Tidewater Inc. $TDW Holdings Decreased by Philadelphia Trust Co.

Key Points

• Philadelphia Trust Co. reduced its holdings in Tidewater Inc. by 22.8% in the first quarter, now owning 83,267 shares valued at $3,520,000.
• Tidewater's quarterly earnings surpassed analyst estimates with an EPS of $1.23, and the company announced a stock buyback plan allowing for the repurchase of up to $500 million worth of shares.
• Analysts have set a consensus price target of $69.00 for Tidewater, with ratings ranging from "hold" to "outperform" from various firms.

Philadelphia Trust Co. lessened its holdings in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 22.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,267 shares of the oil and gas company's stock after selling 24,524 shares during the quarter. Philadelphia Trust Co. owned 0.17% of Tidewater worth $3,520,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of TDW. LPL Financial LLC grew its stake in Tidewater by 23.2% during the 4th quarter. LPL Financial LLC now owns 6,944 shares of the oil and gas company's stock valued at $380,000 after purchasing an additional 1,309 shares in the last quarter. Bank of Montreal Can grew its stake in Tidewater by 12.9% during 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 purchasing an additional 608 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Tidewater during the 4th quarter valued at approximately $7,204,000. Raymond James Financial Inc. acquired a new stake in Tidewater during the 4th quarter valued at approximately $4,347,000. Finally, Barclays PLC grew its stake in Tidewater by 81.8% during the 4th quarter. Barclays PLC now owns 143,374 shares of the oil and gas company's stock valued at $7,844,000 after purchasing an additional 64,526 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

Tidewater Price Performance

Shares of TDW stock traded down $0.6540 during mid-day trading on Wednesday, hitting $55.9260. 431,648 shares of the stock traded hands, compared to its average volume of 1,071,526. Tidewater Inc. has a twelve month low of $31.17 and a twelve month high of $91.40. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 14.49 and a beta of 1.08. The company's 50-day simple moving average is $50.67 and its 200-day simple moving average is $45.21. 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 (NYSE:TDW - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share (EPS) 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 analysts' expectations of $317.28 million. During the same period last year, the firm earned $0.94 EPS. The firm'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, equities research analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current year.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. BTIG Research lowered Tidewater from a "buy" rating to a "neutral" rating in a research note 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 decreased 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. Finally, Evercore ISI lifted their target price on Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $69.00.

Insiders Place Their Bets

In related news, EVP Daniel A. Hudson sold 10,000 shares of Tidewater stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $57.56, for a total value of $575,600.00. Following the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert Robotti bought 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was bought 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. The trade was a 0.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 25,560 shares of company stock worth $1,074,858 over the last 90 days. Insiders own 6.60% of the company's stock.

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.