Northern Trust Corp Has $20.54 Million Stock Position in Tidewater Inc. $TDW

Northern Trust Corp cut its stake in Tidewater Inc. (NYSE:TDW - Free Report) by 1.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 hedge funds have also recently bought and sold shares of the company. Bogart Wealth LLC acquired a new position in shares of Tidewater in the 1st quarter valued at $30,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Tidewater by 2,510.5% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 992 shares of the oil and gas company's stock valued at $42,000 after buying an additional 954 shares in the last quarter. Signaturefd LLC raised its stake in shares of Tidewater by 33.3% in the 1st quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock valued at $48,000 after buying an additional 282 shares in the last quarter. Covestor Ltd raised its stake in shares of Tidewater by 14.1% in the 1st quarter. Covestor Ltd now owns 2,075 shares of the oil and gas company's stock valued at $88,000 after buying an additional 256 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Tidewater by 477.5% in the 1st 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 in the last quarter. 95.13% of the stock is owned by institutional investors.

Tidewater Price Performance

TDW traded up $0.53 during midday trading on Friday, hitting $57.73. The company had a trading volume of 812,858 shares, compared to its average volume of 692,967. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.04 and a current ratio of 2.11. The company has a market capitalization of $2.86 billion, a PE ratio of 14.95 and a beta of 1.09. Tidewater Inc. has a twelve month low of $31.17 and a twelve month high of $79.43. The firm's 50-day simple moving average is $53.82 and its 200-day simple moving average is $45.63.

Tidewater (NYSE:TDW - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The oil and gas company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.95. The firm 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 company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the company posted $0.94 EPS. Tidewater has set its FY 2025 guidance at EPS. Equities research analysts predict that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

TDW has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. BTIG Research cut shares of Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Finally, Evercore ISI increased their target price on shares of Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Tidewater has an average rating of "Moderate Buy" and an average target price of $69.00.

Insiders Place Their Bets

In related news, EVP Daniel A. Hudson sold 10,000 shares of Tidewater stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total transaction of $575,600.00. Following the transaction, the executive vice president owned 75,986 shares of the company's stock, valued at $4,373,754.16. This trade represents a 11.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 6.60% of the stock is owned by insiders.

Tidewater Company 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.