Hsbc Holdings PLC Decreases Stock Holdings in Tidewater Inc. $TDW

Key Points

• Hsbc Holdings PLC has reduced its stake in Tidewater Inc. by 23.1%, selling 126,193 shares and now owns 421,281 shares valued at approximately $18.1 million.
• Tidewater's stock buyback plan was authorized for up to $500 million, allowing the company to repurchase 21.3% of its outstanding shares, indicating a belief in undervaluation.
• Following Tidewater's recent earnings report, which surpassed expectations, analysts have set a consensus rating of "Moderate Buy" with an average price target of $69.

Hsbc Holdings PLC lessened its stake in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 23.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 421,281 shares of the oil and gas company's stock after selling 126,193 shares during the period. Hsbc Holdings PLC owned about 0.85% of Tidewater worth $18,102,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Value Holdings Management CO. LLC raised its stake in shares of Tidewater by 63.7% during the first quarter. Value Holdings Management CO. LLC now owns 53,200 shares of the oil and gas company's stock valued at $2,249,000 after acquiring an additional 20,700 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Tidewater by 271.7% during the first quarter. Raymond James Financial Inc. now owns 295,337 shares of the oil and gas company's stock valued at $12,484,000 after buying an additional 215,891 shares during the period. American Century Companies Inc. increased its holdings in Tidewater by 198.9% during the first quarter. American Century Companies Inc. now owns 142,027 shares of the oil and gas company's stock valued at $6,003,000 after buying an additional 94,504 shares during the period. Fox Run Management L.L.C. purchased a new position in Tidewater during the first quarter valued at approximately $287,000. Finally, Moerus Capital Management LLC purchased a new position in Tidewater during the first quarter valued at approximately $4,321,000. Institutional investors own 95.13% of the company's stock.

Tidewater Price Performance

Shares of Tidewater stock traded down $0.74 during trading hours on Thursday, reaching $59.98. The stock had a trading volume of 273,986 shares, compared to its average volume of 1,058,173. The firm has a market capitalization of $2.97 billion, a PE ratio of 15.55 and a beta of 1.08. The stock's 50 day moving average is $52.04 and its 200 day moving average is $45.48. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 0.47. Tidewater Inc. has a twelve month low of $31.17 and a twelve month high of $90.49.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings data 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 net margin of 14.62% and a return on equity of 16.74%. The company had revenue of $341.43 million during the quarter, compared to analysts' expectations of $317.28 million. During the same quarter in the prior year, the company earned $0.94 EPS. Tidewater's revenue was up .6% compared to the same quarter last year. Tidewater has set its FY 2025 guidance at EPS. Equities analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

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

Insider Activity

In other Tidewater news, Director Robert Robotti purchased 15,000 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was bought at an average price of $42.05 per share, with a total value of $630,750.00. Following the transaction, the director directly owned 2,234,957 shares of the company's stock, valued at approximately $93,979,941.85. This represents a 0.68% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Daniel A. Hudson sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total transaction of $575,600.00. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders acquired a total of 25,560 shares of company stock worth $1,074,858 over the last quarter. 6.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

TDW has been the topic of several research reports. Raymond James Financial cut their price objective on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. BTIG Research lowered shares of Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Evercore ISI lifted their price target on shares of Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a report on Wednesday, August 6th. Finally, Zacks Research raised shares of Tidewater from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $69.00.

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.