Select Water Solutions (NYSE:WTTR) Lowered to Hold Rating by Zacks Research

Zacks Research lowered shares of Select Water Solutions (NYSE:WTTR) from a strong-buy rating to a hold rating in a report published on Monday,Zacks.com reports.

A number of other analysts have also recently issued reports on the stock. Raymond James Financial reissued a “strong-buy” rating and issued a $24.00 price objective on shares of Select Water Solutions in a research note on Thursday, May 7th. Northland Securities set a $21.00 target price on shares of Select Water Solutions in a research note on Thursday, May 7th. Citigroup upped their target price 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. Bank of America initiated coverage on Select Water Solutions in a research note on Friday, May 29th. They issued a “buy” rating and a $22.00 price target for the company. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Select Water Solutions in a report on Monday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Select Water Solutions has an average rating of “Moderate Buy” and an average target price of $22.40.

Select Water Solutions Stock Up 3.1%

NYSE WTTR opened at $18.66 on Monday. Select Water Solutions has a 52 week low of $7.86 and a 52 week high of $20.48. 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 company has a market capitalization of $2.58 billion, a P/E ratio of 88.87 and a beta of 0.98. The stock’s 50-day moving average price is $18.40 and its 200-day moving average price is $15.04.

Select Water Solutions (NYSE:WTTR) last released its earnings results on Tuesday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $365.96 million during the quarter, compared to analyst estimates of $344.63 million. During the same period in the prior year, the firm posted $0.08 EPS. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts predict that Select Water Solutions will post 0.45 earnings per share for the current year.

Select Water Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 13th. Investors of record on Thursday, April 30th were given a dividend of $0.07 per share. The ex-dividend date was Thursday, April 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.5%. Select Water Solutions’s dividend payout ratio is currently 133.33%.

Insider Activity at Select Water Solutions

In other Select Water Solutions news, Director Robin H. Fielder sold 27,010 shares of Select Water Solutions 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Michael Skarke sold 90,000 shares of the business’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $17.31, for a total transaction of $1,557,900.00. Following the completion of the sale, the chief operating officer owned 380,738 shares in the company, valued at approximately $6,590,574.78. The trade was a 19.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 222,010 shares of company stock valued at $3,925,971. Insiders own 6.20% of the company’s stock.

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. Wilmington Savings Fund Society FSB bought a new stake in Select Water Solutions in the 3rd quarter worth approximately $29,000. Osaic Holdings Inc. boosted its position in shares of Select Water Solutions by 59.9% during the 2nd quarter. Osaic Holdings Inc. now owns 4,883 shares of the company’s stock valued at $42,000 after acquiring an additional 1,830 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Select Water Solutions by 2,704.0% in the third quarter. CIBC Private Wealth Group LLC now owns 5,608 shares of the company’s stock valued at $60,000 after purchasing an additional 5,408 shares in the last quarter. Jones Financial Companies Lllp grew 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 valued at $75,000 after purchasing an additional 6,980 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in Select Water Solutions by 190.5% in the second quarter. Tower Research Capital LLC TRC now owns 8,916 shares of the company’s stock worth $77,000 after purchasing an additional 5,847 shares during the last quarter. 81.73% of the stock is owned by institutional investors.

About Select Water Solutions

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.