Select Water Solutions (NYSE:WTTR) Shares Gap Up – Time to Buy?

Select Water Solutions, Inc. (NYSE:WTTR) gapped up prior to trading on Friday. The stock had previously closed at $19.53, but opened at $20.45. Select Water Solutions shares last traded at $20.28, with a volume of 575,391 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on WTTR. Bank of America began coverage on Select Water Solutions in a research report on Friday, May 29th. They set a “buy” rating and a $22.00 price objective on the stock. Zacks Research cut Select Water Solutions from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. TD Cowen downgraded Select Water Solutions to a “neutral” rating in a report on Friday, August 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Select Water Solutions in a research report on Monday, July 6th. Finally, Raymond James Financial cut Select Water Solutions from a “strong-buy” rating to an “outperform” rating and lifted their price objective for the company from $24.00 to $26.00 in a research note on Thursday, August 6th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $23.00.

Select Water Solutions Stock Performance

The company has a current ratio of 1.58, a quick ratio of 1.40 and a debt-to-equity ratio of 0.17. The firm’s fifty day moving average price is $20.04 and its 200-day moving average price is $18.19. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 71.31 and a beta of 1.01.

Select Water Solutions (NYSE:WTTR) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.13 by $0.04. Select Water Solutions had a net margin of 2.24% and a return on equity of 3.11%. The firm had revenue of $395.81 million for the quarter, compared to analyst estimates of $373.33 million. During the same period last year, the business earned $0.10 EPS. Select Water Solutions’s revenue for the quarter was up 8.7% compared to the same quarter last year. Analysts expect that Select Water Solutions, Inc. will post 0.59 earnings per share for the current year.

Select Water Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th were given a dividend of $0.07 per share. The ex-dividend date was Friday, August 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.4%. Select Water Solutions’s payout ratio is 100.00%.

Institutional Trading of Select Water Solutions

A number of large investors have recently made changes to their positions in the company. WINTON GROUP Ltd boosted its holdings in shares of Select Water Solutions by 11.4% in the second quarter. WINTON GROUP Ltd now owns 30,900 shares of the company’s stock valued at $617,000 after acquiring an additional 3,172 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Select Water Solutions by 37.3% in the 2nd quarter. NewEdge Advisors LLC now owns 306,424 shares of the company’s stock valued at $6,122,000 after acquiring an additional 83,296 shares during the period. Nykredit A S acquired a new position in shares of Select Water Solutions in the 2nd quarter valued at $62,000. Corient Private Wealth LP raised its position in Select Water Solutions by 35.2% in the 2nd quarter. Corient Private Wealth LP now owns 18,208 shares of the company’s stock valued at $364,000 after purchasing an additional 4,740 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in Select Water Solutions in the 2nd quarter valued at $54,000. 81.73% of the stock is owned by institutional investors and hedge funds.

About Select Water Solutions

Select Water Solutions, Inc provides water management and chemical solutions to the North American oil and gas industry. Its services include water sourcing, transfer, recycling, treatment, storage, and disposal, supporting hydraulic fracturing, drilling, completions, and production operations. The company also provides water infrastructure services and oilfield chemical products and solutions.

The company operates through its Water Services, Water Infrastructure, and Chemical Technologies businesses.