Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Equity Management Associates Larry and David | “Aris is an emerging mid-tier producer with two operating mines in Colombia (Marmato and Segovia) and two large development projects, one in Colombia and one in Guyana. In 2025, they produced 257,000 ounces of gold. Their average selling cost was $3,526/ounce and their average mining cost (AISC) was $1,705/ounce. So, their gross mine profit was $467 million. In 2026, they have guided production between 300,000 and 350,000 ounces at similar costs. The mid-point of guidance equals a 26% growth in ounces produced. They have plans to increase the production in the existing mines after 2026 and their target is to become a 1 million ounce producer within 5 years. In the Q1 2026, they generated EBITDA of $212 million (a run rate of $800 million per year which is the same as the Bloomberg consensus estimates). So, the Company is trading at only 3.75x EBITDA. This compares favorably to the average EBITDA multiple of the S&P 500 which is currently 17x and even more so compared to the MAG-7 stocks which trade at an average multiple of 28x. If they are able to increase their production and gold prices remain at this level or higher their EBITDA will grow substantially in the next four years. Holding gold prices steady, Bloomberg analysts estimate EBITDA of $1.2 Billion in 2027 and $1.4 Billion in 2028. So, the Company's enterprise value is only 2x estimated EBITDA two years out. We think this stock has a lot of upside. In the best case scenario, Aris would generate $6.8 Billion of EBITDA and have a market value of $68 Billion. That is stock upside of 22x their present market value. Even if gold prices remain flat and they only achieve the Bloomberg consensus EBITDA of $1.4 Billion in 2028, this could lead to a market value of $11.2 Billion if the EBITDA multiple were to expand to 8x. That is a 3.7x upside vs today's value.” | NEUTRAL | Q2 2026 Jul 21, 2026 | View Pitch |
Riverwater Micro Opportunities Strategy Nathan Fredrick, CFA | “Aris Water Solutions (ARIS) underperformed during the second quarter of 2025 due to a combination of company-specific and macroeconomic headwinds. Management modestly reduced guidance after weaker-than-expected skim oil revenue and higher deferred maintenance costs weighed on near-term results, while broader concerns around tariffs and capital-markets volatility pressured sentiment toward energy-linked infrastructure assets. Despite these issues, the underlying business remains anchored by long-term contracts, volume-driven revenues, and mission-critical water infrastructure that Permian operators rely on to manage produced water and support development plans. Aris' integrated network of pipelines, disposal wells, and recycling facilities positions it as a key beneficiary of ongoing activity in the basin and the industry's push toward more sustainable water management. While near-term price action has been disappointing, the manager views ARIS as a relatively safer way to maintain energy exposure given its essential role in the region and the durability of its midstream-like cash flows. BSD Analysis: Aris is the pick-and-shovel player for the Permian Basin's water problem, a niche where regulatory pressure and environmental scrutiny create massive economic opportunities. The company turns wastewater into a logistics moat, handling and recycling volumes that operators cannot manage alone. As Permian production grows, Aris becomes increasingly essential infrastructure, not a discretionary service vendor. Margins benefit from long-term contracts and rising reuse penetration. Investors underrate Aris because it's tied to shale, but the water business is far less cyclical than oil prices. The company is quietly building one of the most important midstream networks most investors have never heard of. As environmental expectations tighten, Aris' strategic value only increases.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Carillon Eagle Small Cap Growth Fund Eric Mintz, Christopher Sassouni, David Cavanaugh | “Aris Water Solutions provides water infrastructure and solutions for the oil and gas industry within the Delaware subbasin of the Permian Basin in West Texas and southeastern New Mexico. The shares declined because of concerns about what the recent downturn in oil prices would mean for drilling activity on the company's footprint. Despite this ongoing fluid situation, the company's results remain more tied to ongoing oil production, where it provides an essential service to operators, primarily by handling, disposing of, or recycling volumes of produced water that continue to grow as shale wells mature and the quality of the resource slowly declines. BSD Analysis: Aris provides water handling and recycling solutions for the Permian Basin, an increasingly critical function as producers face sustainability and regulatory pressures. The company operates essential midstream water infrastructure, giving it toll-road-like economics tied to oilfield activity. Recycling volumes are growing as operators pivot from freshwater to treated produced water, expanding Aris's addressable market. Long-term contracts provide revenue visibility, though commodity cycles still influence sentiment. The balance sheet is solid, giving Aris room to expand infrastructure in high-growth zones. Water management in the Permian is a structural necessity, not a nice-to-have, and Aris is one of the few scaled players. This remains an underappreciated infrastructure story in the energy ecosystem.” | BEAR | Q2 2025 Jun 30, 2025 | View Pitch |
Artisan Global Discovery Jason White | “Among our top detractors were Aris Water Solutions, Saia and Gerresheimer. Aris offers full-cycle water handling and recycling solutions in the Permian Basin with a focus on the Delaware Basin. Wastewater is a by-product of oil production that needs to be collected and safely disposed of, and our research indicates the water-to-oil ratio in the Delaware Basin is also among the highest. Aris has built proprietary assets, including collection pipelines, water-handling facilities and disposal wells, in the region, with more pipeline and facilities permitted but not yet installed. Although the quarterly results and guidance announced in May were better than expected, shares were negatively impacted by lower oil prices and greater macroeconomic uncertainty. Aris' revenues are partially tied to well completion and oil recovery activities, and those tend to move in line with oil prices and economic activity. We remain patient in a small GardenSM position. BSD Analysis: Aris is the water midstream operator riding the structural need for sustainable water management in U.S. shale. Recycling is rising fast, disposal economics are tight, and operators rely on Aris's infrastructure because water handling is mission-critical and capital-intensive. As drilling stabilizes, Aris's volumes grow, margins expand, and contracts stay sticky. This is an essential services business hiding inside an energy ticker — and the market still hasn't priced in how durable its cash flows are.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
