Gallacher Capital Management LLC Raises Stock Holdings in Tidewater Inc. $TDW

Key Points

• Gallacher Capital Management LLC increased its stake in Tidewater Inc. by 112.2% during the second quarter, now owning 12,183 shares valued at approximately $562,000.
• Tidewater recently reported an EPS of $1.23, exceeding estimates of $0.28, along with a revenue of $341.43 million for the quarter.
• The company has authorized a $500 million stock repurchase program, enabling the buyback of up to 21.3% of its shares, indicating management's belief that the stock is undervalued.

Gallacher Capital Management LLC lifted its stake in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 112.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,183 shares of the oil and gas company's stock after purchasing an additional 6,442 shares during the quarter. Gallacher Capital Management LLC's holdings in Tidewater were worth $562,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its holdings 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 during the last quarter. Bogart Wealth LLC acquired a new stake in Tidewater in the first quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Tidewater in the first quarter valued at $40,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Tidewater by 2,510.5% during 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 acquiring an additional 954 shares during the last quarter. Finally, Signaturefd LLC boosted 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 valued at $48,000 after acquiring an additional 282 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Insider Buying and Selling at Tidewater

In other news, EVP Daniel A. Hudson sold 10,000 shares of Tidewater stock in a transaction on Tuesday, August 5th. The stock was 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. The trade was a 11.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 6.60% of the company's stock.

Tidewater Price Performance

Shares of NYSE TDW opened at $59.26 on Monday. The firm has a market cap of $2.93 billion, a PE ratio of 15.35 and a beta of 1.09. The business has a 50 day moving average price of $54.99 and a two-hundred day moving average price of $45.94. 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 fifty-two week low of $31.17 and a fifty-two week high of $79.43.

Tidewater (NYSE:TDW - Get Free Report) last issued its earnings results 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. Tidewater had a return on equity of 16.74% and a net margin of 14.62%.The company had revenue of $341.43 million during the quarter, compared to analyst estimates of $317.28 million. During the same quarter last year, the firm earned $0.94 EPS. The business's revenue was up .6% on a year-over-year basis. Tidewater has set its FY 2025 guidance at EPS. Sell-side analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

Tidewater declared that its board has authorized a stock repurchase program on Monday, August 4th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the oil and gas company to reacquire up to 21.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently commented on TDW. BTIG Research lowered Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Zacks Research raised Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. Finally, Evercore ISI increased their price objective on Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a research note on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $69.00.

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.

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