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

Several other large investors also recently added to or reduced their stakes in TDW. Northwestern Mutual Wealth Management Co. grew its position in Tidewater by 2,321.4% during 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 during the period. Bogart Wealth LLC purchased a new position in Tidewater during the first quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Tidewater during the first quarter valued at approximately $40,000. Caitong International Asset Management Co. Ltd lifted 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 valued at $42,000 after purchasing an additional 954 shares in the last quarter. Finally, Signaturefd LLC lifted its holdings in Tidewater by 33.3% during the first 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 in the last quarter. 95.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on TDW shares. BTIG Research downgraded shares of Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Zacks Research raised shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. Finally, Evercore ISI boosted their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned 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 target price of $69.00.

Tidewater Stock Down 0.7%

Shares of TDW stock traded down $0.41 during mid-day trading on Tuesday, hitting $58.67. 159,044 shares of the stock traded hands, compared to its average volume of 1,041,307. The stock has a market cap of $2.90 billion, a P/E ratio of 15.20 and a beta of 1.09. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.11 and a quick ratio of 2.04. The stock's fifty day moving average is $54.07 and its two-hundred day moving average is $45.65. Tidewater Inc. has a 52-week low of $31.17 and a 52-week high of $79.43.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $341.43 million during the quarter, compared to analyst estimates of $317.28 million. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. Tidewater's revenue was up .6% on a year-over-year basis. During the same period last year, the firm posted $0.94 EPS. Tidewater has set its FY 2025 guidance at EPS. Equities analysts predict that Tidewater Inc. will post 3.25 EPS for the current year.

Tidewater declared that its Board of Directors has approved a stock buyback plan on Monday, August 4th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 21.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Tidewater

In related news, EVP Daniel A. Hudson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total value of $575,600.00. Following the completion of the transaction, the executive vice president directly owned 75,986 shares of the company's stock, 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 SEC, which is available through this hyperlink. 6.60% of the stock is owned by insiders.

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.