Zacks Research Downgrades Select Water Solutions (NYSE:WTTR) to Hold

Select Water Solutions (NYSE:WTTR) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other equities research analysts also recently commented on WTTR. Weiss Ratings restated a “hold (c)” rating on shares of Select Water Solutions in a research report on Monday. Wall Street Zen cut Select Water Solutions from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Citigroup increased 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. Bank of America began 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. Finally, Piper Sandler lifted 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. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Select Water Solutions presently has a consensus rating of “Moderate Buy” and an average price target of $22.40.

Select Water Solutions Price Performance

Shares of NYSE WTTR opened at $18.66 on Monday. The stock has a fifty day moving average price of $18.40 and a 200 day moving average price of $15.04. Select Water Solutions has a 1-year low of $7.86 and a 1-year high of $20.48. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.92 and a quick ratio of 1.76. The company has a market cap of $2.58 billion, a PE ratio of 88.87 and a beta of 0.98.

Select Water Solutions (NYSE:WTTR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The company had revenue of $365.96 million during the quarter, compared to the consensus estimate of $344.63 million. Select Water Solutions had a net margin of 1.54% and a return on equity of 2.21%. Select Water Solutions’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.08 EPS. Sell-side analysts forecast that Select Water Solutions will post 0.45 EPS for the current year.

Insider Transactions at Select Water Solutions

In other Select Water Solutions news, CAO Brian Szymanski sold 20,000 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $17.04, for a total value of $340,800.00. Following the sale, the chief accounting officer owned 114,752 shares of the company’s stock, valued at approximately $1,955,374.08. This represents a 14.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michael Skarke sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $17.78, for a total value of $355,600.00. Following the completion of the transaction, the chief operating officer owned 360,738 shares of the company’s stock, valued at approximately $6,413,921.64. This represents a 5.25% decrease in their position. 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 in the last three months. 6.20% of the stock is owned by company insiders.

Institutional Trading of Select Water Solutions

Several institutional investors and hedge funds have recently modified their holdings of the business. Empowered Funds LLC increased its stake in shares of Select Water Solutions by 6.2% during the 1st quarter. Empowered Funds LLC now owns 574,438 shares of the company’s stock worth $8,789,000 after purchasing an additional 33,614 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Select Water Solutions by 218,652.9% in the 1st quarter. NewEdge Advisors LLC now owns 223,128 shares of the company’s stock valued at $3,414,000 after buying an additional 223,026 shares in the last quarter. Alpine Woods Capital Investors LLC acquired a new stake in Select Water Solutions during the 1st quarter valued at $233,000. Bank of America Corp DE increased 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 worth $5,339,000 after buying an additional 15,477 shares in the last quarter. Finally, California State Teachers Retirement System increased 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 worth $1,635,000 after buying an additional 21,329 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.