Fulcrum Asset Management LLP Boosts Stock Position in Tidewater Inc. $TDW

Key Points

• Fulcrum Asset Management boosted its stake in Tidewater by 242.5% in Q3, adding 42,376 shares to hold 59,849 shares worth about $3.19M (roughly 0.12% of the company).
• Tidewater posted a significant earnings beat with EPS $4.41 vs. $0.77 expected and revenue of $336.8M (slightly above estimates), while analysts forecast ~3.25 EPS for the fiscal year.
• Institutional investors own about 95.13% of the stock and several firms increased positions, but insiders sold 52,656 shares (~$4.08M) over the last quarter, leaving insiders with 6.6% ownership.

Fulcrum Asset Management LLP boosted its stake in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 242.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 59,849 shares of the oil and gas company's stock after acquiring an additional 42,376 shares during the quarter. Fulcrum Asset Management LLP owned about 0.12% of Tidewater worth $3,192,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Federated Hermes Inc. purchased a new stake in shares of Tidewater during the second quarter worth approximately $28,199,000. American Century Companies Inc. grew its position in Tidewater by 291.8% in the 2nd quarter. American Century Companies Inc. now owns 556,481 shares of the oil and gas company's stock valued at $25,670,000 after buying an additional 414,454 shares during the last quarter. Boston Partners increased its stake in Tidewater by 1,118.5% in the 2nd quarter. Boston Partners now owns 283,676 shares of the oil and gas company's stock valued at $14,089,000 after buying an additional 260,395 shares during the period. Victory Capital Management Inc. increased its stake in Tidewater by 319.1% in the 3rd quarter. Victory Capital Management Inc. now owns 303,015 shares of the oil and gas company's stock valued at $16,160,000 after buying an additional 230,706 shares during the period. Finally, Ameriprise Financial Inc. raised its position in Tidewater by 159.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 358,563 shares of the oil and gas company's stock worth $16,541,000 after buying an additional 220,473 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

Tidewater Trading Down 1.1%

Shares of Tidewater stock opened at $75.27 on Thursday. The company has a 50-day moving average of $69.07 and a two-hundred day moving average of $59.16. Tidewater Inc. has a 12-month low of $31.17 and a 12-month high of $88.99. The company has a current ratio of 2.90, a quick ratio of 2.78 and a debt-to-equity ratio of 0.48. The stock has a market cap of $3.73 billion, a PE ratio of 11.27 and a beta of 0.57.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings results on Monday, March 2nd. The oil and gas company reported $4.41 EPS for the quarter, topping the consensus estimate of $0.77 by $3.64. Tidewater had a return on equity of 12.34% and a net margin of 24.74%.The business had revenue of $336.80 million for the quarter, compared to analyst estimates of $329.39 million. During the same quarter in the previous year, the company earned $0.70 EPS. The company's quarterly revenue was down 2.4% on a year-over-year basis. On average, research analysts anticipate that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on TDW. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Tidewater in a report on Monday, December 29th. Dawson James reissued an "outperform" rating on shares of Tidewater in a report on Tuesday, March 3rd. Raymond James Financial set a $117.00 price objective on shares of Tidewater in a research report on Tuesday, March 3rd. Finally, Zacks Research raised Tidewater from a "strong sell" rating to a "hold" rating in a report on Monday, January 12th. Two analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $91.00.

Insiders Place Their Bets

In other Tidewater news, EVP Samuel R. Rubio sold 22,461 shares of the company's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $80.05, for a total value of $1,798,003.05. Following the sale, the executive vice president owned 60,066 shares of the company's stock, valued at approximately $4,808,283.30. This represents a 27.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel A. Hudson sold 5,195 shares of the firm's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $80.56, for a total value of $418,509.20. Following the completion of the transaction, the executive vice president owned 45,971 shares of the company's stock, valued at approximately $3,703,423.76. This represents a 10.15% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 52,656 shares of company stock worth $4,079,112. 6.60% of the stock is owned by company insiders.

About Tidewater

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company's fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.

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