84,296 Select Water Solutions, Inc. $WTTR Shares Sold by Penn Capital Management Company LLC

Penn Capital Management Company LLC cut its position in shares of Select Water Solutions, Inc. (NYSE:WTTR) by 6.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,137,794 shares of the company’s stock after selling 84,296 shares during the period. Select Water Solutions accounts for 1.6% of Penn Capital Management Company LLC’s holdings, making the stock its 8th biggest position. Penn Capital Management Company LLC’s holdings in Select Water Solutions were worth $22,559,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. USA Financial Formulas acquired a new stake in Select Water Solutions in the third quarter valued at $49,000. Public Employees Retirement System of Ohio acquired a new position in shares of Select Water Solutions during the 2nd quarter worth $54,000. Nykredit A S acquired a new position in shares of Select Water Solutions during the 2nd quarter worth $62,000. State of Alaska Department of Revenue raised its stake in shares of Select Water Solutions by 41.0% during the 3rd quarter. State of Alaska Department of Revenue now owns 4,381 shares of the company’s stock worth $86,000 after buying an additional 1,275 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Select Water Solutions in the 3rd quarter worth about $87,000. 81.73% of the stock is currently owned by hedge funds and other institutional investors.

Key Select Water Solutions News

Here are the key news stories impacting Select Water Solutions this week:

• Positive Sentiment: Revenue rose 28% year over year to $412 million, topping estimates of about $398 million. Net income was $23 million, and adjusted EBITDA increased 57% to $93 million. Company earnings release
• Positive Sentiment: Water Infrastructure delivered record quarterly revenue of $110 million, up 40% year over year, pointing to continued growth in a key business area. Q3 infrastructure revenue report
• Positive Sentiment: After quarter-end, Select closed its acquisition of Pilot Water Solutions, expanding its water-midstream presence in the Delaware Basin. Company earnings release
• Neutral Sentiment: The company completed a recapitalization and sold a majority interest in Peak Rentals during the quarter; the longer-term financial impact will depend on how it deploys the proceeds and the resulting business mix. Company earnings release
• Negative Sentiment: EPS was $0.16, below consensus estimates of roughly $0.17–$0.18. The shortfall may weigh on sentiment despite the revenue beat and substantial year-over-year improvement from $0.03 per share a year earlier. Q3 earnings estimate report

Select Water Solutions Stock Down 6.8%

WTTR opened at $15.08 on Tuesday. The company has a quick ratio of 1.40, a current ratio of 1.58 and a debt-to-equity ratio of 0.17. The firm has a market cap of $2.09 billion, a P/E ratio of 53.85 and a beta of 0.98. Select Water Solutions, Inc. has a 52 week low of $9.28 and a 52 week high of $22.55. The business’s fifty day simple moving average is $19.32 and its 200 day simple moving average is $17.48.

Select Water Solutions (NYSE:WTTR) last announced its earnings results on Monday, November 9th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.02). Select Water Solutions had a net margin of 2.24% and a return on equity of 3.11%. The firm had revenue of $412.19 million during the quarter, compared to analyst estimates of $397.96 million. During the same period in the previous year, the firm posted $0.03 EPS. The company’s revenue for the quarter was up 27.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Select Water Solutions, Inc. will post 0.55 EPS for the current fiscal year.

Select Water Solutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Friday, November 13th will be issued a dividend of $0.07 per share. The ex-dividend date is Friday, November 13th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.9%. Select Water Solutions’s payout ratio is 100.00%.

Analysts Set New Price Targets

A number of brokerages recently commented on WTTR. UBS Group reissued a “buy” rating and issued a $28.00 price objective on shares of Select Water Solutions in a research note on Wednesday, September 30th. Weiss Ratings restated a “hold (c)” rating on shares of Select Water Solutions in a research report on Friday, October 2nd. TD Cowen cut shares of Select Water Solutions to a “neutral” rating in a research report on Friday, August 21st. Raymond James Financial downgraded shares of Select Water Solutions from a “strong-buy” rating to an “outperform” rating and upped their price target for the company from $24.00 to $26.00 in a report on Thursday, August 6th. Finally, Bank of America increased their price target on shares of Select Water Solutions from $24.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, September 30th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Select Water Solutions currently has an average rating of “Moderate Buy” and an average price target of $24.57.

Select Water Solutions Profile

Select Water Solutions, Inc provides water-management and chemical services to oil and natural gas exploration and production companies. Its services support drilling, completions and ongoing production, with a focus on managing water used in and generated by energy operations.

The company’s offerings include water sourcing, transfer, treatment, recycling and disposal, as well as water infrastructure such as pipelines and related facilities. It also supplies specialty chemicals and technical services designed for oilfield operations.

Formerly known as Select Energy Services, the company serves customers in major U.S.