Major Shareholder Crestview Partners Files Intent to Sell $63.57M in Stock
WTTR has more than doubled off its 52-week low of $7.815.
Summary
A major institutional investor, Crestview Partners, plans to sell $63.57 million in Select Water Solutions stock, continuing a trend of significant dispositions.
Key Events · Ownership and Investor Activity · WTTR
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Intent to Sell Shares
Crestview Partners, a major institutional shareholder, filed a Form 144 to sell 3,250,000 shares of Class A Common Stock, valued at approximately $63.57 million.
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Continuation of Prior Sales
This proposed sale follows previous dispositions by Crestview Partners, including a $47 million Form 144 filing in April and a $46.8 million disposition in the past three months, indicating an ongoing reduction of their stake.
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Trading Near 52-Week High
The filing occurs as Select Water Solutions' stock is trading near its 52-week high, potentially motivating the institutional investor to realize gains.
Analysis · WTTR · Energy & Transportation
Crestview Partners, a significant institutional investor, has filed a Form 144 indicating its intent to sell approximately $63.57 million worth of Select Water Solutions Class A common stock. This follows a pattern of substantial sales by Crestview Partners in recent months, including a $47 million Form 144 filing in April and a $46.8 million disposition. While the company recently reported strong Q1 results and completed a large equity offering, this continued selling by a major shareholder, especially near the stock's 52-week high, could create an overhang on the stock.
At the time of this filing, WTTR was trading at $20.15 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $7.82 to $20.18. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.