Select Water Solutions (NYSE:WTTR) Price Target Cut to $23.00 by Analysts at Citigroup

Select Water Solutions (NYSE:WTTR) had its price target reduced by analysts at Citigroup from $24.00 to $23.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup‘s price target would suggest a potential upside of 42.06% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Select Water Solutions in a report on Friday, October 2nd. TD Cowen lowered shares of Select Water Solutions to a “neutral” rating in a report on Friday, August 21st. Bank of America raised 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. Raymond James Financial cut shares of Select Water Solutions from a “strong-buy” rating to an “outperform” rating and raised their price target for the company from $24.00 to $26.00 in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. began coverage on Select Water Solutions in a research note on Friday, August 21st. They set an “overweight” rating and a $24.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $24.43.

Select Water Solutions Trading Up 5.7%

Select Water Solutions stock traded up $0.88 during trading hours on Wednesday, reaching $16.19. 979,940 shares of the company’s stock were exchanged, compared to its average volume of 1,707,323. The firm’s 50 day simple moving average is $19.24 and its 200 day simple moving average is $17.49. Select Water Solutions has a twelve month low of $9.28 and a twelve month high of $22.55. 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 capitalization of $2.24 billion, a PE ratio of 39.51 and a beta of 0.98.

Select Water Solutions (NYSE:WTTR) last released its earnings results on Monday, November 9th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The company had revenue of $412.19 million for the quarter, compared to analyst estimates of $397.96 million. Select Water Solutions had a net margin of 3.28% and a return on equity of 4.70%. The firm’s revenue was up 27.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 EPS. Research analysts predict that Select Water Solutions will post 0.55 earnings per share for the current year.

Hedge Funds Weigh In On Select Water Solutions

Hedge funds have recently modified their holdings of the company. USA Financial Formulas purchased a new position in shares of Select Water Solutions in the 3rd quarter worth approximately $49,000. Global Retirement Partners LLC increased its position in shares of Select Water Solutions by 82.1% during the third quarter. Global Retirement Partners LLC now owns 2,569 shares of the company’s stock valued at $51,000 after acquiring an additional 1,158 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Select Water Solutions during the second quarter valued at approximately $54,000. Nykredit A S bought a new stake in Select Water Solutions during the second quarter worth $62,000. Finally, State of Alaska Department of Revenue lifted its holdings in Select Water Solutions by 41.0% during the third quarter. State of Alaska Department of Revenue now owns 4,381 shares of the company’s stock worth $86,000 after acquiring an additional 1,275 shares during the period. Institutional investors own 81.73% of the company’s stock.

About Select Water Solutions

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.