In a remarkable display of market confidence, Solaris Oilfield Infrastructure , Inc. (NYSE:SEI) stock has reached a 52-week high, touching $18.76. This peak represents a significant milestone for the company, reflecting a robust performance over the past year. Investors have been particularly bullish on Solaris, as evidenced by the stock's impressive 1-year change, which stands at a staggering 118.34%. This surge in value underscores the market's optimistic outlook on the company's prospects and its position within the oilfield services sector.
In other recent news, Solaris Energy Infrastructure announced that its COO, Kelly Price, is set to retire at the end of the year. The company has begun the search for Price's successor, considering both internal and external candidates. Solaris has also reported Q1 2024 revenues of $68 million, an adjusted EBITDA of $23 million, and free cash flow of $14 million.
In a bid to expand its operations, Solaris increased the available shares for issuance in its Long Term Incentive Plan (LTIP) by 1.6 million. The company also changed its name from Solaris Oilfield Infrastructure, Inc. to Solaris Energy Infrastructure, Inc., reflecting its evolving focus within the energy sector.
Solaris' shareholders have approved the acquisition of Mobile Energy Rentals (MER), expected to finalize in September 2024. This acquisition will bring Solaris closer to launching an integrated service offering under the new name, 'Solaris Energy Infrastructure.' Following this announcement, investment firm Piper Sandler maintained its Overweight rating on Solaris. These are the recent developments in Solaris' commitment to growth and efficiency in the energy infrastructure sector.
InvestingPro Insights
Solaris Oilfield Infrastructure's recent stock performance aligns with the data from InvestingPro, which reveals a remarkable 113.41% 1-year price total return. This closely matches the 118.34% 1-year change mentioned in the article, confirming the stock's exceptional performance. The company's market capitalization stands at $569.22 million, reflecting its solid position in the oilfield services sector.
InvestingPro data shows that SEI's stock is trading at 99.44% of its 52-week high, corroborating the article's mention of the stock reaching a new peak. This near-high status suggests continued investor confidence in the company's prospects.
An InvestingPro Tip indicates that Solaris Oilfield Infrastructure has raised its dividend for 3 consecutive years, which may be contributing to investor enthusiasm. This consistent dividend growth, coupled with a current dividend yield of 2.64%, could be attracting income-focused investors to the stock.
For readers interested in a deeper analysis, InvestingPro offers 12 additional tips for Solaris Oilfield Infrastructure, providing a more comprehensive view of the company's financial health and market position.
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