Wellington Management Group LLP Decreases Stake in Tidewater Inc. $TDW

Key Points

• Wellington Management Group LLP sold 140,117 shares of Tidewater Inc., reducing its stake by 47.3% in the first quarter, leaving it with 156,396 shares valued at approximately $6,611,000.
• Tidewater reported a strong quarterly earnings performance, with earnings per share of $1.23, significantly exceeding analyst estimates, and a revenue of $341.43 million, reflecting a year-over-year increase.
• The company has authorized a $500 million share buyback program, allowing it to repurchase up to 21.3% of its stock, signaling confidence in its valuation from the board's perspective.

Wellington Management Group LLP trimmed its position in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 47.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 156,396 shares of the oil and gas company's stock after selling 140,117 shares during the quarter. Wellington Management Group LLP owned about 0.32% of Tidewater worth $6,611,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bogart Wealth LLC purchased a new position in shares of Tidewater in the 1st quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd raised its position in shares of Tidewater by 2,510.5% in the 1st 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 during the last quarter. Signaturefd LLC raised its position in Tidewater by 33.3% during the 1st quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock worth $48,000 after buying an additional 282 shares during the last quarter. Covestor Ltd raised its position in Tidewater by 14.1% during the 1st quarter. Covestor Ltd now owns 2,075 shares of the oil and gas company's stock worth $88,000 after buying an additional 256 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Tidewater by 477.5% during the 1st quarter. GAMMA Investing LLC now owns 2,668 shares of the oil and gas company's stock worth $113,000 after buying an additional 2,206 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Robert Robotti purchased 15,000 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were purchased at an average price of $42.05 per share, with a total value of $630,750.00. Following the purchase, the director owned 2,234,957 shares of the company's stock, valued at $93,979,941.85. The trade was a 0.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Daniel A. Hudson sold 10,000 shares of Tidewater 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 sale, the executive vice president directly owned 75,986 shares in the company, valued at $4,373,754.16. This represents a 11.63% decrease in their position. The disclosure for this sale can be found here. 6.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Evercore ISI raised their price target on shares of Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research report on Wednesday, August 6th. Raymond James Financial reduced their price target 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. Zacks Research raised shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. Finally, BTIG Research lowered shares of Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.00.

Tidewater Stock Performance

Shares of NYSE TDW traded up $0.19 during midday trading on Friday, reaching $60.27. 443,842 shares of the stock were exchanged, compared to its average volume of 1,012,745. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 15.61 and a beta of 1.09. Tidewater Inc. has a twelve month low of $31.17 and a twelve month high of $90.49. The firm has a 50-day simple moving average of $52.58 and a two-hundred day simple moving average of $45.43. The company has a quick ratio of 2.04, a current ratio of 2.11 and a debt-to-equity ratio of 0.47.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.95. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The firm had revenue of $341.43 million for the quarter, compared to analysts' expectations of $317.28 million. During the same quarter last year, the company earned $0.94 EPS. The firm's revenue for the quarter was up .6% compared to the same quarter last year. Tidewater has set its FY 2025 guidance at EPS. As a group, analysts anticipate that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater announced that its board has initiated a share repurchase plan on Monday, August 4th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 21.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

About Tidewater

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.