Actually, if you really believe this is a strong buy, this would be good news for you--you can buy more at a better price. I did also notice it, though, and it's a shame for anyone depending solely on them for information.
In the long run, this planet needs to use its water much more efficiently. That is true whether you live in California, China, or Africa. That is a very large addressable market. It may take some years for this truth to be accepted, much less put into practice; in the meantime, people will talk about commodity prices or weather damage for a particular year, or think a cold winter is proof that the climate is not warming. That's OK, as I won't retire for a while, so I can bide my time.
If you work in the industry, and think someone else is addressing this better, I would love to hear about it.
I don't know that talking to yourself is such a good sign, either.
While this is not a sustainable method, what is the problem? PNRA has very low leverage currently: $100M on $4.3B market cap. With another $500M, they will have less than 15% debt-to-equity. That's pretty low. It is a change for the company, but if they can support that debt level, it is a fine way to execute more than you can otherwise afford.
By contrast, a standard mortgage is 400% debt-to-equity. (assuming they put 20% down)