Wittenberg Investment Management Inc. Has $1.32 Million Position in Tidewater Inc. (NYSE:TDW)

Key Points

• Wittenberg Investment Management Inc. increased its position in Tidewater Inc. by 45.2%, owning 31,152 shares worth approximately $1.32 million after adding 9,700 shares during the first quarter.
• Several hedge funds, including CenterBook Partners LP and Aegis Financial Corp, significantly boosted their stakes in Tidewater, with institutional investors owning 95.13% of the company's stock.
• In its latest earnings report, Tidewater announced a net margin of 14.62% and initiated a $500 million stock buyback program, indicating that its leadership believes the shares are undervalued.

Wittenberg Investment Management Inc. boosted its holdings in Tidewater Inc. (NYSE:TDW - Free Report) by 45.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,152 shares of the oil and gas company's stock after buying an additional 9,700 shares during the period. Tidewater makes up about 0.6% of Wittenberg Investment Management Inc.'s investment portfolio, making the stock its 28th biggest position. Wittenberg Investment Management Inc. owned approximately 0.06% of Tidewater worth $1,317,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. CenterBook Partners LP lifted its holdings in Tidewater by 1,608.0% during the first quarter. CenterBook Partners LP now owns 124,361 shares of the oil and gas company's stock worth $5,257,000 after acquiring an additional 117,080 shares in the last quarter. Aegis Financial Corp acquired a new stake in Tidewater during the 1st quarter worth approximately $8,527,000. XTX Topco Ltd lifted its stake in Tidewater by 223.7% in the first quarter. XTX Topco Ltd now owns 16,730 shares of the oil and gas company's stock valued at $707,000 after buying an additional 11,562 shares in the last quarter. De Lisle Partners LLP boosted its holdings in shares of Tidewater by 15.1% in the first quarter. De Lisle Partners LLP now owns 123,773 shares of the oil and gas company's stock valued at $5,234,000 after buying an additional 16,200 shares during the period. Finally, Cetera Investment Advisers acquired a new position in shares of Tidewater in the first quarter valued at approximately $325,000. Institutional investors own 95.13% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on TDW. 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 research report on Wednesday, May 7th. Evercore ISI lifted their price objective on shares of Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a report on Wednesday. Finally, BTIG Research lowered shares of Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, Tidewater currently has a consensus rating of "Hold" and an average price target of $69.00.

Tidewater Trading Down 2.4%

Shares of TDW stock opened at $61.69 on Thursday. Tidewater Inc. has a 12-month low of $31.17 and a 12-month high of $91.40. The firm has a 50 day moving average price of $48.22 and a two-hundred day moving average price of $45.20. The company has a quick ratio of 2.00, a current ratio of 2.11 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $3.05 billion, a PE ratio of 15.98 and a beta of 1.08.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $341.43 million during the quarter, compared to the consensus estimate of $317.28 million. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The company's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the business earned $0.94 earnings per share. As a group, analysts predict that Tidewater Inc. will post 3.25 earnings per share for the current year.

Tidewater declared 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 repurchase up to 21.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In other Tidewater news, Director Robert Robotti bought 15,000 shares of the firm's stock in a transaction 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 transaction, the director directly owned 2,234,957 shares in the company, valued at approximately $93,979,941.85. The trade was a 0.68% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 completion of the transaction, the executive vice president directly 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 disclosure for this sale can be found here. Insiders purchased 25,560 shares of company stock worth $1,074,858 over the last ninety days. 8.33% of the stock is currently owned by 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.

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