201,731 Shares in Tidewater Inc. (NYSE:TDW) Acquired by Aegis Financial Corp

Key Points

• Aegis Financial Corp purchased 201,731 shares of Tidewater Inc., making it the investment firm's 5th largest holding, valued at approximately $8.5 million.
• During the last quarter, Tidewater experienced a revenue increase of 3.8%, with earnings per share reaching $0.83, surpassing analyst expectations.
• Insider trading activity included Director Robert Robotti acquiring 15,000 shares, while EVP Daniel A. Hudson sold 5,000 shares, indicating mixed sentiment among company insiders.

Aegis Financial Corp bought a new stake in Tidewater Inc. (NYSE:TDW - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 201,731 shares of the oil and gas company's stock, valued at approximately $8,527,000. Tidewater comprises about 7.3% of Aegis Financial Corp's holdings, making the stock its 5th biggest holding. Aegis Financial Corp owned approximately 0.40% of Tidewater as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in shares of Tidewater during the 4th quarter worth approximately $4,347,000. GAMMA Investing LLC increased its position in shares of Tidewater by 477.5% during the 1st quarter. GAMMA Investing LLC now owns 2,668 shares of the oil and gas company's stock worth $113,000 after purchasing an additional 2,206 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Tidewater by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 283,950 shares of the oil and gas company's stock worth $12,003,000 after purchasing an additional 7,837 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Tidewater by 94,555.6% during the 1st quarter. Farther Finance Advisors LLC now owns 8,519 shares of the oil and gas company's stock worth $366,000 after purchasing an additional 8,510 shares during the last quarter. Finally, Spire Wealth Management increased its position in shares of Tidewater by 14.3% during the 1st quarter. Spire Wealth Management now owns 3,983 shares of the oil and gas company's stock worth $168,000 after purchasing an additional 498 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

Analyst Ratings Changes

TDW has been the topic of several recent analyst reports. Raymond James Financial lowered their price target on Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. BTIG Research lowered Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Tidewater currently has an average rating of "Hold" and a consensus price target of $69.33.

Tidewater Trading Up 24.5%

Tidewater stock traded up $11.98 during trading hours on Tuesday, hitting $60.89. The stock had a trading volume of 2,337,702 shares, compared to its average volume of 1,069,000. The company has a quick ratio of 2.00, a current ratio of 2.07 and a debt-to-equity ratio of 0.50. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 18.21 and a beta of 1.08. Tidewater Inc. has a one year low of $31.17 and a one year high of $91.40. The business's 50 day simple moving average is $47.37 and its 200-day simple moving average is $44.95.

Tidewater (NYSE:TDW - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $341.43 million during the quarter, compared to analysts' expectations of $317.28 million. Tidewater had a return on equity of 15.97% and a net margin of 12.98%. The business's quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 earnings per share. On average, equities analysts predict that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater announced that its Board of Directors has initiated a share repurchase program on Monday, August 4th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to buy up to 21.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Insider Activity at Tidewater

In other news, Director Robert Robotti acquired 15,000 shares of Tidewater stock in a transaction on Wednesday, June 4th. The stock was purchased at an average price of $42.05 per share, with a total value of $630,750.00. Following the completion of the purchase, the director owned 2,234,957 shares of the company's stock, valued at approximately $93,979,941.85. The trade was a 0.68% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Daniel A. Hudson sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $50.02, for a total value of $250,100.00. Following the completion of the transaction, the executive vice president owned 85,986 shares in the company, valued at $4,301,019.72. This represents a 5.50% decrease in their position. The disclosure for this sale can be found here. Insiders have purchased 25,560 shares of company stock valued at $1,074,858 in the last ninety days. 8.33% of the stock is currently owned by insiders.

Tidewater Profile

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.