5 Best Water Stocks to Buy Now

3. Pentair plc (NYSE:PNR)

Number of Hedge Fund Holders: 31

Pentair plc (NYSE:PNR) is a water infrastructure company that caters to the demand of retail consumers and industries. The retail consumer business targets swimming pool-related goods like filters, heaters, and pumps. Meanwhile, the industrial business provides fluid management services to food and beverage corporations and contributes 40% to the top line.

Joseph Giordano at Cowen gave Pentair plc (NYSE:PNR) stock a target price of $65 along with an Outperform rating in an investment note issued on July 27. The analyst highlighted that the company reported better-than-expected Q2 2022 results and narrowed its 2022 EPS guidance to $3.70 to $3.75 compared to the consensus forecast of $3.72. The analyst also added that the stock will trade in line with the sentiments of the housing market data until clarity is obtained for the 2023 pool season. Pentair plc’s (NYSE:PNR) annual forward dividend yield stands at 1.75% as of August 24.

Overall, analysts believe Pentair plc (NYSE:PNR) is well-positioned in the water industry as the company is introducing new segments such as Manitowoc Ice to its business model and investing in technology to improve its efficiency levels.

Of the 912 hedge funds in Insider Monkey’s database, Pentair plc (NYSE:PNR) was held by 31 hedge funds as of Q2 2022.