Philadelphia Trust Co. Lowers Position in Tidewater Inc. $TDW

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. lowered its stake in Tidewater Inc. (NYSE:TDW - Free Report) by 22.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 83,267 shares of the oil and gas company's stock after selling 24,524 shares during the period. Philadelphia Trust Co. owned 0.17% of Tidewater worth $3,520,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in TDW. Bogart Wealth LLC bought a new stake in Tidewater during the first quarter valued at about $30,000. Caitong International Asset Management Co. Ltd grew its holdings in Tidewater by 2,510.5% during the first quarter. Caitong International Asset Management Co. Ltd now owns 992 shares of the oil and gas company's stock valued at $42,000 after purchasing an additional 954 shares during the period. Signaturefd LLC grew its holdings in Tidewater by 33.3% during the first quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock valued at $48,000 after purchasing an additional 282 shares during the period. Covestor Ltd grew its holdings in Tidewater by 14.1% during the first quarter. Covestor Ltd now owns 2,075 shares of the oil and gas company's stock valued at $88,000 after purchasing an additional 256 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Tidewater by 477.5% during the first quarter. GAMMA Investing LLC now owns 2,668 shares of the oil and gas company's stock valued at $113,000 after purchasing an additional 2,206 shares during the period. Hedge funds and other institutional investors own 95.13% of the company's stock.

Tidewater Trading Up 1.9%

TDW traded up $1.06 on Thursday, hitting $56.97. The company had a trading volume of 154,944 shares, compared to its average volume of 1,066,971. The company has a market cap of $2.82 billion, a PE ratio of 14.76 and a beta of 1.08. Tidewater Inc. has a 12-month low of $31.17 and a 12-month 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 business's fifty day simple moving average is $50.83 and its 200 day simple moving average is $45.29.

Tidewater (NYSE:TDW - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The oil and gas company reported $1.23 EPS for the quarter, topping the consensus estimate of $0.28 by $0.95. The company had revenue of $341.43 million during the quarter, compared to analyst estimates of $317.28 million. Tidewater had a return on equity of 16.74% and a net margin of 14.62%.The firm's revenue was up .6% on a year-over-year basis. During the same quarter last year, the business posted $0.94 earnings per share. Tidewater has set its FY 2025 guidance at EPS. Equities research analysts expect that Tidewater Inc. will post 3.25 EPS for the current year.

Tidewater declared that its Board of Directors has approved a stock repurchase 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 reacquire up to 21.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Zacks Research raised Tidewater from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 13th. Raymond James Financial cut 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. Evercore ISI increased 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. Finally, BTIG Research lowered Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. 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, the company has a consensus rating of "Moderate Buy" and an average target price of $69.00.

Insider Buying and Selling at Tidewater

In other news, EVP Daniel A. Hudson sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were 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 approximately $4,373,754.16. This represents a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert Robotti acquired 15,000 shares of the stock in a transaction on 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 completion of the transaction, the director owned 2,234,957 shares in the company, valued at $93,979,941.85. This trade represents a 0.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 25,560 shares of company stock valued at $1,074,858. Corporate 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.