Magnetar Financial LLC Invests $423,000 in Tidewater Inc. $TDW

Key Points

• Magnetar Financial LLC invested approximately $423,000 in Tidewater Inc., acquiring 10,001 shares in the first quarter.
• Tidewater reported earnings of $1.23 per share, significantly beating analysts' expectations of $0.28, and had quarterly revenue of $341.43 million.
• The company announced a $500 million stock buyback plan, allowing it to repurchase up to 21.3% of its shares, indicating a belief that its shares are undervalued.

Magnetar Financial LLC bought a new position in Tidewater Inc. (NYSE:TDW - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 10,001 shares of the oil and gas company's stock, valued at approximately $423,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in shares of Tidewater in the first quarter valued at about $5,642,000. GAMMA Investing LLC boosted its position in Tidewater by 477.5% in the first quarter. GAMMA Investing LLC now owns 2,668 shares of the oil and gas company's stock valued at $113,000 after buying an additional 2,206 shares during the last quarter. Principal Financial Group Inc. boosted its position in Tidewater by 2.8% in the first quarter. Principal Financial Group Inc. now owns 283,950 shares of the oil and gas company's stock valued at $12,003,000 after buying an additional 7,837 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Tidewater by 94,555.6% in the 1st quarter. Farther Finance Advisors LLC now owns 8,519 shares of the oil and gas company's stock worth $366,000 after buying an additional 8,510 shares during the period. Finally, Spire Wealth Management raised its position in Tidewater by 14.3% during the 1st quarter. Spire Wealth Management now owns 3,983 shares of the oil and gas company's stock worth $168,000 after buying an additional 498 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

Insider Buying and Selling at Tidewater

In related news, EVP Daniel A. Hudson sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $57.56, for a total value of $575,600.00. Following the completion of the transaction, the executive vice president 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 document filed with the SEC, which can be accessed through this hyperlink. 6.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TDW has been the topic of several recent research reports. 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 report on Wednesday, August 6th. BTIG Research downgraded shares of Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Finally, Zacks Research raised shares of Tidewater from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Tidewater currently has a consensus rating of "Moderate Buy" and an average target price of $69.00.

Tidewater Stock Performance

Shares of NYSE:TDW traded up $0.53 during trading on Friday, hitting $57.73. 812,858 shares of the stock traded hands, compared to its average volume of 698,838. The company has a quick ratio of 2.04, a current ratio of 2.11 and a debt-to-equity ratio of 0.47. The company has a fifty day moving average price of $53.82 and a two-hundred day moving average price of $45.59. Tidewater Inc. has a 52-week low of $31.17 and a 52-week high of $79.43. The company has a market cap of $2.86 billion, a price-to-earnings ratio of 14.95 and a beta of 1.09.

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

Tidewater declared that its Board of Directors has authorized a stock buyback 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 repurchase up to 21.3% of its shares through open market purchases. Shares buyback programs are generally an indication 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.