holdings in shares of Select Water Solutions by 5,584.0% in 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Select Water Solutions by 18.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 197,814 shares of the company's stock worth $2,077,000 after purchasing an additional 30,311 shares during the last quarter. Royal Bank of Canada lifted its stake 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 last quarter. Finally, Millennium Management LLC increased its position in Select Water Solutions by 466.8% during the 1st 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. 81.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

WTTR has been the topic of a number of recent research reports. Citigroup cut their target price on Select Water Solutions from $18.00 to $14.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. 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 target on the stock. Finally, Raymond James Financial dropped their price target on Select Water Solutions from $19.00 to $16.00 and set a "strong-buy" rating on the stock in a research report 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's stock. According to data from MarketBeat.com, the stock currently 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.