Deutsche Bank AG Reduces Stake in Tidewater Inc. $TDW

Key Points

• Deutsche Bank AG reduced its stake in Tidewater Inc. by 41.2%, selling over 200,000 shares and now holding a total of approximately $12.09 million worth of stock.
• Tidewater recently announced a $500 million share repurchase program, indicating management's belief that the stock is currently undervalued.
• The company reported $1.23 EPS in its latest financial quarter, significantly exceeding analysts' expectations of $0.28 EPS, and its revenue for the quarter was $341.43 million.

Deutsche Bank AG lowered its position in Tidewater Inc. (NYSE:TDW - Free Report) by 41.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 286,087 shares of the oil and gas company's stock after selling 200,064 shares during the period. Deutsche Bank AG owned approximately 0.56% of Tidewater worth $12,093,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in Tidewater by 20.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,306,313 shares of the oil and gas company's stock valued at $126,180,000 after buying an additional 390,814 shares during the last quarter. Encompass Capital Advisors LLC boosted its position in Tidewater by 17.7% in the fourth 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 buying an additional 238,170 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Tidewater by 22.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,551,729 shares of the oil and gas company's stock valued at $84,888,000 after buying an additional 286,097 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Tidewater by 13.2% in the fourth quarter. Ameriprise Financial Inc. now owns 867,875 shares of the oil and gas company's stock valued at $47,473,000 after buying an additional 101,159 shares during the last quarter. Finally, Frontier Capital Management Co. LLC boosted its position in Tidewater by 51.5% in the 4th quarter. Frontier Capital Management Co. LLC now owns 624,236 shares of the oil and gas company's stock worth $34,152,000 after purchasing an additional 212,189 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Tidewater Price Performance

NYSE TDW traded down $1.18 during mid-day trading on Tuesday, hitting $57.34. The stock had a trading volume of 193,678 shares, compared to its average volume of 1,072,978. The firm's 50 day moving average is $50.49 and its 200 day moving average is $45.13. Tidewater Inc. has a twelve month low of $31.17 and a twelve month high of $91.40. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.11 and a quick ratio of 2.04. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 14.86 and a beta of 1.08.

Tidewater (NYSE:TDW - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The oil and gas company reported $1.23 EPS 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 during the quarter, compared to the consensus estimate of $317.28 million. During the same period in the prior year, the company earned $0.94 EPS. The firm's revenue was up .6% compared to the same quarter last year. Tidewater has set its FY 2025 guidance at EPS. Equities research analysts forecast that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on TDW shares. Zacks Research raised shares of Tidewater from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 13th. BTIG Research lowered shares of Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Evercore ISI lifted their target price on shares of Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a report on Wednesday, August 6th. Finally, Raymond James Financial cut their target price on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $69.00.

Insider Buying and Selling at Tidewater

In other Tidewater news, EVP Daniel A. Hudson sold 10,000 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was 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 directly owned 75,986 shares in the company, valued at $4,373,754.16. This represents a 11.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Robotti bought 15,000 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was bought at an average price of $42.05 per share, with a total value of $630,750.00. Following the completion of the acquisition, the director owned 2,234,957 shares in the company, valued at $93,979,941.85. This represents a 0.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 25,560 shares of company stock valued at $1,074,858. 6.60% of the stock is owned by corporate insiders.

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.