Intech Investment Management LLC Buys 12,267 Shares of Tidewater Inc. $TDW

Key Points

• Intech Investment Management LLC increased its holdings in Tidewater Inc. by 10.3% in Q1, owning approximately 130,837 shares valued at $5.53 million.
• Analysts have mixed ratings for Tidewater, with one upgrading it to a "strong-buy" and a current average price target of $69.00.
• Tidewater announced a stock buyback plan allowing for repurchases of up to $500 million, representing about 21.3% of its stock, indicating the board believes shares are undervalued.

Intech Investment Management LLC increased its holdings in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 10.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 130,837 shares of the oil and gas company's stock after buying an additional 12,267 shares during the period. Intech Investment Management LLC owned about 0.26% of Tidewater worth $5,530,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in TDW. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Tidewater by 4.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 44,833 shares of the oil and gas company's stock valued at $1,895,000 after acquiring an additional 1,931 shares during the last quarter. Optimize Financial Inc bought a new position in Tidewater during the 1st quarter worth $222,000. Scientech Research LLC acquired a new position in Tidewater during the 1st quarter worth about $606,000. Punch & Associates Investment Management Inc. grew its position in shares of Tidewater by 4.4% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 336,282 shares of the oil and gas company's stock valued at $14,215,000 after buying an additional 14,295 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Tidewater by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,028 shares of the oil and gas company's stock valued at $1,227,000 after buying an additional 1,271 shares during the period. 95.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Daniel A. Hudson sold 10,000 shares of the company's stock in a transaction that occurred 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 directly owned 75,986 shares of the company's stock, valued at approximately $4,373,754.16. This represents a 11.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TDW. Zacks Research raised Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. BTIG Research downgraded shares of Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Finally, Evercore ISI upped their price objective on shares of 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. Based on data from MarketBeat.com, Tidewater currently has an average rating of "Moderate Buy" and an average target price of $69.00.

Tidewater Trading Down 0.4%

NYSE TDW traded down $0.24 during trading hours on Friday, hitting $59.26. 386,042 shares of the company's stock were exchanged, compared to its average volume of 620,474. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 15.35 and a beta of 1.09. The stock has a 50-day simple moving average of $54.99 and a 200 day simple moving average of $45.94. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 0.47. Tidewater Inc. has a 1-year low of $31.17 and a 1-year high of $79.43.

Tidewater (NYSE:TDW - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.95. The firm had revenue of $341.43 million for the quarter, compared to analyst estimates of $317.28 million. Tidewater had a return on equity of 16.74% and a net margin of 14.62%.The company's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 earnings per share. Tidewater has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater announced that its board has authorized a share buyback program on Monday, August 4th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 21.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

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.