Select Water Solutions, Inc. - WTTR STOCK NEWS

Select Energy Services (NYSE: WTTR) announced a new $50 million share repurchase program, supplementing the $8.6 million remaining from a previous $25 million authorization. This total represents nearly 10% of the company's Class A common stock based on the March 17, 2023 closing price. The repurchases, subject to management discretion, aim to enhance shareholder value and will be funded from working capital and operational cash flow. The company anticipates growth in revenue, EBITDA, and net income in 2023, bolstered by strategic acquisitions and a robust capital allocation strategy.

Select Energy Services, Inc. plans to rebrand as Select Water Solutions, Inc., strengthening its focus on sustainable water management. For 2022, the company reported revenues of $1.4 billion, an 81% increase from 2021, and a net income of $54.9 million. Key acquisitions in the Permian Basin expanded its water infrastructure portfolio, including a new Delaware Basin recycling project, expected to enhance revenue streams. Despite challenges in Q4 2022, including integration issues, Select aims to achieve significant revenue and EBITDA growth in 2023 with planned capital expenditures between $90 million and $130 million.

Select Energy Services (NYSE: WTTR) has announced the release date for its fourth quarter and full year 2022 financial results, scheduled for February 21, 2023, after market close. A conference call to discuss these results will take place on February 22, 2023, at 11:00 a.m. Eastern Time. Investors can participate via phone or online. A replay of the call will be available until March 8, 2023. Select Energy Services is known for providing sustainable water and chemical solutions to the energy sector, emphasizing environmentally responsible management throughout the lifecycle of oilfield operations.

Select Energy Services (NYSE: WTTR) announced a quarterly cash dividend of $0.05 per share, payable on February 17, 2023. Shareholders of record will be those held by the close of business on February 7, 2023. This dividend reflects the company's commitment to providing value to its investors, as all future payments are subject to quarterly review by the Board of Directors. Select is recognized for its sustainable water and chemical solutions within the energy sector, emphasizing environmentally responsible practices.

Select Energy Services (NYSE: WTTR) reported third-quarter 2022 revenue of $375 million, marking a 12% increase from Q2 2022. Net income rose to $24.7 million and Adjusted EBITDA grew to $62.8 million, reflecting gains of 70% and 32% respectively. The company completed the acquisitions of Breakwater Energy Partners and assets from Cypress Environmental Services on November 1, 2022, enhancing its water recycling capabilities in the Permian Basin and Bakken regions, with expected combined revenues of $110-$115 million for 2022.

Select Energy Services (NYSE: WTTR) announced a quarterly cash dividend of $0.05 per share for Class A common stock, payable on November 17, 2022. The record date is set for November 7, 2022. A similar distribution of $0.05 per unit has been approved for unitholders of SES Holdings, LLC. The company aims to maintain regular dividends, subject to market conditions and Board approval. CEO John Schmitz highlighted this initiative as a sign of confidence in the company’s performance and commitment to shareholder value, alongside a disciplined capital structure.

Select Energy Services, Inc. (NYSE: WTTR) will release its third quarter 2022 financial results on November 2, 2022, after market close. A conference call is scheduled for November 3, 2022, at 11:00 a.m. Eastern Time, available via phone or online streaming. The call will allow stakeholders to hear insights regarding the company’s performance and future outlook. A replay will be accessible until November 17, 2022, ensuring investors have ample opportunity to gain information.

Select Energy Services (NYSE: WTTR) has initiated a quarterly cash dividend program, starting at $0.05 per Class A common share, expected to begin after Q3 2022. The company has returned over $60 million to shareholders since 2018 and aims to balance capital returns with growth investments. The dividend's implementation reflects the Board's confidence in Select's operational performance and financial stability, driven by recent acquisitions and infrastructure projects.

Select Energy Services reported a revenue of $335.9 million for Q2 2022, reflecting a 14% sequential increase from Q1 2022. Net income surged to $14.6 million, up 83% quarter over quarter, while Adjusted EBITDA climbed 48% to $47.7 million. The company improved its gross margin before depreciation and amortization to 19.3%, driven by efficient integration of acquisitions and pricing enhancements. With a strengthened balance sheet and operational growth, Select aims for continued strong performance in the second half of the year, bolstered by increased recycling capacity and cash flow from operations.