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Stock Picker:  Picks Over Troubled Water

Talk about infrastructure, and people think about highways and bridges. Another big part of the infrastructure picture is the water those bridges cross, and in the updating of America's water-supply system that must take place, there are opportunities for investment.

Jeffrey Saut of Raymond James suggests, however, that some of those opportunities have been drying up. Saut's firm has been covering water stocks since 1989

"A lot of the water stocks have been taken out," Saut told CNBC. "GE has bought a number of companies, and has a fairly robust water platform."

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So who's left?

"ITT plays about 30 percent to water and about 40 percent to defense," he said. "URS is an engineering consulting platform, and they have a fairly robust water division."

He finds some other companies likely to benefit from a focus on water.

"Monsanto is an indirect water play," he said. "They are introducing a drought-resistant corn that requires less water to produce bigger yields."

Disclosures:

GE is the parent company of CNBC.com.

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