Tidewater Inc. $TDW Shares Acquired by Comerica Bank

Key Points

• Comerica Bank increased its stake in Tidewater Inc. by 18.6% in the first quarter, owning approximately 0.07% of the company valued at $1,534,000.
• Tidewater reported $1.23 earnings per share for the last quarter, significantly beating analyst expectations, with revenue of $341.43 million.
• The company has announced a $500 million share repurchase program, allowing it to buy back up to 21.3% of its stock, indicating management believes the stock is undervalued.

Comerica Bank grew its holdings in Tidewater Inc. (NYSE:TDW - Free Report) by 18.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,301 shares of the oil and gas company's stock after purchasing an additional 5,694 shares during the period. Comerica Bank owned approximately 0.07% of Tidewater worth $1,534,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Covestor Ltd lifted its stake in shares of 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. Signaturefd LLC lifted its stake in shares of 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. Illinois Municipal Retirement Fund lifted its stake in shares of Tidewater by 1.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 27,448 shares of the oil and gas company's stock valued at $1,160,000 after purchasing an additional 405 shares during the last quarter. Spire Wealth Management grew its stake in shares of Tidewater by 14.3% in the first quarter. Spire Wealth Management now owns 3,983 shares of the oil and gas company's stock valued at $168,000 after buying an additional 498 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of 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 buying an additional 650 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

Tidewater Stock Down 4.1%

Shares of NYSE TDW opened at $56.36 on Thursday. The stock has a market cap of $2.79 billion, a P/E ratio of 14.60 and a beta of 1.09. 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 12-month low of $31.17 and a 12-month high of $81.31. The business's fifty day simple moving average is $53.39 and its 200-day simple moving average is $45.64.

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. The business had revenue of $341.43 million for 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%.The company's revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the firm earned $0.94 earnings per share. Tidewater has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater declared that its Board of Directors has approved a share repurchase program on Monday, August 4th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the oil and gas company to buy up to 21.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TDW shares. Zacks Research raised Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. BTIG Research cut Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Raymond James Financial dropped their price objective on Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Finally, Evercore ISI lifted their price objective on Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a research note on Wednesday, August 6th. One investment 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $69.00.

Insider Activity at Tidewater

In related news, EVP Daniel A. Hudson sold 10,000 shares of the business's stock in a transaction 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 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 6.60% of the company's stock.

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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