Pilgrim Global Advisors LLC Lowers Stock Holdings in Tidewater Inc. $TDW

Key Points

• Pilgrim Global Advisors LLC has reduced its holdings in Tidewater Inc. by 1.8%, making it the fund's 4th largest position, valuing approximately $26 million.
• Tidewater reported $1.23 EPS for the last quarter, surpassing estimates and marking an increase in revenue year-over-year, leading to an initiated $500 million share buyback program.
• Hedge funds collectively own 95.13% of Tidewater, with various funds significantly increasing their stakes in the company during the first quarter, reflecting growing investor confidence.

Pilgrim Global Advisors LLC decreased its stake in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 1.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 621,623 shares of the oil and gas company's stock after selling 11,435 shares during the period. Tidewater accounts for about 5.0% of Pilgrim Global Advisors LLC's portfolio, making the stock its 4th largest holding. Pilgrim Global Advisors LLC owned 1.26% of Tidewater worth $26,276,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Tidewater by 69.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,904,826 shares of the oil and gas company's stock valued at $165,058,000 after acquiring an additional 1,598,513 shares during the period. Robotti Robert boosted its position in shares of Tidewater by 8.5% in the first quarter. Robotti Robert now owns 2,856,631 shares of the oil and gas company's stock valued at $120,750,000 after acquiring an additional 223,651 shares during the period. Encompass Capital Advisors LLC boosted its position in shares of Tidewater by 17.7% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,582,328 shares of the oil and gas company's stock valued at $86,569,000 after acquiring an additional 238,170 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Tidewater by 13.2% in the fourth quarter. Ameriprise Financial Inc. now owns 867,875 shares of the oil and gas company's stock valued at $47,473,000 after acquiring an additional 101,159 shares during the period. Finally, Third Avenue Management LLC lifted its position in Tidewater by 37.6% during the first quarter. Third Avenue Management LLC now owns 809,258 shares of the oil and gas company's stock worth $34,207,000 after purchasing an additional 221,079 shares during the period. Institutional investors own 95.13% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on TDW shares. Evercore ISI boosted their target price on shares of Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a research report on Wednesday, August 6th. BTIG Research cut shares of Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Finally, Zacks Research upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. One equities 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's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $69.00.

Insider Activity

In related news, EVP Daniel A. Hudson sold 10,000 shares of the 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. This trade represents a 11.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.60% of the stock is currently owned by corporate insiders.

Tidewater Trading Down 0.0%

NYSE:TDW traded down $0.02 on Friday, reaching $57.18. 368,185 shares of the stock traded hands, compared to its average volume of 1,045,871. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of 14.83 and a beta of 1.09. The company's 50 day moving average is $53.60 and its 200-day moving average is $45.66. 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 1-year low of $31.17 and a 1-year high of $79.43.

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

Tidewater declared that its board has authorized a share 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 purchase up to 21.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors 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.