Select Water Solutions (NYSE:WTTR) Shares Gap Down – Here’s Why

Select Water Solutions, Inc. (NYSE:WTTR) gapped down before the market opened on Monday . The stock had previously closed at $11.14, but opened at $10.73. Select Water Solutions shares last traded at $10.85, with a volume of 36,480 shares.

Analyst Ratings Changes

Several brokerages have recently issued reports on WTTR. Northland Securities upgraded Select Water Solutions from a “market perform” rating to an “outperform” rating and lifted their price objective 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 report on Thursday, August 22nd.

Select Water Solutions Price Performance

The stock has a fifty day simple moving average of $11.09 and a 200-day simple moving average of $10.63. The company has a market capitalization of $1.26 billion, a PE ratio of 16.30 and a beta of 1.65. The company has a current ratio of 1.81, a quick ratio of 1.63 and a debt-to-equity ratio of 0.10.

Select Water Solutions (NYSE:WTTR) last posted its earnings results on Tuesday, July 30th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The firm had revenue of $365.13 million during the quarter, compared to analysts’ expectations of $372.25 million. Select Water Solutions had a return on equity of 6.56% and a net margin of 3.91%. The firm’s revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 earnings per share. Equities analysts anticipate that Select Water Solutions, Inc. will post 0.47 earnings per share for the current year.

Select Water Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Tuesday, November 5th. This is an increase from Select Water Solutions’s previous quarterly dividend of $0.06. Select Water Solutions’s payout ratio is currently 43.08%.

Institutional Investors Weigh In On Select Water Solutions

Hedge funds and other institutional investors have recently bought and sold shares of the stock. New York State Teachers Retirement System boosted its holdings in shares of Select Water Solutions by 13.8% in the third quarter. New York State Teachers Retirement System now owns 8,327 shares of the company’s stock valued at $93,000 after acquiring an additional 1,010 shares during the period. GAMMA Investing LLC boosted its stake in Select Water Solutions by 57.3% during the 2nd quarter. GAMMA Investing LLC now owns 3,008 shares of the company’s stock worth $32,000 after purchasing an additional 1,096 shares during the period. ProShare Advisors LLC grew its position in Select Water Solutions by 8.6% during the 1st quarter. ProShare Advisors LLC now owns 14,356 shares of the company’s stock worth $133,000 after purchasing an additional 1,131 shares during the last quarter. CWM LLC increased its stake in Select Water Solutions by 55.2% in the second quarter. CWM LLC now owns 4,204 shares of the company’s stock valued at $45,000 after purchasing an additional 1,496 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Select Water Solutions by 15.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,993 shares of the company’s stock valued at $213,000 after buying an additional 3,142 shares during the last quarter. 81.73% of the stock is currently owned by institutional investors and hedge funds.

Select Water Solutions Company Profile

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.