What a New $17 Million Position Signals for Investors

• California-based Tensile Capital Management disclosed a new position in the third quarter, acquiring 812,088 shares of Centuri in a position valued at approximately $17.2 million.

• The moe marked a new position for the fund, which reported holding no shares of Centuri in the previous period.

• The Centuri stake represents 2.2% of AUM, placing it outside the fund’s top five holdings.

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California-based Tensile Capital Management initiated a new stake in Centuri Holdings (NYSE:CTRI), adding 812,088 shares valued at approximately $17.2 million, according to a November 14 SEC filing.

Tensile Capital Management LP disclosed a new position in Centuri Holdings (NYSE:CTRI), acquiring 812,088 shares valued at $17.2 million, per a quarterly report filed with the U.S. Securities and Exchange Commission on November 14.

The new position represented about 2.2% of the fund’s reportable U.S. equity AUM as of September 30.

Top holdings after the filing:

• NASDAQ: VERX: $94.3 million (11.8% of AUM)

• NYSE: DKS: $79.5 million (9.9% of AUM)

• NYSE: VVV: $74.7 million (9.3% of AUM)

• NYSE: LAD: $74.4 million (9.3% of AUM)

• NYSE: USFD: $58.5 million (7.3% of AUM)

As of Friday, Centuri shares were priced at $25.58, up 18% over the past year and slightly outperforming the S&P 500, which is up 13% in the same period.

• Centuri Holdings provides utility infrastructure services, including maintenance, replacement, repair, and installation for gas and electric utilities across North America.

• The company generates revenue primarily through service contracts with regulated utility providers, focusing on modernization and expansion of energy infrastructure.

• It serves electric, gas, and combination utility companies, as well as end markets such as renewable energy, data centers, and 5G datacom.

Centuri Holdings, Inc. is a leading utility infrastructure services provider with a diversified portfolio across gas and electric segments in the United States and Canada. The company leverages its scale and expertise to support critical modernization and reliability initiatives for utility clients. Its focus on regulated markets and essential infrastructure positions it as a stable partner for long-term utility investment and growth.

Centuri’s fundamentals have strengthened since its April 2024 IPO, with record quarterly revenue and accelerating base-business growth offering a clearer picture of the company’s earnings power post-separation from Southwest Gas. Tensile’s new position suggests confidence that this momentum can continue as utilities expand grid and gas-system upgrades across North America.

Centuri’s third-quarter results underscore why: Revenue rose 18% to a record $850 million, while base revenue—excluding unpredictable storm-restoration work—jumped 25% year over year. Base gross profit, meanwhile, climbed 28%, and the firm’s backlog reached a record $5.9 billion, up 59% from year-end 2024, providing promising visibility into 2026 growth. Management also reaffirmed a robust $2.8 billion to $2.9 billion full-year revenue outlook despite softer storm-restoration expectations.

For Tensile, the stake is modest relative to top positions but fits a pattern of layering into recurring-revenue, infrastructure-linked businesses with steady multi-year pipelines. Centuri shares now trade about 7% below their post-IPO highs, suggesting room for upside if Centuri continues executing on margin improvements and its “One Centuri” integration strategy.

Stake: The ownership interest or investment a fund or individual holds in a company.
13F reportable assets under management (AUM): The total value of U.S. securities a fund must disclose in quarterly SEC Form 13F filings.
Position: The amount of a particular security or asset held by an investor or fund.
Top five holdings: The five largest investments in a fund’s portfolio, ranked by market value.
Utility infrastructure services: Services related to building, maintaining, or upgrading systems for electric, gas, or other utilities.
Regulated utility providers: Companies supplying essential services like electricity or gas, whose rates and operations are overseen by government agencies.
Service contracts: Agreements to provide specific services over a set period, often for recurring payments.
End markets: The final industries or customer segments that use a company’s products or services.
Modernization: Upgrading existing systems or infrastructure to meet current standards or improve performance.
TTM: The 12-month period ending with the most recent quarterly report.
Market close: The end of the regular trading session for a stock exchange on a given day.
Portfolio: The collection of investments held by an individual or institution.

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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.

Centuri Stock Up 18% This Year: What a New $17 Million Position Signals for Investors was originally published by The Motley Fool