Tidewater Inc. $TDW Shares Sold by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC reduced its stake in Tidewater Inc. by 33.5%, now holding 11,126 shares valued at approximately $470,000.
• Tidewater reported an earnings per share (EPS) of $1.23 for the recent quarter, exceeding estimates of $0.28, with a revenue of $341.43 million.
• The company has initiated a stock repurchase program authorizing the buyback of up to $500 million in shares, indicating a belief that its stock is undervalued.

HighTower Advisors LLC lowered its position in Tidewater Inc. (NYSE:TDW - Free Report) by 33.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,126 shares of the oil and gas company's stock after selling 5,617 shares during the quarter. HighTower Advisors LLC's holdings in Tidewater were worth $470,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TDW. Tower Research Capital LLC TRC increased its holdings in Tidewater by 13.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,154 shares of the oil and gas company's stock valued at $227,000 after acquiring an additional 479 shares in the last quarter. Northern Trust Corp increased its stake in shares of Tidewater by 6.2% during the 4th quarter. Northern Trust Corp now owns 495,350 shares of the oil and gas company's stock worth $27,101,000 after purchasing an additional 28,859 shares in the last quarter. Lido Advisors LLC purchased a new position in Tidewater during the fourth quarter worth $251,000. Comerica Bank increased 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 worth $1,675,000 after buying an additional 12,287 shares in the last quarter. Finally, Allegheny Financial Group purchased a new position in Tidewater during the fourth quarter worth $211,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tidewater

In other news, EVP Daniel A. Hudson sold 10,000 shares of the 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 of the company's stock, valued at $4,373,754.16. This represents a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Robotti bought 15,000 shares of the stock in a transaction dated 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 purchase, the director owned 2,234,957 shares of the company's stock, valued at approximately $93,979,941.85. This represents a 0.68% increase in their position. The disclosure for this purchase can be found here. 6.60% of the stock is owned by corporate insiders.

Tidewater Trading Down 2.3%

Tidewater stock traded down $1.39 during trading on Tuesday, reaching $58.82. The company had a trading volume of 618,035 shares, compared to its average volume of 1,053,280. Tidewater Inc. has a 12-month low of $31.17 and a 12-month high of $87.35. The stock's 50 day moving average price is $52.89 and its two-hundred day moving average price is $45.47. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 15.24 and a beta of 1.09. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.04 and a current ratio of 2.11.

Tidewater (NYSE:TDW - Get Free Report) last posted its quarterly 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 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 quarter in the previous year, the business earned $0.94 earnings per share. The firm's quarterly revenue was up .6% compared to the same quarter last year. Tidewater has set its FY 2025 guidance at EPS. As a group, equities analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

Tidewater announced that its Board of Directors has authorized a share repurchase plan 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 stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

TDW has been the subject of a number of recent research reports. BTIG Research cut Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Evercore ISI lifted their price objective on Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research report on Wednesday, August 6th. Raymond James Financial lowered their price target 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. Finally, Zacks Research upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 13th. One equities 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average 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.