Tidewater Inc. $TDW Shares Bought by Robotti Robert

Key Points

• Robotti Robert increased its holdings in Tidewater Inc. by 8.5%, making it the largest position in its portfolio, now owning approximately 2.86 million shares valued at $120.75 million.
• Institutional ownership in Tidewater is high, with 95.13% of the stock held by institutional investors, including significant increases from firms like Price T Rowe Associates and Dimensional Fund Advisors.
• Tidewater has announced a share repurchase plan of up to $500 million, indicating that management believes the stock is undervalued, and reported strong earnings exceeding analyst expectations for the latest quarter.

Robotti Robert raised its holdings in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 8.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,856,631 shares of the oil and gas company's stock after purchasing an additional 223,651 shares during the period. Tidewater accounts for approximately 24.2% of Robotti Robert's holdings, making the stock its biggest holding. Robotti Robert owned about 5.77% of Tidewater worth $120,750,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. LPL Financial LLC raised its position in shares of Tidewater by 23.2% in the 4th quarter. LPL Financial LLC now owns 6,944 shares of the oil and gas company's stock valued at $380,000 after acquiring an additional 1,309 shares during the period. Russell Investments Group Ltd. raised its position in shares of Tidewater by 0.9% in the 4th quarter. Russell Investments Group Ltd. now owns 55,202 shares of the oil and gas company's stock valued at $3,020,000 after acquiring an additional 496 shares during the period. Bank of Montreal Can raised its position in shares of Tidewater by 12.9% in the 4th quarter. Bank of Montreal Can now owns 5,313 shares of the oil and gas company's stock valued at $291,000 after acquiring an additional 608 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Tidewater in the 4th quarter valued at approximately $7,204,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Tidewater in the 4th quarter valued at approximately $4,347,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Raymond James Financial cut their price target on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. BTIG Research downgraded shares of Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Zacks Research upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. Finally, Evercore ISI increased their target price 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 issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Tidewater has a consensus rating of "Moderate Buy" and a consensus target price of $69.00.

Insider Activity at Tidewater

In other Tidewater news, Director Robert Robotti purchased 15,000 shares of the firm's 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 directly owned 2,234,957 shares of the company's stock, valued at $93,979,941.85. The trade was a 0.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Daniel A. Hudson sold 10,000 shares of the firm's 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 transaction, the executive vice president directly owned 75,986 shares of the company's stock, valued at $4,373,754.16. This represents a 11.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought a total of 25,560 shares of company stock valued at $1,074,858 over the last ninety days. Company insiders own 6.60% of the company's stock.

Tidewater Stock Down 3.4%

NYSE TDW traded down $1.9810 during trading hours on Tuesday, reaching $56.5390. 278,463 shares of the company's stock were exchanged, compared to its average volume of 1,073,682. The company's 50-day moving average is $50.49 and its two-hundred day moving average is $45.13. Tidewater Inc. has a one year low of $31.17 and a one year high of $91.40. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.04 and a current ratio of 2.11. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 14.67 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 (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.95. The business 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 for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.94 EPS. Tidewater has set its FY 2025 guidance at EPS. On average, analysts forecast that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater declared that its Board of Directors has authorized a stock repurchase program 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 purchase up to 21.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its shares are undervalued.

Tidewater 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.