This Infrastructure Stock Is Up 86% in a Year, and One Investor Just Disclosed a $27 Million Sale
Key Points
Conversant Capital sold 1,215,737 shares of Centuri Holdings; the estimated trade size was $27.18 million based on quarterly average prices.
Meanwhile, the quarter-end position value decreased by $20.03 million, reflecting both sales and market price changes.
As of quarter's end, Conversant continued to hold 1,400,000 CTRI shares valued at $35.35 million.
The Centuri stake is 6.71% of 13F AUM, making it one of the fund's top five holdings.
On February 17, 2026, Conversant Capital disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold 1,215,737 shares of Centuri Holdings (NYSE:CTRI) in the fourth quarter, an estimated $27.18 million trade based on quarterly average pricing.
What happened
According to an SEC filing dated February 17, 2026, Conversant Capital LLC reduced its position in Centuri Holdings by 1,215,737 shares during the fourth quarter of 2025. The estimated transaction value was $27.18 million based on the average closing price for the quarter. At the end of the period, the stake was valued at $35.35 million. The net position value decreased by $20.03 million, a figure reflecting both trading and stock price movements.
What else to know
- The Centuri Holdings stake now represents 6.71% of reportable 13F AUM.
- Top holdings after the filing:
- NYSE:SNDA: $302.12 million (57.4% of AUM)
- NYSE:RITM: $35.48 million (6.7% of AUM)
- NYSE:CTRI: $35.35 million (6.7% of AUM)
- NYSE:GNL: $32.71 million (6.2% of AUM)
- NYSE:HPP: $28.23 million (5.4% of AUM)
- As of Thursday, shares of Centuri Holdings were priced at $28.81, up 86% from a year earlier and well outperforming the S&P 500’s roughly 20% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Market Capitalization | $2.9 billion |
| Revenue (TTM) | $2.98 billion |
| Net Income (TTM) | $22.40 million |
| Price (as of Thursday) | $28.81 |
Company snapshot
- Centuri Holdings provides utility infrastructure services, including maintenance, replacement, repair, and installation for gas and electric utilities across North America.
- The firm provides services for the modernization and expansion of gas and electric distribution networks.
- It serves regulated electric and gas utility providers, as well as customers in renewable energy, data centers, and telecommunications sectors.
Centuri Holdings, Inc. is a leading utility infrastructure services provider with a diversified portfolio serving gas and electric utilities throughout North America. The company's scale and focus on modernization projects position it to benefit from ongoing investments in critical energy and communications infrastructure. Its long-standing customer relationships and multi-segment operations contribute to a stable revenue base and competitive advantage in regulated markets.
What this transaction means for investors
Infrastructure spending has become one of the most durable themes in global markets, which helps explain why utility contractors like Centuri are drawing investor attention. The company sits at the intersection of grid modernization, renewable energy buildouts, and aging pipeline replacement across North America. Those structural drivers have created a long runway for firms capable of building and maintaining the physical backbone of the power and gas networks.
Recent results show the scale of that opportunity. Centuri delivered record annual revenue of about $3.0 billion in 2025, up roughly 13% from the prior year, while adjusted EBITDA reached $249 million. The business also exited the year with a $5.9 billion backlog, up 59% year over year, and $4.5 billion in annual bookings, which represented a roughly even split between new awards and renewals.
Within the portfolio, the remaining stake still sits alongside real estate and infrastructure-related positions such as Rithm Capital, Global Net Lease, and Hudson Pacific Properties. That mix suggests a strategy centered on income-producing or asset-backed businesses tied to long term capital investment cycles. For long-term investors, it’s important to know that even after a strong stock run, the underlying demand for modernization projects across North America is unlikely to fade anytime soon.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.