Select Water Solutions (NYSE:WTTR) Hits New 1-Year High After Strong Earnings

Select Water Solutions, Inc. (NYSE:WTTR) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $12.64 and last traded at $12.63, with a volume of 977596 shares changing hands. The stock had previously closed at $11.13.

The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.14 by $0.01. The firm had revenue of $371.35 million for the quarter, compared to analysts’ expectations of $352.98 million. Select Water Solutions had a net margin of 3.91% and a return on equity of 6.56%. The company’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.14 EPS.

Select Water Solutions Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be given a dividend of $0.07 per share. This is a positive change from Select Water Solutions’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, November 5th. This represents a $0.28 annualized dividend and a dividend yield of 1.96%. Select Water Solutions’s payout ratio is 41.38%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Northland Securities raised shares of Select Water Solutions from a “market perform” rating to an “outperform” rating and raised their target price for the company from $11.50 to $14.50 in a research note on Thursday, August 22nd. Northland Capmk upgraded shares of Select Water Solutions from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 22nd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Empowered Funds LLC raised its stake in Select Water Solutions by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 574,381 shares of the company’s stock valued at $6,393,000 after acquiring an additional 29,212 shares during the period. Royce & Associates LP raised its position in shares of Select Water Solutions by 1.9% in the third quarter. Royce & Associates LP now owns 1,682,413 shares of the company’s stock valued at $18,725,000 after purchasing an additional 31,192 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Select Water Solutions by 1.3% during the 3rd quarter. Victory Capital Management Inc. now owns 3,818,016 shares of the company’s stock worth $42,495,000 after buying an additional 47,511 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of Select Water Solutions during the 3rd quarter worth about $220,000. Finally, Entropy Technologies LP acquired a new position in Select Water Solutions in the 3rd quarter valued at about $140,000. 81.73% of the stock is currently owned by institutional investors.

Select Water Solutions Stock Performance

The company’s fifty day simple moving average is $11.14 and its two-hundred day simple moving average is $10.73. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.63 and a current ratio of 1.81. The stock has a market capitalization of $1.70 billion, a P/E ratio of 24.58 and a beta of 1.67.

About Select Water Solutions

Select Water Solutions, Inc, together with its subsidiaries, provides water management and chemical solutions to the energy industry in the United States. The company operates through three segments: Water Services, Water Infrastructure, and Chemical Technologies. The Water Services segment provides water-related services, including water sourcing, water transfer, flowback and well testing, water containment, fluids hauling, water monitoring, and water network automation; technology solutions comprising hydrographic mapping, water volume and quality monitoring, remote pit and tank monitoring, leak detection, asset and fuel tracking, and automated-equipment services, as well as various surface rental equipment and workforce accommodation services.