Pilot Wave Holdings Management, LLC Announces Sale of Connect Atlantic Utility Services to Centuri Holdings, Inc.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 20 2025
0mins
Should l Buy CTRI?
Source: PRnewswire
Pilot Wave's Acquisition and Sale: Pilot Wave Holdings announced the sale of Connect Atlantic Utility Services to Centuri Holdings, following a successful partnership that enhanced operations and positioned the company for growth in utility services across North America.
Creation of Detect Technologies: The collaboration led to the spin-off of Detect Technologies, an AI-driven inspection platform designed to help utilities identify equipment defects, thereby improving safety and operational efficiency.
Commitment to Innovation: The transaction highlights Pilot Wave's strategy of combining operational excellence with technology innovation, demonstrating how traditional service businesses can evolve into tech-driven companies.
Future Integration with Centuri: Connect Atlantic will be integrated into Centuri's Canadian operations, providing additional resources and opportunities for growth while continuing to serve utility partners effectively.
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Analyst Views on CTRI
Wall Street analysts forecast CTRI stock price to fall
6 Analyst Rating
3 Buy
1 Hold
2 Sell
Hold
Current: 30.010
Low
22.00
Averages
27.40
High
34.00
Current: 30.010
Low
22.00
Averages
27.40
High
34.00
About CTRI
Centuri Holdings, Inc. is a utility infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada. The Company's segments include U.S. Gas Utility Services (U.S. Gas), Canadian Gas Utility Services (Canadian Gas), Union Electric Utility Services (Union Electric), and Non-Union Electric Utility Services (Non-Union Electric). The U.S. Gas and Canadian Gas segments provide comprehensive services, including maintenance, replacement, repair and installation for local natural gas distribution utilities (LDCs) focused on the modernization of customers’ infrastructure throughout the United States and Canada. The Union Electric segment provides a comprehensive set of electric utility services encompassing maintenance, replacement, repair, upgrade and expansion services for urban transmission and local distribution infrastructure within union markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Strong Market Performance: As of February 17, 2026, Centuri Holdings shares were priced at $31.29, marking a 57.7% increase over the past year, outperforming the S&P 500 by 39.17 percentage points, showcasing its robust performance in the utility infrastructure services sector.
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- Company Performance Metrics: As of February 17, 2026, Centuri Holdings shares were priced at $31.29, marking a 57.7% increase over the past year, significantly outperforming the S&P 500 by 39.17 percentage points, showcasing its robust market performance.
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See More
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- Financial Overview: As of February 17, 2026, Icahn Enterprises shares are priced at $7.99, down 0.62% year-over-year, and the stock has plummeted about 88% over the past five years, raising concerns about its sustainability in the market.
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See More
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- Position Value Decline: Despite the increase in shares, the fund's quarter-end position value in IEP fell by $221.44 million, indicating the impact of market price fluctuations on the investment portfolio.
- Asset Management Proportion: IEP now accounts for 49.1% of Icahn's total assets under management, making it the largest holding, which underscores its significance in his diversified investment strategy.
- Dividend Yield Concerns: With a staggering 25% dividend yield, IEP attracts attention but raises sustainability concerns, especially given the stock's 88% decline over the past five years, highlighting potential risks for investors.
See More
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- Order and Backlog Status: The company reported bookings exceeding $4.5 billion for the year, with a book-to-bill ratio of 1.5x, and a year-end backlog of approximately $5.9 billion, an increase of $2.2 billion from last year, highlighting significant future growth potential.
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- Future Outlook: Management anticipates base revenue for 2026 to range between $3.15 billion and $3.45 billion, with adjusted net income targets of $55 million to $75 million, demonstrating confidence in sustained growth and market opportunities.
See More
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- Cash Flow Performance: The company generated $83.9 million in cash flow from operations and $105.7 million in free cash flow in Q4, demonstrating improved operational efficiency that supports future investments and expansion.
- Record Annual Bookings: Centuri recorded $4.5 billion in annual bookings for 2023, with 55% from new awards and 45% from existing contract renewals, showcasing the company's competitive strength and customer loyalty in the market.
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See More
