CX Institutional Boosts Holdings in Tidewater Inc. $TDW

Key Points

• CX Institutional significantly increased its stake in Tidewater Inc. by 214.5%, now owning 168,129 shares valued at approximately $7.76 million.
• Multiple institutional investors have also ramped up their investment in Tidewater, with significant increases noted by Northwestern Mutual Wealth Management Co. and others during recent quarters.
• Tidewater reported strong earnings, beating analyst estimates with an EPS of $1.23, and announced a stock buyback program allowing for the repurchase of up to $500 million in shares.

CX Institutional increased its position in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 214.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 168,129 shares of the oil and gas company's stock after acquiring an additional 114,667 shares during the period. CX Institutional owned approximately 0.34% of Tidewater worth $7,756,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Covestor Ltd boosted its position in shares of Tidewater by 14.1% in the 1st quarter. Covestor Ltd now owns 2,075 shares of the oil and gas company's stock valued at $88,000 after purchasing an additional 256 shares during the period. Signaturefd LLC boosted its position in Tidewater by 33.3% during the 1st 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 during the period. Illinois Municipal Retirement Fund lifted its holdings in shares of Tidewater by 1.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 27,448 shares of the oil and gas company's stock valued at $1,160,000 after buying an additional 405 shares during the last quarter. Spire Wealth Management raised its stake in shares of Tidewater by 14.3% in the 1st quarter. Spire Wealth Management now owns 3,983 shares of the oil and gas company's stock valued at $168,000 after acquiring an additional 498 shares in the last quarter. Finally, Gamco Investors INC. ET AL raised its stake in shares of Tidewater by 7.0% in the 1st quarter. Gamco Investors INC. ET AL now owns 9,610 shares of the oil and gas company's stock valued at $406,000 after acquiring an additional 630 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Tidewater Stock Up 1.6%

TDW traded up $0.87 during midday trading on Tuesday, reaching $55.54. 385,337 shares of the company were exchanged, compared to its average volume of 1,022,412. Tidewater Inc. has a one year low of $31.17 and a one year high of $79.43. The company's fifty day moving average price is $55.65 and its 200 day moving average price is $46.56. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 14.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.04 and a current ratio of 2.11.

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, topping 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 the consensus estimate of $317.28 million. During the same quarter in the prior year, the business posted $0.94 earnings per share. The business's quarterly revenue was up .6% on a year-over-year basis. Tidewater has set its FY 2025 guidance at EPS. As a group, analysts expect that Tidewater Inc. will post 3.25 EPS for the current year.

Tidewater announced that its Board of Directors has approved a stock repurchase program on Monday, August 4th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to reacquire up to 21.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

TDW has been the topic of several recent research reports. BTIG Research lowered Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Zacks Research upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 13th. Evercore ISI increased their price target on Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a report on Wednesday, August 6th. Finally, Fearnley Fonds raised Tidewater to a "hold" rating in a research report on Tuesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Tidewater presently has an average rating of "Moderate Buy" and an average price target of $69.00.

Insiders Place Their Bets

In other Tidewater news, EVP Daniel A. Hudson sold 10,000 shares of Tidewater stock in a transaction that occurred 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 sale, the executive vice president owned 75,986 shares of the company's stock, valued at approximately $4,373,754.16. The trade was a 11.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.60% of the stock is currently owned by insiders.

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.