What Happened?

A number of stocks fell in the afternoon session after surging long-term Treasury yields reached multi-decade highs and energy market tightness prompted global emergency reserve actions. CNBC reported that longer-dated Treasury yields hit their highest levels in more than two decades on Monday. The 10-year yield touched 5.349%, its highest since April 2002, and the 30-year yield reached 5.703%, a level last seen in May 2002. Jay Hatfield, chief executive of Infrastructure Capital Advisors, called it a momentum selloff. The jump came as a services-sector price gauge stayed elevated, keeping inflation pressure in focus ahead of the Federal Reserve’s September meeting minutes. Morningstar, citing Dow Jones, reported that the Group of Seven plans to release 100 million barrels from diesel and crude stockpiles over the next four months to combat record-high fuel prices. The group also urged countries with significant refining capacity to raise output and to stagger refinery maintenance so plants are not shut at the same time. The release follows criticism that Europe had not tapped reserves fast enough to ease fuel costs during the Iran war.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Oilfield Services company Select Water Solutions (NYSE: WTTR) fell 3.7%. Is now the time to buy Select Water Solutions? Access our full analysis report here, it’s free.
• Oilfield Services company ProPetro (NYSE: PUMP) fell 3.4%. Is now the time to buy ProPetro? Access our full analysis report here, it’s free.
• Infrastructure company Kodiak Gas Services (NYSE: KGS) fell 3.3%. Is now the time to buy Kodiak Gas Services? Access our full analysis report here, it’s free.
• Oilfield Services company NESR (NASDAQ: NESR) fell 3.2%. Is now the time to buy NESR? Access our full analysis report here, it’s free.

Zooming In On Select Water Solutions (WTTR)

Select Water Solutions’s shares are quite volatile and have had 18 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 12 days ago when the stock gained 4.4% on the news that the stock continued to rally as it announced a definitive agreement to acquire Delaware Basin water midstream operator Pilot Water Solutions for $700 million, expanding its gathering and disposal network in the Permian Basin. According to the company's press release, the consideration consists of $600 million in cash, $100 million in Class A common stock, and up to $15 million in contingent cash consideration. In a Form 8-K filing with the U.S. Securities and Exchange Commission, Select disclosed that its subsidiary entered into a purchase agreement with Pilot OFS Holdings and Minerva Infrastructure IA. Pilot adds 2.7 million barrels per day of active permitted disposal capacity and over 700 miles of pipelines, supported by 480,000 barrels per day in minimum volume commitments across 306,000 dedicated acres. Select said the assets are projected to generate $120 million to $130 million in 2027 adjusted EBITDA, plus $10 million to $15 million in annual cost synergies, lifting Water Infrastructure to roughly 70% of pro forma profitability by 2027. Permian oil and gas producers face mounting produced-water volumes and regulatory disposal constraints, making integrated gathering and disposal platforms essential to maintain drilling pace.

Select Water Solutions is up 72.6% since the beginning of the year, but at $19.15 per share, it is still trading 14% below its 52-week high of $22.26 from August 2026. Investors who bought $1,000 worth of Select Water Solutions’s shares 5 years ago would now be looking at an investment worth $3,407.

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