Tidewater (NYSE:TDW) Upgraded to "Hold" at Fearnley Fonds

Key Points

• Tidewater has been upgraded to a "hold" rating by Fearnley Fonds, while other analysts have varied their ratings, resulting in a consensus rating of "Moderate Buy" with an average target price of $69.00.
• The company announced a share buyback plan allowing it to repurchase $500 million worth of its outstanding shares, indicating management's belief that the stock is undervalued.
• Tidewater reported strong quarterly earnings, with an EPS of $1.23, significantly beating analyst expectations and showing year-over-year revenue growth of 0.6%.

Fearnley Fonds upgraded shares of Tidewater (NYSE:TDW - Free Report) to a hold rating in a research note released on Tuesday, September 16th,Zacks.com reports.

Several other equities analysts have also recently issued reports on TDW. Evercore ISI boosted their price target on shares of Tidewater from $60.00 to $67.00 and gave the company an "in-line" rating in a research report on Wednesday, August 6th. Zacks Research raised shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 13th. 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 four have assigned a Hold rating to the company. Based on data from MarketBeat, Tidewater currently has an average rating of "Moderate Buy" and a consensus price target of $69.00.

Tidewater Price Performance

NYSE TDW traded up $2.40 on Tuesday, hitting $57.07. 186,761 shares of the company's stock were exchanged, compared to its average volume of 1,021,305. The stock has a 50-day moving average of $55.65 and a 200-day moving average of $46.56. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 14.76 and a beta of 1.09. 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 has a 52 week low of $31.17 and a 52 week high of $79.43.

Tidewater (NYSE:TDW - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The oil and gas company reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates 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 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 prior year, the business posted $0.94 earnings per share. Tidewater has set its FY 2025 guidance at EPS. Analysts expect that Tidewater will post 3.25 earnings per share for the current year.

Tidewater announced that its Board of Directors has approved a stock buyback program on Monday, August 4th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the oil and gas company to repurchase up to 21.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Tidewater news, EVP Daniel A. Hudson sold 10,000 shares of Tidewater 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 owned 75,986 shares of the company's stock, valued at $4,373,754.16. The trade was a 11.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tidewater

A number of institutional investors have recently made changes to their positions in TDW. Northwestern Mutual Wealth Management Co. increased its stake in Tidewater by 2,321.4% during the first 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 period. Bogart Wealth LLC acquired a new stake in shares of Tidewater during the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Tidewater during the first quarter worth $40,000. Parkside Financial Bank & Trust increased its position in shares of Tidewater by 4,245.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 869 shares of the oil and gas company's stock valued at $40,000 after buying an additional 849 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of 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 buying an additional 954 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

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.