Tidewater Inc. $TDW is Pilgrim Global Advisors LLC's 4th Largest Position

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 reduced its holdings in Tidewater Inc. (NYSE:TDW - Free Report) by 1.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 621,623 shares of the oil and gas company's stock after selling 11,435 shares during the period. Tidewater comprises 5.0% of Pilgrim Global Advisors LLC's holdings, making the stock its 4th biggest position. Pilgrim Global Advisors LLC owned about 1.26% of Tidewater worth $26,276,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its holdings in Tidewater by 2,321.4% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 678 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 650 shares during the last quarter. Bogart Wealth LLC purchased a new stake in Tidewater during the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Tidewater during the first quarter worth $40,000. Caitong International Asset Management Co. Ltd boosted 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 worth $42,000 after buying an additional 954 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in shares of Tidewater by 33.3% during the 1st quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock worth $48,000 after acquiring an additional 282 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Tidewater Stock Performance

Shares of Tidewater stock opened at $60.27 on Friday. Tidewater Inc. has a one year low of $31.17 and a one year high of $90.49. 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 business's 50 day moving average price is $52.58 and its 200 day moving average price is $45.50. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 15.61 and a beta of 1.08.

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, 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 firm had revenue of $341.43 million for the quarter, compared to analyst estimates of $317.28 million. During the same quarter in the previous year, the company earned $0.94 EPS. The business's revenue for the quarter was up .6% compared to the same quarter last year. Tidewater has set its FY 2025 guidance at EPS. On average, research analysts predict that Tidewater Inc. will post 3.25 EPS for the current year.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Zacks Research raised shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. BTIG Research downgraded Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Raymond James Financial decreased their target price on Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Finally, Evercore ISI increased their target price on Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a research report on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.00.

Insider Buying and Selling

In related news, EVP Daniel A. Hudson sold 10,000 shares of the business's 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 sale, the executive vice president owned 75,986 shares in the company, valued at approximately $4,373,754.16. The trade was a 11.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert Robotti acquired 15,000 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was purchased at an average price of $42.05 per share, for a total transaction of $630,750.00. Following the acquisition, the director directly owned 2,234,957 shares in the company, valued at approximately $93,979,941.85. This trade represents a 0.68% increase in their position. The disclosure for this purchase can be found here. 6.60% of the stock is owned by insiders.

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.

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