Solaris Energy Infrastructure (NYSE:SEI) Issues Quarterly Earnings Results

Solaris Energy Infrastructure (NYSE:SEI) released its earnings results on Wednesday. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.08, FiscalAI reports. Solaris Energy Infrastructure had a net margin of 7.19% and a return on equity of 14.08%. The firm had revenue of $219.40 million for the quarter.

Solaris Energy Infrastructure Stock Performance

Solaris Energy Infrastructure stock traded up $1.66 during mid-day trading on Friday, reaching $58.67. The company’s stock had a trading volume of 995,249 shares, compared to its average volume of 2,795,364. The firm’s fifty day moving average price is $67.64 and its two-hundred day moving average price is $63.17. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.07 and a current ratio of 1.11. Solaris Energy Infrastructure has a 12-month low of $24.57 and a 12-month high of $86.19. The company has a market capitalization of $4.31 billion, a P/E ratio of 69.02 and a beta of 1.23.

Insiders Place Their Bets

In other news, insider Christopher M. Powell sold 36,852 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $74.63, for a total value of $2,750,264.76. Following the completion of the transaction, the insider directly owned 114,117 shares of the company’s stock, valued at $8,516,551.71. This trade represents a 24.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Christopher P. Wirtz sold 700 shares of Solaris Energy Infrastructure stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $77.22, for a total value of $54,054.00. Following the completion of the transaction, the chief accounting officer owned 36,085 shares of the company’s stock, valued at approximately $2,786,483.70. This trade represents a 1.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,752 shares of company stock worth $3,183,295 over the last 90 days. Corporate insiders own 20.23% of the company’s stock.

Institutional Investors Weigh In On Solaris Energy Infrastructure

Several hedge funds and other institutional investors have recently modified their holdings of SEI. Bank of New York Mellon Corp bought a new position in shares of Solaris Energy Infrastructure in the second quarter valued at approximately $30,881,000. Balefire LLC bought a new stake in Solaris Energy Infrastructure during the 2nd quarter worth approximately $223,000. Wealth High Governance Asset Management Ltda. increased its holdings in Solaris Energy Infrastructure by 35.0% during the 1st quarter. Wealth High Governance Asset Management Ltda. now owns 104,336 shares of the company’s stock worth $5,896,000 after acquiring an additional 27,066 shares during the period. Glenmede Trust Co. NA lifted its stake in Solaris Energy Infrastructure by 15.8% in the 1st quarter. Glenmede Trust Co. NA now owns 16,987 shares of the company’s stock worth $960,000 after purchasing an additional 2,316 shares in the last quarter. Finally, Amundi lifted its stake in Solaris Energy Infrastructure by 51.7% in the 1st quarter. Amundi now owns 8,497 shares of the company’s stock worth $480,000 after purchasing an additional 2,895 shares in the last quarter. 67.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SEI has been the topic of several research analyst reports. Wolfe Research started coverage on Solaris Energy Infrastructure in a research note on Monday, July 6th. They issued an “outperform” rating and a $120.00 price objective on the stock. Northland Securities set a $104.00 target price on Solaris Energy Infrastructure in a research report on Friday, June 12th. Piper Sandler boosted their target price on Solaris Energy Infrastructure from $65.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, April 15th. Needham & Company LLC upped their price target on Solaris Energy Infrastructure from $97.00 to $98.00 and gave the company a “buy” rating in a research report on Friday. Finally, Citigroup upped their price target on Solaris Energy Infrastructure from $61.00 to $84.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Solaris Energy Infrastructure currently has a consensus rating of “Moderate Buy” and an average price target of $86.00.

About Solaris Energy Infrastructure

Solaris Energy Infrastructure Fund Inc (NYSE: SEI) is a closed-end management investment company that seeks to provide total return through a combination of current income and capital appreciation. The fund pursues its objective by investing primarily in equity securities of energy infrastructure companies, including master limited partnerships (MLPs) and other midstream entities. SEI is externally managed by Solaris Asset Management LP, a firm specializing in energy infrastructure investments.

The fund’s portfolio targets businesses involved in the gathering, processing, transportation, storage and terminalling of oil, natural gas and refined products.