Bank of America Begins Coverage on Select Water Solutions (NYSE:WTTR)

Analysts at Bank of America began coverage on shares of Select Water Solutions (NYSE:WTTR) in a report issued on Friday,Benzinga reports. The brokerage set a “buy” rating and a $22.00 price target on the stock. Bank of America‘s price objective suggests a potential upside of 21.63% from the company’s current price.

A number of other analysts have also commented on the stock. Piper Sandler lifted their price target on shares of Select Water Solutions from $16.00 to $21.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. 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. Northland Securities set a $21.00 price target on shares of Select Water Solutions in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of Select Water Solutions from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Select Water Solutions in a research note on Wednesday, April 8th. Two 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 stock. Based on data from MarketBeat, Select Water Solutions has an average rating of “Buy” and a consensus price target of $22.40.

Select Water Solutions Stock Performance

Shares of WTTR stock opened at $18.09 on Friday. The company has a 50 day moving average price of $16.52 and a 200-day moving average price of $13.45. Select Water Solutions has a 52 week low of $7.86 and a 52 week high of $20.48. The firm has a market capitalization of $2.50 billion, a PE ratio of 86.13 and a beta of 0.99. The company has a quick ratio of 1.76, a current ratio of 1.92 and a debt-to-equity ratio of 0.18.

Select Water Solutions (NYSE:WTTR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Select Water Solutions had a net margin of 1.54% and a return on equity of 2.21%. The firm had revenue of $365.96 million during the quarter, compared to analyst estimates of $344.63 million. During the same period in the previous year, the business posted $0.08 earnings per share. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities research analysts expect that Select Water Solutions will post 0.29 earnings per share for the current year.

Insider Buying and Selling at Select Water Solutions

In related news, Director Richard Alan Burnett sold 45,316 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $18.74, for a total value of $849,221.84. Following the transaction, the director owned 71,578 shares of the company’s stock, valued at approximately $1,341,371.72. This trade represents a 38.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robin H. Fielder sold 27,010 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director directly owned 43,315 shares in the company, valued at approximately $727,692. The trade was a 38.41% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 222,010 shares of company stock worth $3,925,971. 6.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Select Water Solutions

Institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC lifted its holdings in Select Water Solutions by 0.6% during the fourth quarter. Barclays PLC now owns 147,581 shares of the company’s stock valued at $1,553,000 after purchasing an additional 857 shares in the last quarter. Inspire Investing LLC lifted its holdings in Select Water Solutions by 1.9% during the fourth quarter. Inspire Investing LLC now owns 55,271 shares of the company’s stock valued at $581,000 after purchasing an additional 1,023 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Select Water Solutions by 8.4% during the fourth quarter. ProShare Advisors LLC now owns 17,299 shares of the company’s stock valued at $182,000 after purchasing an additional 1,336 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in Select Water Solutions by 3.5% during the first quarter. Quantinno Capital Management LP now owns 42,180 shares of the company’s stock valued at $645,000 after purchasing an additional 1,438 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in Select Water Solutions by 2.5% during the third quarter. CANADA LIFE ASSURANCE Co now owns 64,258 shares of the company’s stock valued at $686,000 after purchasing an additional 1,541 shares in the last quarter. Hedge funds and other institutional investors own 81.73% of the company’s stock.

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.