Select Water Solutions, Inc. (WTTR) shares ended the last trading session 14% higher at $11.51. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 8.8% gain over the past four weeks.
The stock recorded this price rise as the company benefits from a growing backlog with multiple contract wins that improve its industry-leading recycling footprint while adding disposal capacity in the Permian Basin. Furthermore, the company is gaining from streamlining its Water Services segment to support the rapidly growing Water Infrastructure platform.
This company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of -66.7%. Revenues are expected to be $316.63 million, down 14.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Select Water Solutions, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on WTTR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Select Water Solutions, Inc. belongs to the Zacks Waste Removal Services industry. Another stock from the same industry, Veralto (VLTO), closed the last trading session 0.1% lower at $101.87. Over the past month, VLTO has returned -4.3%.
Veralto's consensus EPS estimate for the upcoming report has changed +1.1% over the past month to $0.95. Compared to the company's year-ago EPS, this represents a change of +6.7%. Veralto currently boasts a Zacks Rank of #3 (Hold).
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Select Water Solutions, Inc. (WTTR): Free Stock Analysis Report Veralto Corporation (VLTO): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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