CX Institutional Increases Stock Position 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 boosted its stake in Tidewater Inc. (NYSE:TDW - Free Report) by 214.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 168,129 shares of the oil and gas company's stock after purchasing an additional 114,667 shares during the quarter. CX Institutional owned about 0.34% of Tidewater worth $7,756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its stake in 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 valued at $29,000 after purchasing an additional 650 shares in the last quarter. Bogart Wealth LLC purchased a new stake in Tidewater in the first quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Tidewater in the first quarter valued at approximately $40,000. Caitong International Asset Management Co. Ltd raised its stake in 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 valued at $42,000 after purchasing an additional 954 shares in the last quarter. Finally, Signaturefd LLC raised its stake 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 acquiring an additional 282 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on TDW. BTIG Research downgraded shares of Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Fearnley Fonds raised shares of Tidewater to a "hold" rating in a research note on Tuesday. Zacks Research raised shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. Finally, Evercore ISI lifted their target price on shares of Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $69.00.

Insider Transactions at Tidewater

In other Tidewater news, EVP Daniel A. Hudson sold 10,000 shares of the company'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 owned 75,986 shares in the company, valued at approximately $4,373,754.16. This represents a 11.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.60% of the company's stock.

Tidewater Stock Down 2.1%

Shares of Tidewater stock opened at $56.06 on Friday. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 0.47. The company's fifty day simple moving average is $55.56 and its two-hundred day simple moving average is $46.40. The company has a market cap of $2.77 billion, a P/E ratio of 14.52 and a beta of 1.09. Tidewater Inc. has a 12-month low of $31.17 and a 12-month high of $79.43.

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

Tidewater announced that its board has initiated a stock buyback program on Monday, August 4th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the oil and gas company to purchase up to 21.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.