Tidewater Inc. $TDW Shares Bought by Victory Capital Management Inc.

Key Points

• Victory Capital Management boosted its stake in Tidewater by 319.1% in Q3, acquiring an additional 230,706 shares to hold 303,015 shares (about 0.61% of the company) valued at ~$16.16 million.
• Tidewater posted a strong quarter with $4.41 EPS versus a $0.77 consensus and revenue of $336.8M (slightly above estimates), leaving the company with a market cap of $3.81B and a trailing P/E of ~11.5.
• Insiders have sold 52,656 shares over the last 90 days (≈$4.08M), while institutional investors own roughly 95.13% of the stock and insiders hold about 6.6%.

Victory Capital Management Inc. increased its holdings in Tidewater Inc. (NYSE:TDW - Free Report) by 319.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 303,015 shares of the oil and gas company's stock after acquiring an additional 230,706 shares during the quarter. Victory Capital Management Inc. owned approximately 0.61% of Tidewater worth $16,160,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Royce & Associates LP boosted its stake in shares of Tidewater by 71.6% during the 3rd quarter. Royce & Associates LP now owns 15,076 shares of the oil and gas company's stock valued at $804,000 after buying an additional 6,292 shares during the last quarter. American Century Companies Inc. raised its holdings in Tidewater by 74.2% in the third quarter. American Century Companies Inc. now owns 969,392 shares of the oil and gas company's stock valued at $51,698,000 after acquiring an additional 412,911 shares in the last quarter. Xponance Inc. bought a new position in Tidewater during the 3rd quarter valued at $205,000. Fox Run Management L.L.C. acquired a new position in Tidewater during the 3rd quarter worth $540,000. Finally, Dakota Wealth Management grew its holdings in Tidewater by 25.5% during the 3rd quarter. Dakota Wealth Management now owns 23,058 shares of the oil and gas company's stock worth $1,230,000 after acquiring an additional 4,679 shares in the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Tidewater Price Performance

TDW opened at $76.87 on Wednesday. The company has a quick ratio of 2.78, a current ratio of 2.90 and a debt-to-equity ratio of 0.48. The company's 50-day moving average price is $66.19 and its 200 day moving average price is $58.48. Tidewater Inc. has a fifty-two week low of $31.17 and a fifty-two week high of $88.99. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of 11.51 and a beta of 0.57.

Tidewater (NYSE:TDW - Get Free Report) last posted its earnings results on Monday, March 2nd. The oil and gas company reported $4.41 EPS for the quarter, beating the consensus estimate of $0.77 by $3.64. The company had revenue of $336.80 million during the quarter, compared to analyst estimates of $329.39 million. Tidewater had a return on equity of 12.34% and a net margin of 24.74%.The business's revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.70 earnings per share. As a group, sell-side analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TDW. Dawson James restated an "outperform" rating on shares of Tidewater in a research note on Tuesday, March 3rd. Zacks Research raised Tidewater from a "strong sell" rating to a "hold" rating in a report on Monday, January 12th. Evercore reduced their target price on Tidewater from $67.00 to $65.00 and set an "in-line" rating on the stock in a report on Wednesday, November 12th. Raymond James Financial set a $117.00 target price on Tidewater in a research report on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Tidewater in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $91.00.

Insiders Place Their Bets

In related news, EVP Daniel A. Hudson sold 15,000 shares of the company's stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $77.50, for a total transaction of $1,162,500.00. Following the completion of the transaction, the executive vice president directly owned 50,986 shares in the company, valued at $3,951,415. This represents a 22.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Samuel R. Rubio sold 22,461 shares of the firm's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $80.05, for a total value of $1,798,003.05. Following the completion of the sale, the executive vice president owned 60,066 shares in the company, valued at $4,808,283.30. The trade was a 27.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 52,656 shares of company stock valued at $4,079,112. 6.60% of the stock is owned by company insiders.

Tidewater Company Profile

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company's fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.

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