Select Energy Services (NYSE:WTTR) Trading Down 5.1% on Analyst Downgrade

Select Energy Services, Inc. (NYSE:WTTR – Get Rating)’s share price fell 5.1% on Thursday after Citigroup lowered their price target on the stock from $8.50 to $6.50. Citigroup currently has a neutral rating on the stock. Select Energy Services traded as low as $5.60 and last traded at $5.75. 141,256 shares were traded during trading, a decline of 80% from the average session volume of 712,385 shares. The stock had previously closed at $6.06.

Other research analysts also recently issued research reports about the stock. TheStreet downgraded shares of Select Energy Services from a “b-” rating to a “c” rating in a report on Wednesday, February 22nd. Piper Sandler lifted their target price on shares of Select Energy Services from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Friday, November 18th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quantbot Technologies LP increased its holdings in shares of Select Energy Services by 35.6% during the 3rd quarter. Quantbot Technologies LP now owns 44,677 shares of the company’s stock worth $311,000 after purchasing an additional 11,741 shares during the period. Prelude Capital Management LLC boosted its position in shares of Select Energy Services by 23.7% during the 2nd quarter. Prelude Capital Management LLC now owns 400,125 shares of the company’s stock valued at $2,729,000 after acquiring an additional 76,697 shares in the last quarter. Brightlight Capital Management LP boosted its position in shares of Select Energy Services by 12.5% during the 3rd quarter. Brightlight Capital Management LP now owns 2,806,000 shares of the company’s stock valued at $19,558,000 after acquiring an additional 311,900 shares in the last quarter. Bailard Inc. acquired a new position in Select Energy Services in the third quarter valued at about $84,000. Finally, Cubist Systematic Strategies LLC boosted its position in Select Energy Services by 743.7% in the third quarter. Cubist Systematic Strategies LLC now owns 160,858 shares of the company’s stock valued at $1,121,000 after buying an additional 141,793 shares in the last quarter. Institutional investors own 58.35% of the company’s stock.

Select Energy Services Stock Performance

The stock has a market capitalization of $748.64 million, a price-to-earnings ratio of 12.16 and a beta of 1.99. The company has a quick ratio of 2.06, a current ratio of 2.24 and a debt-to-equity ratio of 0.02. The stock’s 50-day simple moving average is $8.15 and its 200 day simple moving average is $8.10.

Select Energy Services (NYSE:WTTR – Get Rating) last released its quarterly earnings results on Tuesday, February 21st. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.16). Select Energy Services had a net margin of 3.48% and a return on equity of 5.04%. The firm had revenue of $381.68 million during the quarter, compared to analyst estimates of $387.89 million. Analysts expect that Select Energy Services, Inc. will post 1.19 earnings per share for the current fiscal year.

Select Energy Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 17th. Shareholders of record on Tuesday, February 7th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend was Monday, February 6th. Select Energy Services’s dividend payout ratio is presently 40.82%.

About Select Energy Services

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Select Energy Services Inc engages in the provision of water management and chemical solutions. It operates through the following business segments: Water Services, Oilfield Chemicals, and Water Infrastructure. The Water Services segment consists of services businesses, including water transfer, flowback and well testing, fluids hauling, water containment and water network automation, primarily serving E&P companies.