Valued at a market cap of $22.7 billion, Texas Pacific Land Corporation (TPL) is one of the largest landowners in Texas, with over 870,000 acres primarily located in the oil-rich Permian Basin. Headquartered in Dallas, the company generates revenue through oil and gas royalties, land and resource management, and water services, rather than directly producing energy. TPL shares have substantially underperformed the broader market over the past year, dipping28.5% over the past 52 weeks and 9% in 2025. Meanw ...

Financial Data and Key Metrics Changes - For Q3 2025, consolidated total revenue reached $203 million, with an Adjusted EBITDA of $174 million, resulting in an Adjusted EBITDA margin of 85% [17][18] - Free cash flow increased by 15% year-over-year to $123 million [18] - Oil and gas royalty production achieved a record of approximately 36,300 barrels of oil equivalent per day, representing a 9% sequential increase and a 28% year-over-year increase [4][18] Business Line Data and Key Metrics Changes - Water sales revenue reached a record $45 million, reflecting a 74% sequential growth and a 23% year-over-year increase [4] - Produced water royalty revenues were $32 million, showing a 5% sequential growth and a 16% year-over-year increase [4] - The portfolio of acquired minerals and royalties contributed to 18% of consolidated royalty production, generating a mid-teens pre-tax cash flow yield [6] Market Data and Key Metrics Changes - Despite weak benchmark oil and gas prices, production volumes benefited from robust activity in northern Culberson, northern Reeves, and central Midland subregions [5] - The average lateral lengths for wells in 2025 are approximately 7% longer than last year and 23% longer compared to 2019 [5] Company Strategy and Development Direction - The company focuses on an active management and consolidation strategy aimed at growing oil and gas royalties, surface, and water assets [4] - TPL is positioned to capitalize on low commodity prices to consolidate high-quality Permian assets, with a belief that longer-term oil prices will be higher than current levels [9][12] - The company announced acquisitions of Permian oil and gas royalties and surface acreage, with a total purchase price of approximately $474 million [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the Permian Basin, despite current low commodity prices [10][12] - The company believes that global liquids demand continues to grow steadily, and that the U.S. oil supply will rationalize in response to pricing signals [10] - TPL's recent credit facility of $500 million enhances liquidity and allows for greater flexibility in funding growth opportunities [12][22] Other Important Information - The company plans to begin commissioning a 10,000 bbl per day desalination facility by the end of the year [18] - A three-for-one stock split of the company's common stock was approved and is expected to be completed in December 2025 [21] Q&A Session Summary Question: What is a good run rate for the business, and how much of your water sales are recycled barrels versus water from source? - Management indicated that they are working to minimize volatility in water sales and are focused on maximizing recycled water usage, which is influenced by availability and demand [35][36] Question: Can you provide details on the royalty acquisition announced? - Management stated that the acquisition is expected to provide a strong growth outlook and is operated by well-capitalized operators in the Permian [26][28] Question: How does TPL feel about its position in the power and data center market in West Texas? - Management expressed confidence in TPL's positioning, noting that they have significant available land and are in discussions for potential opportunities [29][30] Question: How is the competitive landscape in the Permian for M&A opportunities? - Management noted that while lower commodity prices create challenges, there are still healthy opportunities in the pipeline across various regions in the Permian [43][45]

Select Water Solutions, Inc. (WTTR) reported $322.24 million in revenue for the quarter ended September 2025, representing a year-over-year decline of 13.2%. EPS of $0.03 for the same period compares to $0.15 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $306.17 million, representing a surprise of +5.25%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.03.While investors closely watch year-over-year changes in headline numbers -- revenue and ...

Eversource Energy (NYSE:ES) is one of the best high-growth utility stocks to buy. On October 15, Eversource reported that its future liability for payments to Global Infrastructure Partners rose by $285 million. This was in reference to its disposal of its two renewable energy projects, namely South Fork Wind and Revolution Wind. The company mentioned that any tax advantages from the loss on these project sales will partly balance the higher liability, leading to a net non-recurring after-tax charge amoun ...

Core Viewpoint - First Pacific Company Limited is focused on defensive businesses in Southeast Asia and is set to present at the dbVIC - Deutsche Bank ADR Virtual Investor Conference on November 4, 2025, highlighting its growth and investment opportunities in the region [1][2]. Company Overview - First Pacific is a Hong Kong-based investment holding company with operations in consumer food products, telecommunications, infrastructure, and mining [7]. - The company is listed on the Hong Kong Stock Exchange and offers access to defensive industries in Southeast Asia, benefiting from robust investor protections and a de facto USD valuation [3][7]. Financial Performance - The company has experienced six consecutive years of profit growth, with the last four years achieving record highs [4]. - Shareholders received a record high dividend per share for 2024 earnings, with expectations for 2025 to set a new record [3]. - First Pacific's share price increased by 25% in 2023 and 45% in 2024, with a recurring P/E ratio of 3.6x for FY 2024 [6]. Investment Portfolio - Key assets include Indofood, the world's largest maker of instant noodles, MPTC, the largest privately owned toll road operator, and major companies in power (Meralco), telecommunications (PLDT), and water (Maynilad) in the Philippines [5]. - The company is also the largest shareholder in Philex Mining, which plans to open a second gold and copper mine in 2026 [5]. Strategic Focus - First Pacific's strategy emphasizes investing in industries where it has expertise, focusing on Southeast Asia, and maintaining significant stakes in its investments to control cash flows [7]. - The company has low borrowings and an interest coverage ratio of 4x, maintaining investment-grade credit ratings from Moody's and S&P Global for three years [6]. Upcoming Events - The dbVIC - Deutsche Bank ADR Virtual Investor Conference will allow real-time interaction between investors and the company, with an archived webcast available for those unable to attend live [2][9].

Core Insights - Eversource Energy has a market capitalization of $26.8 billion and operates in the energy delivery sector across Connecticut, Massachusetts, and New Hampshire, providing electricity, natural gas, and water services [1] Financial Performance - Eversource Energy is expected to report an EPS of $1.06 for fiscal Q3 2025, reflecting a 6.2% decrease from $1.13 in the same quarter last year, although it has consistently met or exceeded Wall Street's estimates in the past four quarters [2] - For fiscal 2025, the projected EPS is $4.75, which is a 3.9% increase from $4.57 in fiscal 2024, with further growth anticipated to $5.02 in fiscal 2026, representing a year-over-year increase of 5.7% [3] Stock Performance - Eversource Energy's stock has increased by 10.5% over the past 52 weeks, which is lower than the S&P 500 Index's gain of 14.7% and the Utilities Select Sector SPDR Fund's increase of 15.3% during the same period [4] - Despite reporting a better-than-expected Q2 2025 EPS of $0.96, the stock experienced a slight decline the following day, attributed to increased losses at the parent and other companies, which rose to $66.5 million from $38.5 million a year earlier due to higher interest expenses related to offshore wind project sales [5] Analyst Ratings - The consensus rating for Eversource Energy's stock is "Moderate Buy," with 17 analysts providing coverage, including six "Strong Buys," eight "Holds," one "Moderate Sell," and two "Strong Sells." The stock is currently trading above the average analyst price target of $71.15 [6]

Core Insights - Eversource Energy is recognized as one of the Top 15 Growth Stocks for Long-Term Investors [1] - The company operates as a regulated utility, providing electricity, natural gas, and water services to approximately 4.6 million customers across Connecticut, Massachusetts, and New Hampshire [2] - Eversource Energy has an updated investment plan of $23.7 billion for the 2024–2028 period, focusing on transmission and electric distribution projects, with an expected earnings-per-share growth of 5% to 7% annually [3] Financial Performance - Eversource Energy benefits from a stable and predictable cash flow due to its regulated sector operations, allowing for consistent earnings [4] - The company has successfully raised its dividends for 25 consecutive years, positioning it as a notable dividend aristocrat [4] - As of October 12, the quarterly dividend is $0.7525 per share, resulting in a dividend yield of 4.16% [4]

Core Insights - Global Water Resources (GWRS) reported second-quarter 2025 adjusted earnings of 6 cents per share, matching the Zacks Consensus Estimate but down 14.3% from 7 cents per share in the same quarter last year due to increased depreciation expenses related to capital improvement plans [1][8] Revenue Performance - Total operating revenues for the second quarter reached $14 million, aligning with the Zacks Consensus Estimate and reflecting a year-over-year increase of 5.4%, driven by organic connection growth, increased consumption, and higher rates [2][8] - Water Services contributed $7.36 million to total revenues, marking a 10.5% increase from $6.67 million in the prior year [2] - Wastewater and recycled water services generated $6.87 million in revenues, a slight increase of 0.5% from $6.84 million in the same quarter last year [3] Operational Metrics - Water consumption rose by 8.2% to 1.2 billion gallons, while total active service connections increased by 3.8% to 65,639 as of June 30, 2025 [4][8] - Net income for the second quarter decreased to $1.6 million from $1.7 million in the previous year [4] Financial Position - As of June 30, 2025, GWRS had cash and cash equivalents of $10.2 million, up from $9.04 million at the end of 2024 [5] - The company's net long-term debt decreased to $116.8 million from $118.5 million as of December 31, 2024 [5] - Cash flow from operating activities in the first half of 2025 was approximately $8.8 million, down from $13.6 million in the same period last year [5] Market Position - GWRS currently holds a Zacks Rank of 3 (Hold) [6]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q2 2025 were $0.87, an increase from $0.85 in Q2 2024, reflecting a positive quarter overall [10] - Year-to-date EPS as of June 30 was $1.57, up $0.10 from $1.47 in the same period last year [14] - Consolidated revenues for Q2 increased by $7.7 million compared to Q2 2024 [11] Business Line Data and Key Metrics Changes - Water utility earnings increased to $0.73 per share from $0.67 per share, primarily due to new water rates effective January 1, 2025 [10] - Electric segment earnings rose to $0.03 per share from $0.01 per share, attributed to new electric rates [11] - ASUS earnings decreased to $0.13 per share from $0.19 per share, mainly due to lower construction activity [25] Market Data and Key Metrics Changes - Revenues for the water segment increased by $9.3 million due to new water rates [12] - Revenues for the electric segment rose by $4.2 million, also due to new rates [12] - Revenues from ASUS decreased by $5.8 million due to lower construction activities [12] Company Strategy and Development Direction - The company plans to invest $170 million to $210 million in infrastructure this year, reflecting a commitment to long-term growth [9] - The company is preparing to file its next electric rate case in early 2026 and a water rate case in July 2026 [18] - The company is supporting Senate Bill 473, which aims to make revenue decoupling mandatory for regulated water utilities [20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the decoupling legislation, highlighting strong arguments for its necessity [30] - The company anticipates robust growth in its rate base due to recent general rate case decisions [23] - Management remains confident in ASUS's ability to compete for new military-based contract awards despite recent declines in construction activity [25] Other Important Information - The board approved an 8.3% increase in the annualized dividend rate, reflecting confidence in sustainable earnings growth [7] - The company has paid dividends every year since 1931, with a 71-year consecutive increase [8] - Standard and Poor's affirmed a stable credit rating for the company, indicating strong financial health [17] Q&A Session Summary Question: Construction activity pacing towards the third quarter - Management expects to see more construction activity in the fourth quarter than in the third, but it remains dependent on permitting processes [28] Question: Confidence level regarding decoupling legislation - Management is cautiously optimistic about the decoupling legislation, noting strong arguments for its necessity and the benefits it could bring [30]

Financial Data and Key Metrics Changes - The company reported approximately $120 million in quarterly adjusted EBITDA, an increase from $102 million in the same period of 2024, indicating a year-over-year growth of approximately 17.6% [4][12] - Distributable cash flow as adjusted was $73 million, with a DCF coverage ratio of approximately 1.22 times, expected to rise as growth projects contribute to results [12][13] - The capital program for the second quarter was approximately $119 million, with $115 million allocated to growth CapEx [15] Business Line Data and Key Metrics Changes - For the Gathering and Processing segment, adjusted EBITDA was $78 million, up from $55 million in 2024, primarily due to acquisitions [13] - Wholesale Marketing and Terminalling adjusted EBITDA decreased to $23 million from $30 million in the prior year [13] - Storage and transportation adjusted EBITDA remained stable at $17 million compared to the previous year [13] - Investments in the pipeline joint venture segment contributed $11 million this quarter, up from $8 million in 2024 [13] Market Data and Key Metrics Changes - The company is focused on enhancing its competitive position in both the Midland and Delaware Basins through acquisitions and operational improvements [5][6] - The integration of two water gathering systems is progressing well, expected to enhance crude and water offerings in specific counties [11] Company Strategy and Development Direction - The company aims to maintain healthy liquidity to support growth while ensuring leverage aligns with long-term targets [12] - The successful commissioning of the new Libbey plant is expected to fill to capacity in 2025, enhancing natural gas offerings [4][5] - The company plans to continue rewarding stakeholders through peer-leading distributions, with a recent increase to $1.115 per unit [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year EBITDA guidance of $480 million to $520 million, despite market volatility [12][36] - The company noted an uptick in crude volumes for Q3, indicating strong relationships with producers and favorable breakeven costs [36][37] - Management remains open to M&A opportunities that are free cash flow accretive and align with strategic goals [31][32] Other Important Information - The company completed the commissioning of the Libbey II gas plant on schedule, focusing on sour gas processing and infrastructure projects [9][21] - The Board of Directors approved the fiftieth consecutive increase in quarterly distribution, highlighting financial prudence [6] Q&A Session Summary Question: Trends in processing plant volumes post-commissioning - Management confirmed that the plant is flowing gas gradually and expects to reach full capacity by year-end [20][21] Question: Insights on sour gas treating and competitive environment - Management acknowledged the competitive landscape and highlighted their unique capabilities compared to recent asset transactions in the Delaware Basin [24][26] Question: M&A market observations and liquidity utilization - Management emphasized a focus on creating value for investors and being opportunistic in M&A while maintaining a strategic approach [31][33] Question: Producer relationships and guidance amidst commodity price volatility - Management expressed confidence in their guidance, citing strong relationships with producers and low breakeven costs in their operational areas [36][37]