Raymond James analyst Justin Jenkins upgraded WaterBridge Infrastructure to Strong Buy from Outperform on January 5. The price target remains $30. This adjustment was part of a broader review of midstream supplier ratings ahead of 2026.
The firm stated investor attention is now on how companies turn favorable market conditions into actual cash flow.
WaterBridge Infrastructure reported third-quarter 2025 revenue of $205.5 million. This marks an 8% increase from the previous quarter. The growth was supported by a 7% rise in combined produced water handling volumes, which averaged 2.5 million barrels per day.
The company posted a net loss of $18.7 million for the quarter. Performance was significantly bolstered by the start of the BPX Kraken project. This project has a 10-year minimum volume commitment from BPX Energy. Its initial handling capacity is 400,000 barrels per day, with potential expansion to 600,000 barrels per day.
WaterBridge also confirmed its final investment decision for the first phase of the Speedway Pipeline project. This large-diameter pipeline will link the northern Delaware Basin to out-of-basin pore space. It is scheduled to begin service by mid-2026.
WaterBridge Infrastructure is a water infrastructure company listed on the NYSE under the ticker WBI. It provides water management solutions through integrated pipeline and handling networks in the United States.