Naviter Wealth LLC Purchases 75,280 Shares of Tidewater Inc. $TDW

Key Points

• Naviter Wealth LLC increased its position in Tidewater Inc. by 70.4%, acquiring an additional 75,280 shares to hold 182,226 shares, making it the fund's 16th largest position.
• Several hedge funds, including Price T Rowe Associates and Raymond James Financial, have significantly raised their stakes in Tidewater during recent quarters, indicating heightened institutional interest.
• Tidewater's stock has received mixed reviews from analysts, with a current consensus rating of "Hold" and a target price of $69.00, while the company recently approved a $500 million stock buyback plan.

Naviter Wealth LLC raised its position in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 70.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 182,226 shares of the oil and gas company's stock after acquiring an additional 75,280 shares during the period. Tidewater makes up about 1.0% of Naviter Wealth LLC's investment portfolio, making the stock its 16th largest position. Naviter Wealth LLC owned 0.37% of Tidewater worth $8,406,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of TDW. Price T Rowe Associates Inc. MD increased its position in Tidewater by 69.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,904,826 shares of the oil and gas company's stock valued at $165,058,000 after acquiring an additional 1,598,513 shares during the last quarter. Robotti Robert increased its position in Tidewater by 8.5% during the first quarter. Robotti Robert now owns 2,856,631 shares of the oil and gas company's stock valued at $120,750,000 after acquiring an additional 223,651 shares during the last quarter. Third Avenue Management LLC increased its position in Tidewater by 37.6% during the first quarter. Third Avenue Management LLC now owns 809,258 shares of the oil and gas company's stock valued at $34,207,000 after acquiring an additional 221,079 shares during the last quarter. Raymond James Financial Inc. increased its position in Tidewater by 271.7% during the first quarter. Raymond James Financial Inc. now owns 295,337 shares of the oil and gas company's stock valued at $12,484,000 after acquiring an additional 215,891 shares during the last quarter. Finally, Aegis Financial Corp bought a new position in Tidewater during the first quarter valued at $8,527,000. Institutional investors own 95.13% of the company's stock.

Wall Street Analysts Forecast Growth

TDW has been the subject of a number of recent analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Tidewater in a research note on Wednesday, October 8th. Fearnley Fonds raised shares of Tidewater to a "hold" rating in a research note on Tuesday, September 16th. BTIG Research lowered shares of Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Zacks Research lowered shares of Tidewater from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 6th. Finally, Evercore ISI boosted their target price 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. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $69.00.

Insiders Place Their Bets

In related news, EVP Daniel A. Hudson sold 10,000 shares of the company's stock in a transaction dated 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 directly 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 through the SEC website. 6.60% of the stock is currently owned by company insiders.

Tidewater Stock Up 3.3%

NYSE:TDW opened at $49.57 on Tuesday. Tidewater Inc. has a 1-year low of $31.17 and a 1-year high of $67.18. The company has a 50-day moving average of $56.81 and a 200 day moving average of $47.77. The firm has a market cap of $2.45 billion, a PE ratio of 12.84 and a beta of 1.05. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.11 and a quick ratio of 2.04.

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, topping analysts' consensus estimates of $0.28 by $0.95. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The company had revenue of $341.43 million during the quarter, compared to analyst estimates of $317.28 million. During the same period in the prior year, the firm earned $0.94 earnings per share. The firm's revenue for the quarter was up .6% compared to the same quarter last year. Tidewater has set its FY 2025 guidance at EPS. As a group, research analysts anticipate that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater announced that its board has approved a stock buyback plan on Monday, August 4th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the oil and gas company to purchase up to 21.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.

Tidewater Profile

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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