Fox Run Management L.L.C. Invests $287,000 in Tidewater Inc. $TDW

Key Points

• Fox Run Management L.L.C. has acquired a total of 6,780 shares of Tidewater Inc., valued at approximately $287,000, reflecting growing interest in the company among investors.
• Tidewater announced a significant $500 million share repurchase program, indicating the board's belief that the company’s stock is undervalued.
• The company reported earnings of $1.23 per share for the last quarter, exceeding analysts' expectations by a wide margin and marking a year-over-year revenue increase.

Fox Run Management L.L.C. acquired a new stake in shares of Tidewater Inc. (NYSE:TDW - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 6,780 shares of the oil and gas company's stock, valued at approximately $287,000.

Several other institutional investors have also recently made changes to their positions in the company. LPL Financial LLC boosted its position in shares of Tidewater by 23.2% during the fourth quarter. LPL Financial LLC now owns 6,944 shares of the oil and gas company's stock valued at $380,000 after purchasing an additional 1,309 shares in the last quarter. Bank of Montreal Can raised its holdings in Tidewater by 12.9% in the fourth quarter. Bank of Montreal Can now owns 5,313 shares of the oil and gas company's stock worth $291,000 after purchasing an additional 608 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Tidewater during the fourth quarter valued at $4,347,000. Barclays PLC boosted its holdings in shares of Tidewater by 81.8% during the 4th quarter. Barclays PLC now owns 143,374 shares of the oil and gas company's stock valued at $7,844,000 after buying an additional 64,526 shares in the last quarter. Finally, Mariner LLC grew its position in shares of Tidewater by 152.8% in the 4th quarter. Mariner LLC now owns 22,864 shares of the oil and gas company's stock worth $1,251,000 after buying an additional 13,820 shares during the period. Institutional investors own 95.13% of the company's stock.

Insiders Place Their Bets

In other news, Director Robert Robotti bought 15,000 shares of the stock in a transaction on Wednesday, June 4th. The shares were bought at an average price of $42.05 per share, with a total value of $630,750.00. Following the completion of the acquisition, the director owned 2,234,957 shares in the company, valued at $93,979,941.85. The trade was a 0.68% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Daniel A. Hudson sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total value of $575,600.00. Following the sale, the executive vice president owned 75,986 shares of the company's stock, valued at approximately $4,373,754.16. This represents a 11.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 25,560 shares of company stock valued at $1,074,858. 6.60% of the stock is owned by company insiders.

Analyst Ratings Changes

TDW has been the subject of a number of recent research reports. BTIG Research cut shares of Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Raymond James Financial decreased their target price on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Evercore ISI boosted their price target on Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research report on Wednesday, August 6th. Finally, Zacks Research upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Tidewater has an average rating of "Moderate Buy" and an average target price of $69.00.

Tidewater Stock Performance

Shares of Tidewater stock traded down $1.07 during trading on Monday, hitting $59.76. 928,808 shares of the company's stock traded hands, compared to its average volume of 1,091,007. Tidewater Inc. has a 1 year low of $31.17 and a 1 year high of $91.40. The business has a 50-day simple moving average of $51.52 and a 200-day simple moving average of $45.28. The stock has a market capitalization of $2.96 billion, a P/E ratio of 15.48 and a beta of 1.08. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.11 and a quick ratio of 2.04.

Tidewater (NYSE:TDW - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The oil and gas company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.95. The firm had revenue of $341.43 million during the quarter, compared to analysts' expectations of $317.28 million. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The firm's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company earned $0.94 earnings per share. Tidewater has set its FY 2025 guidance at EPS. As a group, analysts forecast that Tidewater Inc. will post 3.25 EPS for the current year.

Tidewater announced that its Board of Directors has initiated a stock repurchase plan on Monday, August 4th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the oil and gas company to purchase up to 21.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

About Tidewater

Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.