Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Decline in global exploration puts future energy supplies partially at risk.</li><li>Last week, the IEA announced that it now expects world oil demand to decline 2.5 million barrels per day this year compared with its prior estimate of 1.6 million barrels per day.</li><li>Despite the near-term demand concerns, continued relatively low levels of exploration spending could result in future oil supplies below global demand. </li></ul>

Decline in global exploration puts future energy supplies partially at risk.Last week, the IEA announced that it now expects world oil demand to decline 2.5 million barrels per day this year compared with its prior estimate of 1.6 million barrels per day.Despite the near-term demand concerns, continued relatively low levels of exploration spending could result in future oil supplies below global demand. 

Energy Roundup : Oil Prices Advance Ever Higher

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Infinity Natural Resources / Equity Capital Markets

<ul>
<li>Infinity Natural Resources (INR US)  came to market on January 31st pricing 13.25 million shares at $20.00 and opening at $22.16 for an 11.3% first-trade gain.</li>
<li>After peaking early in its first week, INR has experienced steady downward pressure. July was particularly brutal, with the stock declining 18%—its worst monthly performance since listing.</li>
<li>Infinity Natural Resources managed weakness from a broken IPO from its sector, Venture Global (VG). Six months later the sector winds have not calmed down.</li>
</ul>


Infinity Natural Resources (INR US)  came to market on January 31st pricing 13.25 million shares at $20.00 and opening at $22.16 for an 11.3% first-trade gain.
After peaking early in its first week, INR has experienced steady downward pressure. July was particularly brutal, with the stock declining 18%—its worst monthly performance since listing.
Infinity Natural Resources managed weakness from a broken IPO from its sector, Venture Global (VG). Six months later the sector winds have not calmed down.


Infinity Natural Resources (INR) Six Month Summary: Energy Sector Weakness Weighs on Stock Post-IPO

<ul>
<li>Drilling equipment and service provider updated the terms for its IPO in late January. </li>
<li>They had total revenue of $577.2 million and $614.8 million and net income of $10.2 million and $44.9 million in the first three quarters of 2023 and 2024, respectively.</li>
<li>The Houston based company would be following three previous energy IPOs: Flowco Holdings (FLOC US) , Venture Global LNG (VG US) and Infinity Natural Resources (INR US)</li>
</ul>


Drilling equipment and service provider updated the terms for its IPO in late January. 
They had total revenue of $577.2 million and $614.8 million and net income of $10.2 million and $44.9 million in the first three quarters of 2023 and 2024, respectively.
The Houston based company would be following three previous energy IPOs: Flowco Holdings (FLOC US) , Venture Global LNG (VG US) and Infinity Natural Resources (INR US)


HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future

<ul>
<li>Throughout the week, Infinity Natural Resources had to manage the Venture Global (VG) headwind -- a previously broken IPO from the energy sector. </li>
<li>While there was pushback on valuation with some buyside investors, Infinity Natural Resources was able to successfully convey their story.</li>
<li>There has now been three energy IPOs in 2025 with two winners.</li>
</ul>


Throughout the week, Infinity Natural Resources had to manage the Venture Global (VG) headwind -- a previously broken IPO from the energy sector. 
While there was pushback on valuation with some buyside investors, Infinity Natural Resources was able to successfully convey their story.
There has now been three energy IPOs in 2025 with two winners.


Infinity Natural Resources (INR): Buyers Step In Marking Second Winning Energy IPO

<ul>
<li>While this company is well-positioned in its sector and has a prudent growth strategy and balance-sheet flexibility, the short term "sector winds" are now blowing in a different direction.</li>
<li>Venture Global (VG) debuted last Friday with a major price cut and a more disappointing debut. </li>
<li>Our sources state that the official message regarding the deal is that the offering is multiple-times oversubscribed from long-only and energy-dedicated funds. </li>
</ul>


While this company is well-positioned in its sector and has a prudent growth strategy and balance-sheet flexibility, the short term "sector winds" are now blowing in a different direction.
Venture Global (VG) debuted last Friday with a major price cut and a more disappointing debut. 
Our sources state that the official message regarding the deal is that the offering is multiple-times oversubscribed from long-only and energy-dedicated funds. 


Infinity Natural Resources (INR): Sector Sentiment Sours, Exercise Caution on IPO

United States

Infinity Natural Resources, Inc. is an energy company. The Company focuses on the acquisition, development, and production of hydrocarbons in the Appalachian Basin. Infinity Natural Resources operates in the United States.

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Infinity Natural Resources (INR US)

Energy Roundup : Oil Prices Advance Ever Higher

Last week, the IEA announced that it now expects world oil demand to decline 2.5 million barrels per day this year compared with its prior estimate...

Water Tower Research

Infinity Natural Resources (INR) Six Month Summary: Energy Sector Weakness Weighs on Stock Post-IPO

Infinity Natural Resources had a strong IPO debut but has since struggled, with July marking its worst monthly performance since listing due to...

IPO Boutique

HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future

Drilling equipment provider updates paperwork with the SEC show. HMH Holding could potentially be the fourth energy IPO of the year.

IPO Boutique

Infinity Natural Resources (INR): Buyers Step In Marking Second Winning Energy IPO

Infinity Natural Resources successfully navigated the challenges of the Venture Global headwind in the energy sector, ultimately conveying their...

IPO Boutique

Infinity Natural Resources (INR): Sector Sentiment Sours, Exercise Caution on IPO

Infinity Natural Resource's IPO faces challenges as sector trends shift following the underperformance of a major IPO in the sector.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Energy Roundup : Oil Prices Advance Ever Higher

Last week, the IEA announced that it now expects world oil demand to decline 2.5 million barrels per day this year compared with its prior estimate...

Water Tower Research

Infinity Natural Resources (INR) Six Month Summary: Energy Sector Weakness Weighs on Stock Post-IPO

​Infinity Natural Resources had a strong IPO debut but has since struggled, with July marking its worst monthly performance since listing due to...

IPO Boutique

HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future

​Drilling equipment provider updates paperwork with the SEC show. HMH Holding could potentially be the fourth energy IPO of the year.

IPO Boutique

Infinity Natural Resources (INR): Buyers Step In Marking Second Winning Energy IPO

​Infinity Natural Resources successfully navigated the challenges of the Venture Global headwind in the energy sector, ultimately conveying their...

IPO Boutique

Infinity Natural Resources (INR): Sector Sentiment Sours, Exercise Caution on IPO

Infinity Natural Resource's IPO faces challenges as sector trends shift following the underperformance of a major IPO in the sector.

IPO Boutique

Infinity Natural Resources had a strong IPO debut but has since struggled, with July marking its worst monthly performance since listing due to...

Drilling equipment provider updates paperwork with the SEC show. HMH Holding could potentially be the fourth energy IPO of the year.

Infinity Natural Resources successfully navigated the challenges of the Venture Global headwind in the energy sector, ultimately conveying their...