Salem Investment Counselors Inc. Buys 7,474 Shares of Tidewater Inc. $TDW

Key Points

• Salem Investment Counselors Inc. increased its holdings in Tidewater Inc. by 124.3% during the second quarter, owning 13,488 shares valued at $622,000.
• Wall Street analysts have mixed opinions on Tidewater, with ratings varying from Strong Buy to Hold, and an average target price of $69.00.
• Tidewater recently reported $1.23 EPS for the quarter, significantly surpassing analysts' expectations, and announced a $500 million stock buyback plan, reflecting confidence in its valuation.

Salem Investment Counselors Inc. boosted its stake in Tidewater Inc. (NYSE:TDW - Free Report) by 124.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,488 shares of the oil and gas company's stock after purchasing an additional 7,474 shares during the period. Salem Investment Counselors Inc.'s holdings in Tidewater were worth $622,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its stake in Tidewater by 2,321.4% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 678 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 650 shares during the period. Bogart Wealth LLC purchased a new position in Tidewater in the 1st quarter worth approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Tidewater in the 1st quarter worth approximately $40,000. Caitong International Asset Management Co. Ltd increased its stake in 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 worth $42,000 after purchasing an additional 954 shares during the period. Finally, Signaturefd LLC increased its stake in Tidewater by 33.3% in 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. 95.13% of the stock is owned by hedge funds and other institutional investors.

Tidewater Stock Down 2.4%

Shares of NYSE TDW traded down $1.43 during mid-day trading on Tuesday, hitting $57.20. 911,679 shares of the stock traded hands, compared to its average volume of 608,416. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.04 and a current ratio of 2.11. Tidewater Inc. has a 52 week low of $31.17 and a 52 week high of $79.43. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 14.82 and a beta of 1.09. The stock has a fifty day moving average price of $55.31 and a 200-day moving average price of $46.11.

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

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

Insider Buying and Selling at Tidewater

In related news, EVP Daniel A. Hudson sold 10,000 shares of Tidewater 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 sale, the executive vice president directly owned 75,986 shares in the company, valued at $4,373,754.16. The trade was a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on TDW shares. Evercore ISI lifted their price target on Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research note on Wednesday, August 6th. BTIG Research lowered Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Finally, Zacks Research upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. One equities research 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's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target 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.