Voya Investment Management LLC Sells 5,333 Shares of Tidewater Inc. $TDW

Key Points

• Voya Investment Management LLC reduced its stake in Tidewater Inc. by 28.8%, selling 5,333 shares and leaving it with 13,166 shares worth approximately $557,000.
• Tidewater reported earnings of $1.23 per share for the last quarter, significantly exceeding analysts' expectations of $0.28, with revenue of $341.43 million.
• The company has authorized a $500 million stock repurchase plan, allowing it to reacquire up to 21.3% of its stock, indicating management's belief that the stock is undervalued.

Voya Investment Management LLC cut its stake in Tidewater Inc. (NYSE:TDW - Free Report) by 28.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,166 shares of the oil and gas company's stock after selling 5,333 shares during the period. Voya Investment Management LLC's holdings in Tidewater were worth $557,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of TDW. Northwestern Mutual Wealth Management Co. boosted its holdings in Tidewater by 2,321.4% in 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 purchasing an additional 650 shares during the period. Bogart Wealth LLC bought a new stake in Tidewater in the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Tidewater in the 1st quarter valued at $40,000. Caitong International Asset Management Co. Ltd boosted its holdings in 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 period. Finally, Signaturefd LLC boosted its holdings in Tidewater by 33.3% in the 1st quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock valued at $48,000 after purchasing an additional 282 shares during the period. 95.13% of the stock is owned by institutional investors.

Tidewater Trading Down 1.6%

Shares of Tidewater stock opened at $57.59 on Friday. The stock has a market capitalization of $2.85 billion, a P/E ratio of 14.92 and a beta of 1.09. The company has a quick ratio of 2.04, a current ratio of 2.11 and a debt-to-equity ratio of 0.47. The company has a 50-day simple moving average of $56.37 and a 200 day simple moving average of $46.92. Tidewater Inc. has a 12-month low of $31.17 and a 12-month high of $74.57.

Tidewater (NYSE:TDW - Get Free Report) last announced its earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.95. The business had revenue of $341.43 million during the quarter, compared to analysts' expectations of $317.28 million. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The firm's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the company posted $0.94 EPS. Tidewater has set its FY 2025 guidance at EPS. Research analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TDW shares. Evercore ISI increased their price objective on shares of Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a research note on Wednesday, August 6th. Zacks Research upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. BTIG Research cut shares of Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Finally, Fearnley Fonds upgraded shares of Tidewater to a "hold" rating in a research note on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $69.00.

Insider Activity

In other Tidewater news, EVP Daniel A. Hudson sold 10,000 shares of the stock in a transaction dated Tuesday, August 5th. The shares were 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 of the company's stock, valued at $4,373,754.16. This represents a 11.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.60% of the stock is owned by company insiders.

Tidewater Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.