Select Energy Services (NYSE:WTTR) Downgraded to “Hold” at Zacks Investment Research

Select Energy Services (NYSE:WTTRGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports. They currently have a $9.00 price target on the stock. Zacks Investment Research‘s target price suggests a potential upside of 16.58% from the stock’s current price.

According to Zacks, “Select Energy Services, Inc. is a provider of water solutions to the U.S. unconventional oil and gas industry. It offers drilling and completion activities associated with hydraulic fracturing as well as complementary water-related services which support oil and gas well completion and production activities including containment, monitoring, treatment, flowback, hauling and disposal. Select Energy Services, Inc. is headquartered in Gainesville, Texas. “

Separately, Piper Sandler increased their target price on shares of Select Energy Services from $8.25 to $11.00 and gave the company a “neutral” rating in a research note on Monday, March 7th.

Select Energy Services stock traded down $0.08 during mid-day trading on Thursday, reaching $7.72. 3,466 shares of the company’s stock traded hands, compared to its average volume of 423,211. The company has a market cap of $882.63 million, a price-to-earnings ratio of -48.06 and a beta of 2.35. The stock has a 50 day moving average of $8.35 and a two-hundred day moving average of $7.39. Select Energy Services has a 12-month low of $4.88 and a 12-month high of $10.43.

Select Energy Services (NYSE:WTTRGet Rating) last announced its earnings results on Tuesday, February 22nd. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.02). Select Energy Services had a negative net margin of 1.35% and a negative return on equity of 5.29%. The firm had revenue of $255.13 million during the quarter, compared to analysts’ expectations of $230.07 million. As a group, sell-side analysts forecast that Select Energy Services will post 0.2 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. First Trust Advisors LP grew its holdings in Select Energy Services by 148.0% during the 1st quarter. First Trust Advisors LP now owns 335,367 shares of the company’s stock worth $4,031,000 after acquiring an additional 200,158 shares in the last quarter. Morgan Stanley lifted its position in shares of Select Energy Services by 40.2% during the second quarter. Morgan Stanley now owns 309,811 shares of the company’s stock valued at $1,872,000 after buying an additional 88,899 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Select Energy Services by 252.6% during the third quarter. SG Americas Securities LLC now owns 48,172 shares of the company’s stock valued at $250,000 after buying an additional 34,509 shares during the last quarter. Barclays PLC lifted its position in shares of Select Energy Services by 218.8% during the third quarter. Barclays PLC now owns 25,211 shares of the company’s stock valued at $130,000 after buying an additional 17,302 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Select Energy Services by 84.0% during the third quarter. Goldman Sachs Group Inc. now owns 613,434 shares of the company’s stock valued at $3,184,000 after buying an additional 279,959 shares during the last quarter. Hedge funds and other institutional investors own 63.30% of the company’s stock.

About Select Energy Services (Get Rating)

Select Energy Services, Inc, an oilfield services company, provides water management and chemical solutions to the onshore oil and gas industry in the United States. The company operates through three segments: Water Services, Water Infrastructure, and Oilfield Chemicals. The Water Services segment provides water-related services, including water transfer, flow back 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 on-site rental equipment and workforce accommodation services.

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