Caisse DE Depot ET Placement DU Quebec Invests $1.18 Million in Tidewater Inc. $TDW

Key Points

• Caisse DE Depot ET Placement DU Quebec acquired 27,792 shares of Tidewater Inc., valued at approximately $1,175,000, representing 0.06% ownership of the company.
• Tidewater has seen significant institutional support, with various hedge funds, including Price T Rowe Associates Inc. MD, increasing their stakes, resulting in institutional ownership of 95.13%.
• The company's stock buyback program allows for the repurchase of up to $500 million in shares, indicating the board's belief that the stock is undervalued.

Caisse DE Depot ET Placement DU Quebec purchased a new stake in Tidewater Inc. (NYSE:TDW - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 27,792 shares of the oil and gas company's stock, valued at approximately $1,175,000. Caisse DE Depot ET Placement DU Quebec owned 0.06% of Tidewater at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of TDW. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Tidewater by 2,321.4% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 678 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 650 shares during the last quarter. Bogart Wealth LLC bought a new stake in shares of Tidewater during the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Tidewater during the first quarter worth $40,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Tidewater by 2,510.5% during 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 purchasing an additional 954 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in shares of Tidewater by 33.3% during the first quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock worth $48,000 after purchasing an additional 282 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Zacks Research upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 13th. BTIG Research cut Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Raymond James Financial cut their target price 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, Evercore ISI upped their target price on shares of Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a research report on Wednesday, August 6th. One research 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 company's stock. According to MarketBeat.com, Tidewater has an average rating of "Moderate Buy" and a consensus price target of $69.00.

Tidewater Trading Down 2.3%

NYSE:TDW traded down $1.39 during mid-day trading on Tuesday, hitting $58.82. The company had a trading volume of 618,035 shares, compared to its average volume of 1,053,280. Tidewater Inc. has a fifty-two week low of $31.17 and a fifty-two week high of $87.35. The business's fifty day moving average is $52.89 and its two-hundred day moving average is $45.47. 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 firm has a market cap of $2.91 billion, a P/E ratio of 15.24 and a beta of 1.09.

Tidewater (NYSE:TDW - Get Free Report) last released 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 firm had revenue of $341.43 million for the quarter, compared to analyst estimates of $317.28 million. During the same quarter in the prior year, the firm posted $0.94 earnings per share. The company's quarterly revenue was up .6% on a year-over-year basis. Tidewater has set its FY 2025 guidance at EPS. As a group, research analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current year.

Tidewater announced that its board has approved a share buyback program 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 reacquire up to 21.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Activity

In other news, EVP Daniel A. Hudson sold 10,000 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $57.56, for a total transaction of $575,600.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert Robotti purchased 15,000 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were acquired at an average cost of $42.05 per share, for a total transaction of $630,750.00. Following the transaction, the director 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 disclosure for this purchase can be found here. Corporate insiders own 6.60% of the company's stock.

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.