HOUSTON - Solaris Energy Infrastructure, Inc. (NYSE:SEI), a provider of equipment-based solutions for power generation and raw materials management, announced today that Chief Operating Officer Kelly Price will retire on December 31, 2024. Price has been a key figure at Solaris since early 2017, playing a pivotal role in the company's operations and growth, especially during its transition to a public entity.
Bill Zartler, the Chairman and CEO of Solaris, acknowledged Price's significant contributions, stating that his leadership has been crucial to Solaris' operational efficiency and strategic initiatives. Zartler extended his gratitude on behalf of the board and the company, wishing Price well in his retirement.
Solaris has initiated the process to find Price's successor, considering both internal and external candidates to fill the COO position. The company has expressed its commitment to a seamless transition, with Price continuing to support Solaris during this period and serving as an advisor throughout 2025.
Based in Houston, Texas, Solaris Energy Infrastructure caters to various U.S. markets, including energy, data centers, and commercial and industrial sectors. The company's announcement is expected to prompt investor interest as it searches for new leadership to maintain its operational standards and strategic direction. This news is based on a press release statement from Solaris Energy Infrastructure, Inc.
In other recent news, Solaris Oilfield Infrastructure (NYSE:SEI), Inc. has made notable strides in expanding its operations and market offerings. The company's Q1 2024 financial results highlighted revenues of $68 million, an adjusted EBITDA of $23 million, and free cash flow of $14 million. Solaris has also successfully increased the available shares for issuance in its Long Term Incentive Plan (LTIP) by 1.6 million, a move aimed at enhancing its ability to incentivize and retain employees effectively.
Further, the company has announced a name change to Solaris Energy Infrastructure, Inc., reflecting its evolving focus within the energy sector. In a significant development, Solaris's shareholders approved the acquisition of Mobile Energy Rentals (MER), a move expected to be finalized in September 2024. This acquisition is set to bring Solaris closer to launching an integrated service offering under the new name, 'Solaris Energy Infrastructure.'
Additionally, Solaris has provided a $29.75 million loan to MER to facilitate the purchase of power generation equipment. Investment firm Piper Sandler has maintained its Overweight rating on Solaris following these developments. All these recent advancements highlight Solaris's ongoing commitment to its growth and efficiency in the energy infrastructure sector.
InvestingPro Insights
As Solaris Energy Infrastructure, Inc. (NYSE:SEI) prepares for a leadership transition with the retirement of COO Kelly Price, investors may find additional context in the company's recent financial performance and market position.
According to InvestingPro data, SEI has demonstrated strong market performance, with a 53.98% price total return over the past three months and a 54.05% return over six months. This upward trajectory has positioned the stock near its 52-week high, trading at 94.26% of that peak. These metrics suggest that the market has responded positively to the company's recent performance and outlook, potentially reflecting confidence in the current leadership team's strategies.
InvestingPro Tips highlight that SEI operates with a moderate level of debt, which could provide financial flexibility during the leadership transition period. Additionally, the company has maintained dividend payments for seven consecutive years, with a current dividend yield of 3.63%. This consistent shareholder return policy may help maintain investor confidence as the company searches for a new COO.
The company's price-to-earnings ratio of 20.76 and price-to-book ratio of 2.88 indicate that investors are willing to pay a premium for SEI's shares, possibly due to its growth prospects or market position. However, with revenue growth showing a decline of 18.29% over the last twelve months, the incoming COO may face challenges in reversing this trend and driving future growth.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for SEI, providing deeper insights into the company's financial health and market prospects.
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