Tidewater Inc. $TDW Stake Raised by Valueworks LLC

Key Points

• Valueworks LLC increased its stake in Tidewater Inc. by 30%, owning 319,620 shares valued at approximately $13.5 million, making Tidewater its 7th largest holding.
• Several institutional investors have also significantly increased their positions, with Northwestern Mutual Wealth Management Co. raising their stake by 2,321.4%.
• Tidewater announced a stock buyback program, authorizing $500 million to repurchase up to 21.3% of its outstanding shares, indicating management's belief in the stock's undervaluation.

Valueworks LLC boosted its position in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 30.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 319,620 shares of the oil and gas company's stock after buying an additional 73,729 shares during the period. Tidewater makes up about 5.1% of Valueworks LLC's portfolio, making the stock its 7th biggest holding. Valueworks LLC owned about 0.65% of Tidewater worth $13,510,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its position in shares of Tidewater by 2,321.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 678 shares of the oil and gas company's stock valued at $29,000 after acquiring an additional 650 shares during the last quarter. Bogart Wealth LLC purchased a new stake in Tidewater during the first quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Tidewater during the first quarter valued at $40,000. Caitong International Asset Management Co. Ltd lifted its position 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 during the last quarter. Finally, Signaturefd LLC grew 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 worth $48,000 after buying an additional 282 shares in the last quarter. Institutional investors own 95.13% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on TDW shares. BTIG Research cut shares of Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Zacks Research upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. Raymond James Financial dropped their target price on Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Finally, Evercore ISI boosted their target price on Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a research report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $69.00.

Insider Activity

In related news, EVP Daniel A. Hudson sold 10,000 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total value of $575,600.00. Following the transaction, the executive vice president 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert Robotti purchased 15,000 shares of Tidewater stock in a transaction that occurred on Wednesday, June 4th. The stock was bought at an average cost of $42.05 per share, for a total transaction of $630,750.00. Following the purchase, the director directly owned 2,234,957 shares in the company, valued at $93,979,941.85. This trade represents a 0.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 25,560 shares of company stock valued at $1,074,858 in the last 90 days. Company insiders own 6.60% of the company's stock.

Tidewater Price Performance

Tidewater stock opened at $60.80 on Friday. The firm has a 50-day moving average price of $51.27 and a 200-day moving average price of $45.37. The firm has a market capitalization of $3.01 billion, a PE ratio of 15.75 and a beta of 1.08. 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 $91.40.

Tidewater (NYSE:TDW - Get Free Report) last released its earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share (EPS) for the quarter, topping 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%. The business's revenue was up .6% on a year-over-year basis. During the same quarter last year, the business earned $0.94 EPS. Tidewater has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Tidewater Inc. will post 3.25 EPS for the current year.

Tidewater declared that its board has approved a stock buyback program 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 reacquire up to 21.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is 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.

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