WaterBridge Infrastructure (WBI)
Operates long-term produced-water and energy-waste infrastructure for U.S. oil and gas producers.
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Provides produced-water gathering, transportation, recycling, and handling for oil and gas producers under long-term contracts. The Delaware Basin network is complemented by Eagle Ford and Arkoma assets and Desert Environmental's non-hazardous energy-waste facilities. Services are reported in one segment, with demand tied to customer drilling, production, and disposal capacity.
Operates an integrated network that gathers, transports, recycles, and handles produced water for oil and gas exploration-and-production customers under long-term contracts. The network is concentrated in the Delaware Basin, with additional Eagle Ford and Arkoma assets. Desert Environmental operates two non-hazardous energy-waste management facilities, while the company reports the platform as one operating segment.
Produced water must be handled for wells to come online and remain in production, tying volumes to customer drilling and production activity. Operations also depend on access to produced-water disposal capacity and are regulated mainly by state oil-and-gas authorities. Regulation includes concern that deep-injection disposal can contribute to induced seismicity.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 19, 2026 | Barclays | Reiterate | Rating: —Target: $33 | Target: $34 |
| Aug 18, 2026 | Raymond James | Reiterate | Rating: —Target: $30 | Target: $40 |
| Aug 13, 2026 | Wells Fargo | Reiterate | Rating: —Target: $25 | Target: $28 |
| Aug 12, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $38 | Target: $43 |
| Jul 15, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $36 | Target: $41 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $47.6M · Total debt $1.62B · Total assets $3.94B · Shareholders' equity $759.9M
- Revenue
- $217.8M
- Operating income
- $40.3M
- Net income
- $5.1M
HistoryDividendAnnual yield
| Institutions | ≈ 58.09% | 71.72M shares | |
|---|---|---|---|
| 171 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 42.73% | 52.76M shares | |
| 10 holders · as of Sep 22, 2026 | |||
| Strategic holders | 27.70% | 34.20M shares | |
| 3 holders · as of Jun 26, 2026 | |||
| Adds to | 128.52% | ||
123.46M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (123.46M in the company's Sep 23, 2026 report, 47.02M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 128.52%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
David N. Capobianco1Insiderdirector, 10 percent owner | 41.93% | 51.76M B | filed Jun 22, 2026 |
WPX Energy Permian, LLCStrategic10 percent owner | 14.38% | 17.76M B | filed Sep 22, 2025 |
Devon Energy Corp/DEInstitution | 12.96% | 16.00M A | as of Jun 30, 2026 |
WBR Holdings LLC2,3Strategic10 percent owner | 10.57% | 13.04M B | filed Jun 26, 2026 |
Alps Advisors IncInstitution | 7.98% | 9.85M A | as of Jun 30, 2026 |
- David N. Capobianco reports a block also reported by Hood River Capital Management LLC; it is counted once, under Hood River Capital Management LLC.
- WBR Holdings LLC's transaction reports restate only vehicles that traded; the 2026 ownership statement (13.04M) is used instead.
- WBR Holdings LLC reports a block also reported by David N. Capobianco; it is counted once, under David N. Capobianco.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 22, 2026 | Devon Energy Corp/DE | 10 percent owner | −1,755,174 | $30.05 |
| Jun 22, 2026 | David N. Capobianco | director, 10 percent owner: | −5,894,826 | $30.05 |
| Jun 22, 2026 | WBR Holdings LLC | 10 percent owner | −5,894,826 | $30.05 |
| Jun 22, 2026 | WaterBridge Resources LLC | 10 percent owner | −5,894,826 | $30.05 |
| Jan 6, 2026 | Michael Howard JR Reitz | officer: See Remarks | +4,865 | $20.49 |
- Western Midstream Partners
Delaware Basin produced-water network expanded through Aris
- NGL Energy Partners
Direct Delaware Basin peer in produced-water disposal and recycling
- Select Water Solutions
Permian produced-water recycling and pipeline network operator
- Delek Logistics Partners
Permian water disposal and recycling platform, including Delaware Basin
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| WaterBridge Infrastructure | $29.53 | −0.10% | $1.39B | 66.1 | 49.2 | 1.9 | +10.7% |
| Western Midstream Partners | $46.19 | +0.27% | $19.03B | 14.4 | 12.0 | 4.4 | +30.0% |
| NGL Energy Partners | $16.05 | −0.62% | $2.02B | — | 12.7 | 0.6 | +59.1% |
| Select Water Solutions | $19.96 | −1.55% | $2.22B | 75.4 | 29.2 | 1.6 | +8.7% |
| Delek Logistics Partners | $54.98 | +1.51% | $2.88B | 18.9 | 12.6 | 2.4 | +56.2% |
| Median | 18.9 | 12.7 | 2.0 | +43.1% |