Northland Capital Markets upgraded Select Water Solutions, Inc. (WTTR) to Outperform from Market Perform and raised its price target to $18.00 from $12.00. The change was announced on a Wednesday following the company’s recent quarterly report and management commentary.
WTTR is trading at $14.41, close to its 52-week peak of $15.43. The shares have delivered returns of more than 80% over the past six months.
Analyst Bobby Brooks described the fourth-quarter results and the company’s accompanying commentary as decisively bullish. Northland highlighted two operational drivers behind its upgrade: an infrastructure segment that the firm says is beginning to show a network effect, and strong performance in the chemicals segment. Together those developments underpin Northland’s more constructive view on the company’s prospects.
With a market capitalization of $1.75 billion and what Northland characterizes as a moderate level of debt, Select Water Solutions is viewed as positioned to pursue its growth strategy. The research house flagged 2026 as a year likely to include multiple catalysts for the business, while projecting that free cash flow generation should start to become apparent in 2027. That expectation rests on the company advancing through a period of elevated capital expenditures tied to infrastructure projects, after which free cash flow is expected to emerge.
Northland says it is carrying street-high estimates for fiscal 2027 and considers those targets achievable. The analyst noted that coupling these estimates with the company’s current operating trajectory forms the basis for a compelling investment case, and that belief underlies the upgraded rating.
In addition to the research update, Select Water Solutions’ board approved a quarterly cash dividend of $0.07 per share of Class A common stock. The dividend is scheduled for payment on February 18, 2026, to shareholders of record at the close of business on February 6, 2026. A parallel distribution of $0.07 per unit was also authorized for unitholders of SES Holdings, LLC, with the same record and payment dates.
The combination of an analyst upgrade, a higher price target, and a declared cash distribution highlights growing investor-facing signals from the company as it continues executing on both infrastructure investment and its chemicals business.