Farther Finance Advisors LLC Acquires 6,166 Shares of Tidewater Inc. $TDW

Key Points

• Farther Finance Advisors LLC increased its holdings in Tidewater Inc. by 72.4%, adding 6,166 shares to reach a total of 14,685 shares valued at approximately $677,000.
• A range of institutional investors have significantly boosted their stakes in Tidewater, with Price T Rowe Associates increasing its stake by 69.3% and Raymond James Financial by 271.7% during the first quarter.
• Tidewater recently announced a $500 million share repurchase program, indicating management's belief that the stock is currently undervalued, and has reported better-than-expected earnings, with an EPS of $1.23.

Farther Finance Advisors LLC boosted its holdings in Tidewater Inc. (NYSE:TDW - Free Report) by 72.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,685 shares of the oil and gas company's stock after purchasing an additional 6,166 shares during the period. Farther Finance Advisors LLC's holdings in Tidewater were worth $677,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in TDW. Price T Rowe Associates Inc. MD lifted its stake in Tidewater by 69.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,904,826 shares of the oil and gas company's stock valued at $165,058,000 after acquiring an additional 1,598,513 shares during the last quarter. Robotti Robert lifted its stake in Tidewater by 8.5% in the first quarter. Robotti Robert now owns 2,856,631 shares of the oil and gas company's stock valued at $120,750,000 after acquiring an additional 223,651 shares during the last quarter. Third Avenue Management LLC lifted its stake in Tidewater by 37.6% in the first quarter. Third Avenue Management LLC now owns 809,258 shares of the oil and gas company's stock valued at $34,207,000 after acquiring an additional 221,079 shares during the last quarter. Raymond James Financial Inc. lifted its stake in Tidewater by 271.7% in the first quarter. Raymond James Financial Inc. now owns 295,337 shares of the oil and gas company's stock valued at $12,484,000 after acquiring an additional 215,891 shares during the last quarter. Finally, Aegis Financial Corp acquired a new stake in Tidewater in the first quarter valued at $8,527,000. Institutional investors and hedge funds own 95.13% of the company's stock.

Insider Activity

In other news, EVP Daniel A. Hudson sold 10,000 shares of the company's stock in a transaction 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 in the company, valued at $4,373,754.16. This represents a 11.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 6.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TDW. Fearnley Fonds upgraded shares of Tidewater to a "hold" rating in a research note on Tuesday, September 16th. BTIG Research lowered shares of Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Zacks Research raised shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. Finally, Evercore ISI raised 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. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Tidewater presently has an average rating of "Moderate Buy" and an average price target of $69.00.

Tidewater Stock Down 1.6%

Shares of NYSE TDW opened at $57.59 on Friday. The company has a market capitalization of $2.85 billion, a P/E ratio of 14.92 and a beta of 1.09. Tidewater Inc. has a 52-week low of $31.17 and a 52-week high of $74.57. 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 company's 50 day moving average price is $56.37 and its 200-day moving average price is $46.92.

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 (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 company had revenue of $341.43 million for the quarter, compared to the consensus estimate of $317.28 million. During the same quarter in the previous year, the company earned $0.94 EPS. Tidewater's quarterly revenue was up .6% compared to the same quarter last year. Tidewater has set its FY 2025 guidance at EPS. Equities analysts forecast that Tidewater Inc. will post 3.25 earnings per share for the current year.

Tidewater announced that its Board of Directors has initiated a share repurchase program on Monday, August 4th that permits the company to repurchase $500.00 million in outstanding 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 usually an indication that the company's management believes its stock is undervalued.

Tidewater 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.

Want to see what other hedge funds are holding TDW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tidewater Inc. (NYSE:TDW - Free Report).

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.