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

Key Points

• Select Water Solutions (NYSE: WTTR) hit a new 52-week high during Wednesday trading, reaching as much as $20.18 before closing near $20.03.
• Recent analyst coverage has been positive, with multiple firms raising price targets; the consensus rating is now Buy with an average target price of $22.50.
• The company also reported better-than-expected quarterly results, beating EPS estimates and generating revenue above forecasts, while recently paying a $0.07 quarterly dividend.

Select Water Solutions, Inc. (NYSE:WTTR - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $20.18 and last traded at $20.0280, with a volume of 1899938 shares changing hands. The stock had previously closed at $19.56.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Select Water Solutions in a research note on Wednesday, April 8th. Citigroup upped their price target on shares of Select Water Solutions from $18.00 to $24.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. 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. Northland Securities set a $21.00 price target on Select Water Solutions in a research note on Thursday, May 7th. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $24.00 price target on shares of Select Water Solutions in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $22.50.

Select Water Solutions Stock Up 2.4%

The company has a market capitalization of $2.77 billion, a P/E ratio of 95.37 and a beta of 0.99. The company has a current ratio of 1.92, a quick ratio of 1.76 and a debt-to-equity ratio of 0.18. The stock has a 50 day moving average price of $15.81 and a 200 day moving average price of $13.07.

Select Water Solutions (NYSE:WTTR - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $344.63 million. During the same period in the prior year, the company earned $0.08 EPS. Select Water Solutions's revenue was down 2.2% compared to the same quarter last year. On average, research analysts anticipate that Select Water Solutions, Inc. will post 0.29 earnings per share for the current fiscal year.

Select Water Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 13th. Investors of record on Thursday, April 30th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Thursday, April 30th. Select Water Solutions's dividend payout ratio is presently 133.33%.

Insider Buying and Selling

In related news, Director Richard Alan Burnett sold 45,316 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $18.74, for a total value of $849,221.84. Following the completion of the sale, the director directly owned 71,578 shares in the company, valued at $1,341,371.72. This represents a 38.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robin H. Fielder sold 27,010 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $16.80, for a total value of $453,768.00. Following the completion of the sale, the director owned 43,315 shares of the company's stock, valued at $727,692. The trade was a 38.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 222,010 shares of company stock valued at $3,925,971. Company insiders own 6.20% of the company's stock.

Institutional Trading of Select Water Solutions

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB acquired a new stake in Select Water Solutions in the third quarter valued at $29,000. State of Alaska Department of Revenue acquired a new stake in Select Water Solutions in the third quarter valued at $33,000. Osaic Holdings Inc. increased its holdings in Select Water Solutions by 59.9% in the second quarter. Osaic Holdings Inc. now owns 4,883 shares of the company's stock valued at $42,000 after purchasing an additional 1,830 shares during the period. CIBC Private Wealth Group LLC grew its holdings in Select Water Solutions by 2,704.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 5,608 shares of the company's stock worth $60,000 after acquiring an additional 5,408 shares during the period. Finally, Jones Financial Companies Lllp grew its holdings in Select Water Solutions by 5,584.0% during the 1st quarter. Jones Financial Companies Lllp now owns 7,105 shares of the company's stock worth $75,000 after acquiring an additional 6,980 shares during the period. 81.73% of the stock is currently 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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