Tidewater Inc. $TDW Shares Sold by Vanguard Group Inc.

Key Points

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Vanguard Group Inc. trimmed its holdings in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 2.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,345,632 shares of the oil and gas company's stock after selling 140,654 shares during the period. Vanguard Group Inc. owned 10.51% of Tidewater worth $225,960,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Signaturefd LLC boosted 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 purchasing an additional 282 shares during the period. Illinois Municipal Retirement Fund boosted its position in Tidewater by 1.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 27,448 shares of the oil and gas company's stock worth $1,160,000 after purchasing an additional 405 shares during the period. Tower Research Capital LLC TRC boosted its position in Tidewater by 13.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,154 shares of the oil and gas company's stock worth $227,000 after purchasing an additional 479 shares during the period. Spire Wealth Management lifted its holdings in Tidewater by 14.3% in the 1st quarter. Spire Wealth Management now owns 3,983 shares of the oil and gas company's stock worth $168,000 after buying an additional 498 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in Tidewater by 12.9% in the 4th quarter. Bank of Montreal Can now owns 5,313 shares of the oil and gas company's stock worth $291,000 after buying an additional 608 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. BTIG Research lowered shares of Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Evercore ISI boosted their price objective 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 cut their price objective on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Finally, Zacks Research upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.00.

Insider Activity

In other Tidewater news, Director Robert Robotti acquired 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, for a total transaction of $630,750.00. Following the completion of the purchase, the director directly owned 2,234,957 shares in the company, valued at $93,979,941.85. The trade was a 0.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Daniel A. Hudson sold 10,000 shares of the stock in a transaction dated 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 owned 75,986 shares in the company, valued at approximately $4,373,754.16. This trade represents a 11.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 25,560 shares of company stock worth $1,074,858. 6.60% of the stock is owned by company insiders.

Tidewater Stock Up 4.9%

Tidewater stock traded up $2.85 during midday trading on Friday, hitting $60.80. The stock had a trading volume of 1,250,514 shares, compared to its average volume of 1,046,882. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 0.47. The stock has a market cap of $3.01 billion, a P/E ratio of 15.75 and a beta of 1.08. Tidewater Inc. has a 12 month low of $31.17 and a 12 month high of $91.40. The business has a fifty day moving average price of $51.27 and a 200 day moving average price of $45.30.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The oil and gas company reported $1.23 earnings per share 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 return on equity of 16.74% and a net margin of 14.62%.Tidewater's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company earned $0.94 earnings per share. Tidewater has set its FY 2025 guidance at EPS. Research analysts predict that Tidewater Inc. will post 3.25 EPS for the current year.

Tidewater announced that its board has authorized a stock repurchase program on Monday, August 4th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the oil and gas company to buy up to 21.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Tidewater 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.