Public Sector Pension Investment Board Acquires 32,788 Shares of Tidewater Inc. $TDW

Key Points

• The Public Sector Pension Investment Board increased its holdings in Tidewater Inc. by 27.4%, acquiring a total of 152,670 shares valued at approximately $6.45 million.
• Several hedge funds have significantly boosted their positions in Tidewater during the fourth quarter, with Frontier Capital Management increasing its stake by 51.5%, representing a growing interest among institutional investors.
• Tidewater's Board of Directors approved a stock buyback program worth $500 million, allowing the company to repurchase up to 21.3% of its outstanding shares, signaling confidence in the company's stock performance.

Public Sector Pension Investment Board raised its holdings in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 27.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 152,670 shares of the oil and gas company's stock after buying an additional 32,788 shares during the quarter. Public Sector Pension Investment Board owned about 0.31% of Tidewater worth $6,453,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TDW. Price T Rowe Associates Inc. MD grew its position in Tidewater by 20.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,306,313 shares of the oil and gas company's stock worth $126,180,000 after buying an additional 390,814 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Tidewater by 22.6% during the fourth 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 in the last quarter. Encompass Capital Advisors LLC grew its position in Tidewater by 17.7% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,582,328 shares of the oil and gas company's stock worth $86,569,000 after buying an additional 238,170 shares in the last quarter. Freestone Grove Partners LP purchased a new position in Tidewater during the fourth quarter worth about $12,574,000. Finally, Frontier Capital Management Co. LLC grew its position in Tidewater by 51.5% during the fourth 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 in the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TDW has been the subject of several recent analyst reports. BTIG Research cut Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Zacks Research upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. Raymond James Financial dropped their price target 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 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. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Tidewater has a consensus rating of "Moderate Buy" and a consensus price target of $69.00.

Tidewater Trading Up 3.4%

Shares of NYSE TDW traded up $1.90 during midday trading on Thursday, reaching $57.81. The company had a trading volume of 522,713 shares, compared to its average volume of 1,056,213. Tidewater Inc. has a one year low of $31.17 and a one year high of $91.40. The company has a quick ratio of 2.04, a current ratio of 2.11 and a debt-to-equity ratio of 0.47. The firm's fifty day moving average price is $51.02 and its 200-day moving average price is $45.33. The stock has a market cap of $2.86 billion, a PE ratio of 14.98 and a beta of 1.08.

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, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $317.28 million. During the same quarter in the previous year, the company posted $0.94 EPS. Tidewater's revenue for the quarter was up .6% on a year-over-year basis. Tidewater has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that Tidewater Inc. will post 3.25 earnings per share for the current year.

Tidewater declared that its board has approved a share repurchase plan on Monday, August 4th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the oil and gas company to reacquire up to 21.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Tidewater

In other news, EVP Daniel A. Hudson sold 10,000 shares of the business's stock in a transaction dated 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 approximately $4,373,754.16. The trade was a 11.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Robotti bought 15,000 shares of the stock in a transaction dated 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 purchase, the director owned 2,234,957 shares in the company, valued at $93,979,941.85. The trade was a 0.68% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 25,560 shares of company stock valued at $1,074,858. 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.