American Century Companies Inc. Acquires 94,504 Shares of Tidewater Inc. $TDW

Key Points

• American Century Companies Inc. increased its stake in Tidewater Inc. by 198.9%, holding 142,027 shares valued at approximately $6 million as of the latest reporting period.
• For the most recent quarter, Tidewater reported an EPS of $1.23, significantly surpassing analysts’ expectations of $0.28, with revenue of $341.43 million.
• Tidewater's Board of Directors approved a $500 million share repurchase plan, indicating confidence in the company's stock value as it seeks to buy back up to 21.3% of its outstanding shares.

American Century Companies Inc. increased its stake in Tidewater Inc. (NYSE:TDW - Free Report) by 198.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 142,027 shares of the oil and gas company's stock after acquiring an additional 94,504 shares during the period. American Century Companies Inc. owned about 0.29% of Tidewater worth $6,003,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Robotti Robert lifted its stake in shares of Tidewater by 8.5% in the 1st quarter. Robotti Robert now owns 2,856,631 shares of the oil and gas company's stock valued at $120,750,000 after acquiring an additional 223,651 shares during the last quarter. Encompass Capital Advisors LLC lifted its stake in shares of Tidewater by 17.7% in the 4th 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 acquiring an additional 238,170 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Tidewater by 13.2% in the 4th quarter. Ameriprise Financial Inc. now owns 867,875 shares of the oil and gas company's stock valued at $47,473,000 after acquiring an additional 101,159 shares during the last quarter. Frontier Capital Management Co. LLC raised its position in Tidewater by 51.5% during the 4th 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 last quarter. Finally, Silvercrest Asset Management Group LLC raised its position in Tidewater by 15.2% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 531,981 shares of the oil and gas company's stock valued at $29,105,000 after purchasing an additional 70,194 shares during the last quarter. Institutional investors own 95.13% of the company's stock.

Tidewater Stock Performance

Shares of TDW stock traded down $0.69 on Tuesday, reaching $59.51. The stock had a trading volume of 257,985 shares, compared to its average volume of 1,051,010. The stock has a market cap of $2.95 billion, a P/E ratio of 15.46 and a beta of 1.09. Tidewater Inc. has a 1 year low of $31.17 and a 1 year high of $87.35. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.04 and a current ratio of 2.11. The company has a 50 day simple moving average of $52.89 and a 200 day simple moving average of $45.47.

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

Tidewater announced that its board has approved a share buyback plan on Monday, August 4th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 21.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Evercore ISI increased their target price on Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research report on Wednesday, August 6th. BTIG Research lowered 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 Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Finally, Zacks Research raised 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 issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $69.00.

Insider Buying and Selling at Tidewater

In related news, Director Robert Robotti bought 15,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were bought at an average cost of $42.05 per share, for a total transaction of $630,750.00. Following the completion of the transaction, the director owned 2,234,957 shares of the company's stock, valued at approximately $93,979,941.85. This trade represents a 0.68% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel A. Hudson sold 10,000 shares of Tidewater 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 transaction, the executive vice president owned 75,986 shares in the company, valued at $4,373,754.16. This trade represents 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 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.