Northern Trust Corp Reduces Stock Position in Tidewater Inc. $TDW

Northern Trust Corp cut its position in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 1.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 486,014 shares of the oil and gas company's stock after selling 9,336 shares during the period. Northern Trust Corp owned approximately 0.98% of Tidewater worth $20,544,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Bogart Wealth LLC bought a new stake in shares of Tidewater in the 1st quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd increased its holdings in Tidewater by 2,510.5% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 992 shares of the oil and gas company's stock worth $42,000 after purchasing an additional 954 shares during the period. Signaturefd LLC increased its holdings in Tidewater by 33.3% during the 1st quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock worth $48,000 after purchasing an additional 282 shares during the period. Covestor Ltd increased its holdings in Tidewater by 14.1% during the 1st quarter. Covestor Ltd now owns 2,075 shares of the oil and gas company's stock worth $88,000 after purchasing an additional 256 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Tidewater by 477.5% during the 1st quarter. GAMMA Investing LLC now owns 2,668 shares of the oil and gas company's stock worth $113,000 after purchasing an additional 2,206 shares during the period. 95.13% of the stock is owned by institutional investors.

Tidewater Price Performance

NYSE:TDW traded up $0.84 during trading hours on Thursday, hitting $57.31. 553,505 shares of the stock were exchanged, compared to its average volume of 1,050,099. Tidewater Inc. has a 52-week low of $31.17 and a 52-week high of $81.00. The firm's fifty day moving average price is $53.39 and its 200 day moving average price is $45.64. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 0.47. The company has a market cap of $2.84 billion, a P/E ratio of 14.85 and a beta of 1.09.

Tidewater (NYSE:TDW - Get Free Report) last posted its quarterly earnings data 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 period in the previous year, the business earned $0.94 EPS. Tidewater's quarterly revenue was up .6% on a year-over-year basis. Tidewater has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater announced that its board has initiated a share repurchase plan on Monday, August 4th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 21.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Evercore ISI lifted their price target on Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a report on Wednesday, August 6th. Raymond James Financial lowered their price target on Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Zacks Research raised Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. Finally, BTIG Research cut Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. 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 stock. According to data from MarketBeat, Tidewater presently has a consensus rating of "Moderate Buy" and an average target price of $69.00.

Insider Buying and Selling

In other Tidewater news, EVP Daniel A. Hudson sold 10,000 shares of the business'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 completion of the sale, the executive vice president directly owned 75,986 shares in the company, valued at approximately $4,373,754.16. The trade was a 11.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.60% of the company's stock.

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.