Broyhill Asset Management LLC Buys Shares of 13,263 Tidewater Inc. $TDW

Key Points

• Broyhill Asset Management LLC has acquired a new stake in Tidewater Inc., purchasing 13,263 shares valued at approximately $561,000 in the first quarter.
• Tidewater has initiated a stock buyback plan, allowing the repurchase of $500 million in shares, which indicates the company's belief that its stock is currently undervalued.
• Analysts have varied ratings on Tidewater, with Evercore ISI raising the price target to $67.00 while Zacks Research upgraded to a "strong-buy," reflecting differing views on the stock's potential.

Broyhill Asset Management LLC purchased a new position in Tidewater Inc. (NYSE:TDW - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 13,263 shares of the oil and gas company's stock, valued at approximately $561,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Tidewater by 2,321.4% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 678 shares of the oil and gas company's stock worth $29,000 after acquiring an additional 650 shares in the last quarter. Bogart Wealth LLC acquired a new position in shares of Tidewater in the first quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Tidewater in the first quarter worth about $40,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Tidewater by 2,510.5% in the first quarter. Caitong International Asset Management Co. Ltd now owns 992 shares of the oil and gas company's stock worth $42,000 after acquiring an additional 954 shares in the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Tidewater by 33.3% in the first quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock worth $48,000 after acquiring an additional 282 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on TDW. Raymond James Financial cut their price target on Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Zacks Research upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. Evercore ISI lifted their price target on Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research note on Wednesday, August 6th. Finally, BTIG Research downgraded Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.00.

Tidewater Stock Performance

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

Tidewater (NYSE:TDW - Get Free Report) last posted its earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.95. The firm had revenue of $341.43 million during 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%. Tidewater's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the business posted $0.94 EPS. Tidewater has set its FY 2025 guidance at EPS. On average, research analysts anticipate that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

Tidewater declared that its board has approved a stock buyback plan 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 reacquire up to 21.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Insider Transactions at Tidewater

In other news, Director Robert Robotti bought 15,000 shares of Tidewater stock in a transaction on Wednesday, June 4th. The stock was purchased at an average cost of $42.05 per share, with a total value of $630,750.00. Following the purchase, the director directly 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 transaction of $575,600.00. Following the transaction, the executive vice president directly owned 75,986 shares of the company's stock, 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. Insiders own 6.60% of the company's stock.

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.