OP Asset Management Ltd Buys New Stake in Select Water Solutions, Inc. $WTTR

OP Asset Management Ltd bought a new stake in Select Water Solutions, Inc. (NYSE:WTTR) during the first quarter, HoldingsChannel reports. The institutional investor bought 47,388 shares of the company’s stock, valued at approximately $725,000.

A number of other large investors also recently added to or reduced their stakes in WTTR. Franklin Resources Inc. boosted its position in shares of Select Water Solutions by 56.4% during the fourth quarter. Franklin Resources Inc. now owns 7,726,049 shares of the company’s stock worth $81,278,000 after buying an additional 2,786,172 shares during the period. Alliancebernstein L.P. lifted its stake in Select Water Solutions by 2,133.9% during the 3rd quarter. Alliancebernstein L.P. now owns 2,131,277 shares of the company’s stock worth $22,783,000 after acquiring an additional 2,035,870 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Select Water Solutions by 124.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,801,488 shares of the company’s stock worth $19,258,000 after acquiring an additional 997,847 shares in the last quarter. Millennium Management LLC boosted its holdings 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 acquiring an additional 802,833 shares during the period. Finally, Encompass Capital Advisors LLC boosted its holdings in Select Water Solutions by 31.5% during the 4th quarter. Encompass Capital Advisors LLC now owns 3,118,824 shares of the company’s stock valued at $32,810,000 after acquiring an additional 746,534 shares during the period. 81.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on WTTR. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $24.00 target price on shares of Select Water Solutions in a research report on Thursday, May 7th. Wall Street Zen cut shares of Select Water Solutions from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Northland Securities set a $21.00 price objective on shares of Select Water Solutions in a research note on Thursday, May 7th. Bank of America started coverage on shares of Select Water Solutions in a report on Friday, May 29th. They issued a “buy” rating and a $22.00 price objective for the company. Finally, 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 research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Select Water Solutions currently has a consensus rating of “Buy” and an average price target of $22.40.

Select Water Solutions Trading Up 2.1%

NYSE:WTTR opened at $20.05 on Wednesday. Select Water Solutions, Inc. has a 12-month low of $7.86 and a 12-month high of $20.48. The firm has a market cap of $2.77 billion, a PE ratio of 95.48 and a beta of 1.00. 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 fifty day moving average price of $18.17 and a 200 day moving average price of $14.77.

Select Water Solutions (NYSE:WTTR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. The company 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%.Select Water Solutions’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.08 EPS. Sell-side analysts anticipate that Select Water Solutions, Inc. will post 0.38 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. Stockholders of record on Thursday, April 30th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.4%. Select Water Solutions’s payout ratio is currently 133.33%.

Insider Activity

In other Select Water Solutions news, CAO Brian Szymanski sold 20,000 shares of the business’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 transaction of $340,800.00. Following the completion of the transaction, the chief accounting officer owned 114,752 shares in the company, valued at $1,955,374.08. The trade was a 14.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robin H. Fielder sold 27,010 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $16.80, for a total transaction of $453,768.00. Following the completion of the sale, the director directly owned 43,315 shares in the company, valued at approximately $727,692. This represents a 38.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 222,010 shares of company stock valued at $3,925,971 over the last three months. 6.20% of the stock is currently owned by corporate insiders.

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.