ConocoPhillips’ COP affiliate Solaris Midstream Holdings is gearing up for an initial public offering (IPO), per Reuters. The company supplies water for oil and gas fracking operations in the United States and expects to attract investors who are supporting sustainability in the hydrocarbon spectrum.In 2019, Concho Resources divested some water assets to Solaris and acquired a 20% stake in the company in return. Later, ConocoPhillips bought Concho Resources in an all-stock transaction valued at around $9.7 billion. This March, Solaris issued a $400 million sustainability-related bond, the proceeds of which were used to redeem preferred equity held by upstream giant ConocoPhillips and refinance debt. ConocoPhillips has a 30% interest in Solaris, per Reuters.According to the sources that got in touch with Reuters, the water pipeline company filed for an IPO in New York, which can value the company at more than $1 billion. It hopes to receive listing before year-end and attract environment-minded investors. Environmental groups raise concerns over the process of fracking as it can contaminate fresh water sources. Solaris intends to woo them with its water treating and recycling capacity.The company — which has operations in New Mexico and Texas — foresees an environment-friendly fracking process with the usage of recycled used water. By 2022, it expects 60% of the water it supplies for fracking to be recycled, signaling an increase from 42.1% last year. Furthermore, by 2030, almost all of its water supply is expected to be recycled. This will reduce the consumption of fresh water in fracking and chances of contamination.Price PerformanceThe upstream company’s shares have jumped 38.5% in the year-to-date period.Image Source: Zacks Investment ResearchZacks Rank & Other Stocks to ConsiderConocoPhillips currently has a Zacks Rank #2 (Buy). Other top-ranked stocks from the energy space include Hess Midstream LP HESM, Range Resources Corporation RRC and Cheniere Energy, Inc. LNG, each having a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Hess Midstream’s bottom line for 2021 is expected to increase 19.1% year over year.The Zacks Consensus Estimate for Range Resources’ earnings for 2021 is pegged at $1.53 per share, indicating a massive improvement from the year-ago loss of 9 cents.The consensus estimate for Cheniere’s earnings for 2021 is pegged at $2.80 per share, signaling a major improvement from the year-ago loss of 34 cents. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ConocoPhillips (COP): Free Stock Analysis Report Range Resources Corporation (RRC): Free Stock Analysis Report Cheniere Energy, Inc. (LNG): Free Stock Analysis Report Hess Midstream Partners LP (HESM): Free Stock Analysis Report To read this article on Zacks.com click here.