A recent business pivot has well-positioned the company for upside ahead, says Citi.
Select Water Solutions will be a winner thanks to its recent business changes, according to Citi. The company, which provides sustainable water services for the oil and gas industry, recently began a strategic pivot toward its water infrastructure business, which is focused on the management and recycling of produced water.
He also lifted his price target to $13 from $9, implying 40% upside from Wednesday's close. "Through a mixture of recent M & A and organic growth, we believe WTTR is well positioned to execute on their strategic shift and see upside ahead for the stock," Gruber wrote in a Thursday note. The analyst noted that Select Water Solutions is currently trading at a discount to its peers.
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