Tidewater Inc. (NYSE:TDW) Shares Acquired by XTX Topco Ltd

Key Points

• XTX Topco Ltd has significantly increased its stake in Tidewater Inc. by 223.7% in the first quarter, owning 16,730 shares valued at approximately $707,000.
• The company's Board of Directors has authorized a $500 million stock buyback program, which allows for the purchase of up to 21.3% of its outstanding shares.
• Tidewater reported impressive quarterly earnings with an EPS of $1.46, exceeding estimates by $1.18, alongside a revenue of $341.43 million, marking a slight increase from the previous year.

XTX Topco Ltd lifted its position in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 223.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,730 shares of the oil and gas company's stock after buying an additional 11,562 shares during the period. XTX Topco Ltd's holdings in Tidewater were worth $707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bogart Wealth LLC acquired a new stake in shares of Tidewater during the 1st quarter worth approximately $30,000. Headlands Technologies LLC acquired a new stake in shares of Tidewater during the 4th quarter worth approximately $53,000. Signaturefd LLC increased its holdings in shares of 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. Covestor Ltd increased its holdings in shares of Tidewater by 54.9% during the 4th quarter. Covestor Ltd now owns 1,819 shares of the oil and gas company's stock worth $100,000 after buying an additional 645 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Tidewater during the 4th quarter worth approximately $131,000. Institutional investors and hedge funds own 95.13% of the company's stock.

Insiders Place Their Bets

In other news, EVP Daniel A. Hudson sold 5,000 shares of the firm's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $50.02, for a total value of $250,100.00. Following the sale, the executive vice president directly owned 85,986 shares in the company, valued at approximately $4,301,019.72. This trade represents a 5.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Robotti acquired 15,000 shares of Tidewater stock in a transaction dated Wednesday, June 4th. The stock was purchased at an average price of $42.05 per share, for a total transaction of $630,750.00. Following the completion of the acquisition, the director directly owned 2,234,957 shares in the company, valued at approximately $93,979,941.85. This represents a 0.68% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 25,560 shares of company stock worth $1,074,858 over the last 90 days. Company insiders own 8.33% of the company's stock.

Tidewater Stock Performance

NYSE:TDW opened at $48.84 on Tuesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.00 and a current ratio of 2.07. The stock has a market capitalization of $2.42 billion, a P/E ratio of 14.62 and a beta of 1.08. The company has a 50 day moving average price of $47.37 and a 200 day moving average price of $44.95. Tidewater Inc. has a fifty-two week low of $31.17 and a fifty-two week high of $91.40.

Tidewater (NYSE:TDW - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The oil and gas company reported $1.46 EPS for the quarter, beating the consensus estimate of $0.28 by $1.18. Tidewater had a net margin of 12.98% and a return on equity of 15.97%. The company had revenue of $341.43 million during the quarter, compared to analysts' expectations of $317.28 million. During the same quarter last year, the company posted $0.94 EPS. The firm's revenue was up .6% compared to the same quarter last year. Equities research analysts forecast that Tidewater Inc. will post 3.25 EPS for the current year.

Tidewater announced that its Board of Directors has approved a stock buyback program on Monday, August 4th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 21.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TDW. BTIG Research downgraded shares of Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Raymond James Financial lowered their price objective on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Tidewater presently has a consensus rating of "Hold" and a consensus target price of $69.33.

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.

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