David N. Capobianco, serving as a director and holding a ten percent ownership stake in WaterBridge Infrastructure LLC (WBI), reported a substantial divestment of Class A shares on June 22, 2026. The transaction, valued at $177,139,521, was formally disclosed through a Form 4 filing submitted to the Securities and Exchange Commission. The sale price per share was recorded at $30.05. This financial movement occurred while WBI's stock had experienced a 45% surge over the previous six months, although recent trading data indicates a retreat, with shares settling at $29.98, a decline from a prior close of $33.19.
The filing details reveal that a total of 5,894,826 Class A shares were sold at the specified price of $30.05. These transactions were executed by NDB Holdings LLC, Desert Environmental Holdings LLC, and WBR Holdings LLC. The sales were conducted through a broker-dealer mechanism in compliance with Rule 144 regulations. Specifically, NDB Holdings LLC disposed of 3,920,948 Class A shares, Desert Environmental Holdings LLC sold 543,064 Class A shares, and WBR Holdings LLC offloaded 1,430,814 Class A shares.
Preceding the sale, a significant structural adjustment occurred within the company's capitalization. NDB Holdings LLC and Desert Environmental Holdings LLC redeemed 4,464,012 WBI Operating LLC Units. These units, representing membership interests in the operating company, were converted into an equivalent number of newly issued Class A shares of WaterBridge Infrastructure LLC. This conversion took place at a price of $0.00. The redemption process also necessitated the cancellation of an equal number of Class B shares.
Mr. Capobianco is recognized as beneficially owning the securities held by WBR Holdings, NDB Holdings, and Desert Holdings through his control over various entities. He serves as the sole member of Five Point Energy GP I LLC, Five Point Energy GP II LLC, and Five Point Energy GP III LLC. These entities control funds that indirectly own a majority of the capital interests in WaterBridge Resources LLC, WaterBridge NDB LLC, and Desert Holdings, respectively. These holding companies managed the execution of the transactions. Mr. Capobianco and the associated entities explicitly disclaim beneficial ownership of these securities, except to the extent of their pecuniary interest.
According to InvestingPro analysis, WBI currently trades near its Fair Value, with a market capitalization of $4.1 billion. Investors seeking additional insights can access 8 more ProTips and comprehensive financial metrics through the platform's detailed analysis tools. The stock data indicates a current price of 29.98, reflecting a decline of 3.21 or 9.67% from the previous close. After-hours trading shows a price of 29.69, a further decline of 0.29 or 0.97%. The chart data spans from 14:00 to 19:00, showing price movements between 28 and 30.
In other recent developments, WaterBridge Infrastructure announced its first-quarter 2026 earnings. The company reported an earnings per share (EPS) of $0.08, which fell short of the expected $0.14. Despite this earnings miss, the company expressed confidence by raising its full-year guidance, signaling optimism for future performance. Goldman Sachs responded by raising its price target for WaterBridge Infrastructure from $32 to $36, while maintaining a Buy rating on the stock. The investment firm updated its estimates following the earnings report, noting that the results were bolstered by better costs and produced water margins. Goldman Sachs now forecasts a 2026 EBITDA of $463 million, which is at the high end of management's guidance range and above the consensus estimate of $457 million. These developments reflect a complex outlook for WaterBridge Infrastructure, with mixed earnings results but positive future projections from analysts.
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