FORA Capital LLC Sells 9,125 Shares of Tidewater Inc. $TDW

Key Points

• FORA Capital LLC reduced its holdings in Tidewater Inc. by 51.1% during the first quarter, now owning 8,726 shares valued at approximately $369,000.
• Analysts have mixed opinions on Tidewater, with Zacks upgrading the stock to a "strong-buy", while others like BTIG downgraded it to "neutral."
• Tidewater recently approved a $500 million stock buyback program, signaling management's belief that the stock is undervalued.

FORA Capital LLC reduced its position in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 51.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,726 shares of the oil and gas company's stock after selling 9,125 shares during the period. FORA Capital LLC's holdings in Tidewater were worth $369,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of TDW. Tower Research Capital LLC TRC boosted its position in Tidewater by 13.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,154 shares of the oil and gas company's stock valued at $227,000 after purchasing an additional 479 shares during the last quarter. Stifel Financial Corp boosted its position in Tidewater by 463.2% during the fourth quarter. Stifel Financial Corp now owns 85,348 shares of the oil and gas company's stock valued at $4,669,000 after purchasing an additional 70,193 shares during the last quarter. Northern Trust Corp boosted its position in Tidewater by 6.2% during the fourth quarter. Northern Trust Corp now owns 495,350 shares of the oil and gas company's stock valued at $27,101,000 after purchasing an additional 28,859 shares during the last quarter. Lido Advisors LLC acquired a new position in Tidewater during the fourth quarter valued at approximately $251,000. Finally, Comerica Bank boosted its position in Tidewater by 67.1% during the fourth quarter. Comerica Bank now owns 30,607 shares of the oil and gas company's stock valued at $1,675,000 after purchasing an additional 12,287 shares during the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Tidewater Price Performance

NYSE:TDW traded up $0.19 during midday trading on Friday, hitting $60.27. The company had a trading volume of 443,842 shares, compared to its average volume of 1,012,745. The company has a market capitalization of $2.98 billion, a PE ratio of 15.61 and a beta of 1.09. The stock's fifty day moving average price is $52.58 and its 200-day moving average price is $45.43. The company has a quick ratio of 2.04, a current ratio of 2.11 and a debt-to-equity ratio of 0.47. Tidewater Inc. has a 52-week low of $31.17 and a 52-week high of $90.49.

Tidewater (NYSE:TDW - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The oil and gas company reported $1.23 EPS for the quarter, topping the consensus estimate of $0.28 by $0.95. The firm had revenue of $341.43 million for the quarter, compared to the consensus estimate of $317.28 million. Tidewater had a return on equity of 16.74% and a net margin of 14.62%.The company's quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 earnings per share. 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 authorized a stock buyback plan on Monday, August 4th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 21.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

TDW has been the topic of a number of recent research reports. Raymond James Financial lowered their price objective on Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. BTIG Research lowered Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Evercore ISI boosted their target price on Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research note on Wednesday, August 6th. Finally, Zacks Research upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $69.00.

Insider Transactions at Tidewater

In other news, Director Robert Robotti acquired 15,000 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were acquired at an average cost of $42.05 per share, with a total value of $630,750.00. Following the transaction, the director owned 2,234,957 shares in the company, valued at $93,979,941.85. The trade was a 0.68% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 sale, the executive vice president directly owned 75,986 shares in the company, valued at approximately $4,373,754.16. The trade was a 11.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.60% of the stock is owned by insiders.

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.