Crestview Partners Sells $83.5M in WTTR Shares, Including Open Market Sale and Conversion-Related Dispositions
Summary
Crestview Partners, a 10% owner and director-affiliated entity, executed a substantial disposition of Select Water Solutions shares totaling over $83.5 million, including an open market sale and conversion of LLC units.
Key Events
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Significant Insider Disposition
Crestview Partners, a 10% owner and director-affiliated entity, disposed of Select Water Solutions shares totaling $83,560,121. This represents 4.03% of the company's market capitalization.
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Open Market Sale Executed
The disposition included an open market sale of 3,096,223 Class A Common Stock shares for $46,814,891.76 at a price of $15.12 per share. This follows a Form 144 filing on April 8, 2026, indicating an intent to sell.
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Conversion and Class B Share Disposition
An additional 2,430,240 shares were disposed through a conversion of Common LLC Units into Class A Common Stock, followed by the cancellation of an equal number of Class B Common Stock shares for no consideration. This part of the transaction had a value of $36,745,229.
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Reduction in Holdings
The transactions resulted in a reduction of approximately 28.6% of Crestview Partners' total holdings in Select Water Solutions, indicating a significant reduction in their stake.
Analysis
This Form 4 filing details a substantial reduction in holdings by Crestview Partners, a significant institutional investor and director-affiliated entity. The combined open market sale and conversion-related dispositions amount to over $83.5 million, representing a notable 4.03% of Select Water Solutions' market capitalization. While institutional investors often rebalance portfolios, a disposition of this magnitude, especially one that reduces their stake by nearly 30%, could signal a shift in their investment thesis or a need for liquidity. Investors should monitor future filings from Crestview Partners for further changes in their position, particularly given the company's recent financial baseline showing a decrease in net income and negative free cash flow in its last 10-K.
At the time of this filing, WTTR was trading at $15.12 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $7.20 to $16.00. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.