Nuveen LLC Purchases Shares of 133,478 Tidewater Inc. $TDW

Key Points

• Nuveen LLC invested approximately $5.64 million in Tidewater Inc. by acquiring 133,478 shares, representing 0.27% of the company as of its latest SEC filing.
• Tidewater reported earnings of $1.23 EPS for the last quarter, significantly exceeding analyst expectations of $0.28 EPS, along with a revenue of $341.43 million.
• The company's board approved a $500 million share buyback plan, indicating leadership's belief that the stock is undervalued.

Nuveen LLC purchased a new position in Tidewater Inc. (NYSE:TDW - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 133,478 shares of the oil and gas company's stock, valued at approximately $5,642,000. Nuveen LLC owned approximately 0.27% of Tidewater as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Bogart Wealth LLC acquired a new position in Tidewater in the first quarter worth about $30,000. Signaturefd LLC grew its stake in Tidewater by 33.3% in the first 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 in the last quarter. Covestor Ltd grew its stake in Tidewater by 14.1% in the first 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 in the last quarter. GAMMA Investing LLC grew its stake 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 worth $113,000 after purchasing an additional 2,206 shares in the last quarter. Finally, Spire Wealth Management grew its stake in Tidewater by 14.3% in the first quarter. Spire Wealth Management now owns 3,983 shares of the oil and gas company's stock worth $168,000 after purchasing an additional 498 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TDW. BTIG Research downgraded Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Evercore ISI upped their target price on Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a report on Wednesday, August 6th. Zacks Research upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. Finally, Raymond James Financial reduced their price objective on Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $69.00.

Tidewater Price Performance

TDW traded up $0.19 during trading on Friday, reaching $60.27. The stock had a trading volume of 443,842 shares, compared to its average volume of 1,055,918. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 15.61 and a beta of 1.08. The company has a quick ratio of 2.04, a current ratio of 2.11 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 $90.49. The stock has a 50 day moving average of $52.30 and a two-hundred day moving average of $45.51.

Tidewater (NYSE:TDW - Get Free Report) last released its earnings results 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. The firm had revenue of $341.43 million during the quarter, compared to the consensus estimate of $317.28 million. Tidewater had a return on equity of 16.74% and a net margin of 14.62%.The firm's revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 earnings per share. Tidewater has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

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

Insider Buying and Selling

In other news, Director Robert Robotti bought 15,000 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was purchased at an average cost of $42.05 per share, for a total transaction of $630,750.00. Following the completion of the transaction, the director directly owned 2,234,957 shares of the company's stock, valued at approximately $93,979,941.85. This trade represents a 0.68% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $575,600.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate 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.