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John Schmitz, President and CEO of Select Water Solutions, Inc. (NYSE:WTTR), has recently sold 26,550 shares of the company's Class A Common Stock. The shares were sold at a weighted average price of $13.1559, totaling approximately $349,289. This transaction was conducted under a 10b5-1 trading plan, which was adopted by Schmitz in November 2024. The sale comes as WTTR shows strong momentum, with the stock delivering a 68% return over the past year. According to InvestingPro data, analysts maintain a Strong Buy consensus with price targets ranging from $16 to $19.
Following this sale, Schmitz retains direct ownership of 380,694 shares and indirect ownership of additional shares through various trusts, including the John David Schmitz 2024 Annuity Trust and the Sandra Lee Schmitz 2024 Annuity Trust. These trusts were established in November 2024, and the shares transferred to them were exempt from Section 16 reporting requirements. The company maintains a solid financial position with a GOOD overall health score from InvestingPro, which offers comprehensive analysis of 1,400+ stocks through its Pro Research Reports.
In other recent news, Select Water Solutions, Inc. has seen significant developments. The company announced the appointment of Bruce E. Cope and Timothy A. Roberts to its Board of Directors, replacing Troy W. Thacker, who will retire after five years of service. Both new appointees bring extensive experience in the oil and gas industry, a move that the company believes will contribute to its growth and strategic execution.
In financial developments, Select Water Solutions secured a new $550 million sustainability-linked credit facility, consisting of a $300 million revolving credit component and a $250 million term loan. The facility, led by Bank of America, N.A., with JPMorgan Chase (NYSE:JPM) Bank, N.A., Bank OZK (NASDAQ:OZK), and MUFG Bank, LTD. as co-arrangers, aims to support the company's growth plans and fund contracted infrastructure projects.
Moreover, Select Water Solutions declared a quarterly cash dividend of $0.07 per share for Class A common stock. The company's financial health and ability to generate cash flow while maintaining its operations and growth strategies were cited as the reasons for the dividend declaration. These are the recent developments for Select Water Solutions, Inc.
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