Third Avenue Management LLC Purchases 221,079 Shares of Tidewater Inc. $TDW

Key Points

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Third Avenue Management LLC raised its position in Tidewater Inc. (NYSE:TDW - Free Report) by 37.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 809,258 shares of the oil and gas company's stock after acquiring an additional 221,079 shares during the quarter. Tidewater makes up about 6.9% of Third Avenue Management LLC's holdings, making the stock its biggest holding. Third Avenue Management LLC owned about 1.64% of Tidewater worth $34,207,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Bogart Wealth LLC purchased a new stake in shares of Tidewater during the 1st quarter worth approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Tidewater during the 1st quarter worth approximately $40,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Tidewater by 2,510.5% during the 1st 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 during the last quarter. Signaturefd LLC raised its position in Tidewater by 33.3% in the 1st 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 last quarter. Finally, Covestor Ltd raised its position in Tidewater by 14.1% in the 1st 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 last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Insider Transactions at Tidewater

In other Tidewater news, Director Robert Robotti acquired 15,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were purchased at an average cost of $42.05 per share, with a total value of $630,750.00. Following the purchase, the director 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 purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Daniel A. Hudson sold 10,000 shares of the stock in a transaction dated 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 sale, the executive vice president directly owned 75,986 shares in the company, valued at approximately $4,373,754.16. The trade was a 11.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders purchased 25,560 shares of company stock worth $1,074,858. 6.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

TDW has been the subject of several research reports. Zacks Research upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. Evercore ISI upped their price target 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 downgraded shares of Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Finally, Raymond James Financial cut their price objective on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $69.00.

Tidewater Price Performance

Shares of NYSE:TDW traded up $2.85 during trading on Friday, hitting $60.80. 1,250,514 shares of the stock were exchanged, compared to its average volume of 1,070,531. The company has a market cap of $3.01 billion, a PE ratio of 15.75 and a beta of 1.08. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 0.47. The company has a fifty day moving average price of $51.02 and a two-hundred day moving average price of $45.33. Tidewater Inc. has a 12-month low of $31.17 and a 12-month high of $91.40.

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

Tidewater announced that its board has initiated a stock buyback program 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 programs are often a sign that the company's board of directors believes its shares are undervalued.

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.