Old West Investment Management LLC Boosts Position in Tidewater Inc. $TDW

Key Points

• Old West Investment Management LLC has increased its stake in Tidewater Inc. (TDW) by 84.9% during the first quarter, owning approximately 59,250 shares valued at $2,504,000.
• Tidewater reported earnings of $1.23 per share for the latest quarter, significantly exceeding analyst expectations of $0.28, with revenue also surpassing forecasts at $341.43 million.
• The company has initiated a share buyback plan to repurchase up to $500 million worth of its shares, indicating management believes the stock may be undervalued.

Old West Investment Management LLC increased its holdings in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 84.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 59,250 shares of the oil and gas company's stock after purchasing an additional 27,210 shares during the quarter. Old West Investment Management LLC owned approximately 0.12% of Tidewater worth $2,504,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Covestor Ltd grew its stake 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 buying an additional 256 shares during the last quarter. Signaturefd LLC grew its stake 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 buying an additional 282 shares during the last quarter. Illinois Municipal Retirement Fund grew its stake in Tidewater by 1.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 27,448 shares of the oil and gas company's stock worth $1,160,000 after buying an additional 405 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in Tidewater by 13.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,154 shares of the oil and gas company's stock worth $227,000 after buying an additional 479 shares during the last quarter. Finally, Spire Wealth Management grew its stake 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. Hedge funds and other institutional investors own 95.13% of the company's stock.

Insider Buying and Selling at Tidewater

In other Tidewater news, EVP Daniel A. Hudson sold 10,000 shares of the 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 transaction, the executive vice president directly owned 75,986 shares of the company's stock, valued at approximately $4,373,754.16. This trade represents a 11.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert Robotti bought 15,000 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was bought at an average cost of $42.05 per share, with a total value of $630,750.00. Following the completion of the acquisition, the director owned 2,234,957 shares of the company's stock, valued at $93,979,941.85. This represents a 0.68% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 25,560 shares of company stock valued at $1,074,858 in the last quarter. 6.60% of the stock is currently owned by company insiders.

Tidewater Price Performance

Shares of TDW opened at $60.80 on Monday. Tidewater Inc. has a twelve month low of $31.17 and a twelve month high of $91.40. The stock's 50 day moving average is $51.27 and its two-hundred day moving average is $45.24. The firm has a market capitalization of $3.01 billion, a PE ratio of 15.75 and a beta of 1.08. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 0.47.

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 (EPS) for the quarter, topping 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 return on equity of 16.74% and a net margin of 14.62%.Tidewater's revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.94 earnings per share. Tidewater has set its FY 2025 guidance at EPS. Research analysts anticipate that Tidewater Inc. will post 3.25 earnings per share for the current year.

Tidewater declared that its Board of Directors has initiated a share buyback 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 repurchase up to 21.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Zacks Research raised Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. BTIG Research downgraded Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. 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 note on Wednesday, May 7th. Finally, Evercore ISI upped their price objective on Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a research note on Wednesday, August 6th. One 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 company. Based on data from MarketBeat, Tidewater presently has an average rating of "Moderate Buy" and an average target price of $69.00.

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.

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