Aigen Investment Management LP Takes Position in Tidewater Inc. (NYSE:TDW)

Key Points

• Aigen Investment Management LP acquired 8,882 shares of Tidewater Inc., valued at approximately $375,000, marking a new stake during the first quarter.
• Tidewater reported a net margin of 14.62% and earnings per share of $1.23 for the last quarter, exceeding analysts' expectations.
• The company's board authorized a $500 million share buyback plan, indicating confidence that its stock is currently undervalued.

Aigen Investment Management LP purchased a new stake in shares of Tidewater Inc. (NYSE:TDW - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,882 shares of the oil and gas company's stock, valued at approximately $375,000.

A number of other large investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its holdings in shares of Tidewater by 20.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,306,313 shares of the oil and gas company's stock valued at $126,180,000 after purchasing an additional 390,814 shares during the period. Encompass Capital Advisors LLC increased its holdings in shares of Tidewater by 17.7% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,582,328 shares of the oil and gas company's stock valued at $86,569,000 after purchasing an additional 238,170 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Tidewater by 22.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,551,729 shares of the oil and gas company's stock valued at $84,888,000 after purchasing an additional 286,097 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Tidewater by 13.2% during the fourth quarter. Ameriprise Financial Inc. now owns 867,875 shares of the oil and gas company's stock valued at $47,473,000 after purchasing an additional 101,159 shares during the period. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of Tidewater by 51.5% during the fourth quarter. Frontier Capital Management Co. LLC now owns 624,236 shares of the oil and gas company's stock valued at $34,152,000 after purchasing an additional 212,189 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

Tidewater Trading Up 1.0%

Shares of TDW stock opened at $55.40 on Wednesday. The stock has a 50-day simple moving average of $49.43 and a 200 day simple moving average of $45.14. Tidewater Inc. has a fifty-two week low of $31.17 and a fifty-two week high of $91.40. The stock has a market capitalization of $2.74 billion, a P/E ratio of 14.35 and a beta of 1.08. The company has a quick ratio of 2.04, a current ratio of 2.11 and a debt-to-equity ratio of 0.47.

Tidewater (NYSE:TDW - Get Free Report) last announced its 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. Tidewater had a return on equity of 16.74% and a net margin of 14.62%. The business had revenue of $341.43 million during the quarter, compared to analysts' expectations of $317.28 million. During the same quarter last year, the business posted $0.94 earnings per share. The company's quarterly revenue was up .6% on a year-over-year basis. On average, sell-side analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

Tidewater declared that its board has authorized a share buyback plan on Monday, August 4th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the oil and gas company to buy up to 21.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Evercore ISI raised their price target on Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a report on Wednesday, August 6th. Raymond James Financial decreased their target price on Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Finally, BTIG Research cut Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Tidewater presently has a consensus rating of "Hold" and an average target price of $69.00.

Tidewater Company 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.

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