Townsquare Capital LLC Invests $484,000 in Tidewater Inc. $TDW

Key Points

• Townsquare Capital LLC acquired a new position in Tidewater Inc. by purchasing 11,449 shares valued at approximately $484,000 during the first quarter.
• Tidewater recently reported $1.23 EPS for the quarter, significantly exceeding analysts' expectations of $0.28, with revenue of $341.43 million.
• The company initiated a $500 million share repurchase program, allowing it to repurchase up to 21.3% of its outstanding shares, indicating management's belief that the stock may be undervalued.

Townsquare Capital LLC bought a new position in Tidewater Inc. (NYSE:TDW - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 11,449 shares of the oil and gas company's stock, valued at approximately $484,000.

Other institutional investors also recently modified their holdings of the company. Bogart Wealth LLC bought a new position in shares of Tidewater in the first quarter worth about $30,000. Signaturefd LLC raised its stake in shares of Tidewater by 33.3% in the first quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock worth $48,000 after acquiring an additional 282 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Tidewater by 477.5% in the first quarter. GAMMA Investing LLC now owns 2,668 shares of the oil and gas company's stock worth $113,000 after acquiring an additional 2,206 shares during the last quarter. Spire Wealth Management raised 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 worth $168,000 after acquiring an additional 498 shares during the last quarter. Finally, Allegheny Financial Group bought a new position in shares of Tidewater in the fourth quarter worth about $211,000. 95.13% of the stock is owned by institutional investors.

Tidewater Trading Up 3.4%

NYSE:TDW traded up $1.90 during trading hours on Thursday, hitting $57.81. The stock had a trading volume of 522,713 shares, compared to its average volume of 1,056,213. Tidewater Inc. has a one year low of $31.17 and a one year high of $91.40. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.04 and a current ratio of 2.11. The company has a market cap of $2.86 billion, a price-to-earnings ratio of 14.98 and a beta of 1.08. The business's 50 day moving average is $51.02 and its 200-day moving average is $45.33.

Tidewater (NYSE:TDW - Get Free Report) last issued its earnings results 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. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The firm had revenue of $341.43 million during the quarter, compared to the consensus estimate of $317.28 million. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The business's quarterly revenue was up .6% on a year-over-year basis. Tidewater has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater announced that its Board of Directors has initiated a stock buyback program on Monday, August 4th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the oil and gas company to buy up to 21.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Tidewater

In related news, Director Robert Robotti acquired 15,000 shares of the stock in a transaction dated Wednesday, June 4th. The stock was bought at an average price of $42.05 per share, with a total value of $630,750.00. Following the completion of the transaction, the director directly owned 2,234,957 shares of the company's stock, valued at approximately $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 can be accessed through the SEC website. Also, EVP Daniel A. Hudson sold 10,000 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $57.56, for a total transaction of $575,600.00. Following the sale, the executive vice president directly owned 75,986 shares of the company's stock, valued at $4,373,754.16. This represents a 11.63% decrease in their position. The disclosure for this sale can be found here. Insiders acquired 25,560 shares of company stock valued at $1,074,858 in the last ninety days. Insiders own 6.60% of the company's stock.

Wall Street Analyst Weigh In

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

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.