Select Water Solutions (NYSE:WTTR) Sees Large Volume Increase - Time to Buy?

Key Points

• Select Water Solutions saw trading volume rise 23% on Wednesday, with shares last trading at $19.47 after previously closing at $19.98.
• Analysts remain broadly positive on the stock: the consensus rating is Buy with an average target price of $22.40, while several firms recently raised their price targets to as high as $24.00.
• The company recently beat quarterly earnings and revenue estimates, reporting EPS of $0.08 on revenue of $365.96 million, and it also pays a quarterly dividend of $0.07 per share.

Select Water Solutions, Inc. (NYSE:WTTR - Get Free Report) saw an uptick in trading volume on Wednesday . Approximately 2,063,311 shares changed hands during mid-day trading, an increase of 23% from the previous session's volume of 1,673,509 shares.The stock last traded at $19.47 and had previously closed at $19.98.

Analysts Set New Price Targets

Several analysts have recently commented on WTTR shares. Raymond James Financial reiterated a "strong-buy" rating and set a $24.00 price objective on shares of Select Water Solutions in a report on Thursday, May 7th. Citigroup boosted their target price on Select Water Solutions from $18.00 to $24.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Wall Street Zen lowered Select Water Solutions from a "buy" rating to a "hold" rating in a research report on Saturday, June 13th. 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. Finally, Bank of America assumed coverage on Select Water Solutions in a report on Friday, May 29th. They issued a "buy" rating and a $22.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $22.40.

Select Water Solutions Stock Down 4.1%

The company's 50 day moving average price is $18.17 and its 200 day moving average price is $14.77. The company has a quick ratio of 1.76, a current ratio of 1.92 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 91.28 and a beta of 1.00.

Select Water Solutions (NYSE:WTTR - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. The firm had revenue of $365.96 million for the quarter, compared to the consensus estimate of $344.63 million. Select Water Solutions had a return on equity of 2.21% and a net margin of 1.54%.The firm's revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.08 EPS. As a group, research analysts forecast that Select Water Solutions, Inc. will post 0.38 earnings per share for the current fiscal year.

Select Water Solutions Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 1.5%. The ex-dividend date was Thursday, April 30th. Select Water Solutions's payout ratio is presently 133.33%.

Insider Transactions at Select Water Solutions

In related news, Director Robin H. Fielder sold 27,010 shares of Select Water Solutions stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $16.80, for a total transaction 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. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Brian Szymanski sold 20,000 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $17.04, for a total value of $340,800.00. Following the completion of the sale, the chief accounting officer owned 114,752 shares in the company, valued at approximately $1,955,374.08. This represents a 14.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 222,010 shares of company stock valued at $3,925,971 over the last three months. Company insiders own 6.20% of the company's stock.

Institutional Trading of Select Water Solutions

Several institutional investors and hedge funds have recently bought and sold shares of the business. Empowered Funds LLC boosted its holdings in shares of Select Water Solutions by 6.2% in the 1st quarter. Empowered Funds LLC now owns 574,438 shares of the company's stock valued at $8,789,000 after acquiring an additional 33,614 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Select Water Solutions by 218,652.9% during the first quarter. NewEdge Advisors LLC now owns 223,128 shares of the company's stock worth $3,414,000 after purchasing an additional 223,026 shares during the last quarter. Alpine Woods Capital Investors LLC purchased a new position in shares of Select Water Solutions during the first quarter worth $233,000. Bank of America Corp DE lifted its position in Select Water Solutions by 4.6% during the first quarter. Bank of America Corp DE now owns 348,968 shares of the company's stock valued at $5,339,000 after purchasing an additional 15,477 shares during the period. Finally, California State Teachers Retirement System lifted its position in Select Water Solutions by 24.9% during the first quarter. California State Teachers Retirement System now owns 106,867 shares of the company's stock valued at $1,635,000 after purchasing an additional 21,329 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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