AlphaQuest LLC Has $286,000 Stake in Tidewater Inc. $TDW

Key Points

• AlphaQuest LLC increased its stake in Tidewater Inc. by 745.6% in Q1, holding a total of 6,756 shares valued at $286,000.
• Institutional investors own 95.13% of Tidewater's stock, with significant increases in stakes from other funds, including a 69.3% rise by Price T Rowe Associates.
• Tidewater announced a $500 million stock repurchase plan, indicating management believes its stock is undervalued.

AlphaQuest LLC increased its position in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 745.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,756 shares of the oil and gas company's stock after acquiring an additional 5,957 shares during the quarter. AlphaQuest LLC's holdings in Tidewater were worth $286,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Tidewater by 69.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,904,826 shares of the oil and gas company's stock valued at $165,058,000 after buying an additional 1,598,513 shares during the period. Encompass Capital Advisors LLC boosted its holdings in shares of Tidewater by 17.7% in 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 buying an additional 238,170 shares during the period. Freestone Grove Partners LP bought a new stake in shares of Tidewater in the fourth quarter worth $12,574,000. Robotti Robert lifted its position in shares of Tidewater by 8.5% in the first quarter. Robotti Robert now owns 2,856,631 shares of the oil and gas company's stock worth $120,750,000 after purchasing an additional 223,651 shares in the last quarter. Finally, Third Avenue Management LLC lifted its position in shares of Tidewater by 37.6% in the first quarter. Third Avenue Management LLC now owns 809,258 shares of the oil and gas company's stock worth $34,207,000 after purchasing an additional 221,079 shares in the last quarter. Institutional investors own 95.13% of the company's stock.

Analysts Set New Price Targets

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

Tidewater Stock Performance

NYSE TDW traded up $0.19 on Monday, hitting $60.27. 443,842 shares of the stock were exchanged, compared to its average volume of 1,012,745. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.11 and a quick ratio of 2.04. The business's fifty day moving average is $52.58 and its 200 day moving average is $45.43. Tidewater Inc. has a 52 week low of $31.17 and a 52 week high of $90.49. The company has a market capitalization of $2.98 billion, a PE ratio of 15.61 and a beta of 1.09.

Tidewater (NYSE:TDW - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.95. The firm had revenue of $341.43 million for the quarter, compared to analyst estimates of $317.28 million. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The company's quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 earnings per share. Tidewater has set its FY 2025 guidance at EPS. Research analysts anticipate 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 permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 21.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, Director Robert Robotti acquired 15,000 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were bought at an average cost of $42.05 per share, with a total value of $630,750.00. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Daniel A. Hudson sold 10,000 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total transaction of $575,600.00. Following the completion of the transaction, the executive vice president directly owned 75,986 shares in the company, valued at $4,373,754.16. The trade was a 11.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.60% of the stock is owned by corporate insiders.

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.