Russell Investments Group Ltd. Purchases 26,928 Shares of Tidewater Inc. $TDW

Key Points

• Russell Investments Group Ltd. increased its holdings in Tidewater Inc. by 48.8% in Q1, owning 82,130 shares valued at approximately $3.47 million.
• Several hedge funds also increased their positions in Tidewater, with Frontier Capital Management Co. LLC recording the largest boost at 51.5% during the 4th quarter.
• Tidewater's Board of Directors authorized a $500 million share buyback plan, indicating confidence in the company's valuation, as it permits repurchase of up to 21.3% of the company's stock.

Russell Investments Group Ltd. grew its position in Tidewater Inc. (NYSE:TDW - Free Report) by 48.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 82,130 shares of the oil and gas company's stock after purchasing an additional 26,928 shares during the period. Russell Investments Group Ltd. owned about 0.17% of Tidewater worth $3,472,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of TDW. Price T Rowe Associates Inc. MD increased its holdings in shares of Tidewater by 20.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,306,313 shares of the oil and gas company's stock valued at $126,180,000 after acquiring an additional 390,814 shares during the last quarter. Encompass Capital Advisors LLC lifted its position in shares of Tidewater by 17.7% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,582,328 shares of the oil and gas company's stock worth $86,569,000 after acquiring an additional 238,170 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Tidewater by 22.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,551,729 shares of the oil and gas company's stock worth $84,888,000 after buying an additional 286,097 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Tidewater by 13.2% during the 4th quarter. Ameriprise Financial Inc. now owns 867,875 shares of the oil and gas company's stock worth $47,473,000 after buying an additional 101,159 shares during the period. Finally, Frontier Capital Management Co. LLC lifted its position in shares of Tidewater by 51.5% during the 4th quarter. Frontier Capital Management Co. LLC now owns 624,236 shares of the oil and gas company's stock worth $34,152,000 after buying an additional 212,189 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TDW has been the subject of several research reports. Zacks Research raised Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. BTIG Research lowered Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Evercore ISI raised their price objective on Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research note on Wednesday, August 6th. Finally, Raymond James Financial lowered their target price 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 equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $69.00.

Tidewater Price Performance

NYSE:TDW traded down $0.64 during midday trading on Thursday, hitting $60.08. The company had a trading volume of 251,280 shares, compared to its average volume of 1,058,018. The stock's fifty day moving average price is $52.04 and its 200-day moving average price is $45.48. 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 52-week low of $31.17 and a 52-week high of $90.49. The company has a market capitalization of $2.97 billion, a PE ratio of 15.55 and a beta of 1.08.

Tidewater (NYSE:TDW - Get Free Report) last posted 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. 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 business posted $0.94 earnings per share. Tidewater's revenue for the quarter was up .6% on a year-over-year basis. Tidewater has set its FY 2025 guidance at EPS. As a group, research analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current year.

Tidewater announced that its board has initiated a stock 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 repurchase up to 21.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Tidewater

In related news, EVP Daniel A. Hudson sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total value of $575,600.00. Following the sale, the executive vice president owned 75,986 shares in the company, 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 document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert Robotti acquired 15,000 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were purchased at an average price 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 in the company, valued at approximately $93,979,941.85. This trade represents a 0.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 25,560 shares of company stock worth $1,074,858 in the last 90 days. 6.60% of the stock is currently owned by corporate 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.