Tidewater Inc. $TDW is Third Avenue Management LLC's Largest Position

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Third Avenue Management LLC raised its position in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 37.6% during 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 period. Tidewater makes up about 6.9% of Third Avenue Management LLC's investment portfolio, making the stock its largest position. Third Avenue Management LLC owned 1.64% of Tidewater worth $34,207,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Bogart Wealth LLC bought a new position in shares of Tidewater in the first quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Tidewater in the first quarter worth about $40,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Tidewater by 2,510.5% in 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 purchasing an additional 954 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Tidewater by 33.3% in the first quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock worth $48,000 after purchasing an additional 282 shares during the last quarter. Finally, Covestor Ltd grew its holdings in shares of Tidewater by 14.1% in the first quarter. Covestor Ltd now owns 2,075 shares of the oil and gas company's stock worth $88,000 after purchasing an additional 256 shares during the last quarter. Institutional investors own 95.13% of the company's stock.

Tidewater Stock Up 4.9%

Tidewater stock traded up $2.85 during midday trading on Friday, hitting $60.80. 1,250,514 shares of the company's stock were exchanged, compared to its average volume of 1,091,007. Tidewater Inc. has a 12 month low of $31.17 and a 12 month high of $91.40. 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 debt-to-equity ratio of 0.47, a quick ratio of 2.04 and a current ratio of 2.11. The firm has a 50-day moving average of $51.27 and a two-hundred day moving average of $45.24.

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

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

Insider Activity at Tidewater

In other Tidewater news, EVP Daniel A. Hudson sold 10,000 shares of Tidewater 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 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert Robotti acquired 15,000 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were acquired at an average price of $42.05 per share, with a total value of $630,750.00. Following the completion of the purchase, the director 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. Insiders purchased a total of 25,560 shares of company stock valued at $1,074,858 over the last ninety days. 6.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on TDW. Evercore ISI upped 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. Raymond James Financial dropped their target price 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 cut shares of Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Finally, Zacks Research upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 13th. One 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 has an average rating of "Moderate Buy" and a consensus price target 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.