Tidewater Inc. $TDW is Third Avenue Management LLC’s Largest Position

Third Avenue Management LLC boosted its stake in Tidewater Inc. (NYSE:TDW) by 37.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 809,258 shares of the oil and gas company’s stock after acquiring an additional 221,079 shares during the quarter. Tidewater comprises about 6.9% of Third Avenue Management LLC’s holdings, making the stock its largest holding. Third Avenue Management LLC owned approximately 1.64% of Tidewater worth $34,207,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Van Lanschot Kempen Investment Management N.V. purchased a new position in Tidewater in the 1st quarter worth approximately $358,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Tidewater in the 1st quarter worth approximately $40,000. Value Holdings Management CO. LLC boosted its holdings in Tidewater by 63.7% in the 1st quarter. Value Holdings Management CO. LLC now owns 53,200 shares of the oil and gas company’s stock worth $2,249,000 after acquiring an additional 20,700 shares during the period. Raymond James Financial Inc. boosted its holdings in Tidewater by 271.7% in the 1st quarter. Raymond James Financial Inc. now owns 295,337 shares of the oil and gas company’s stock worth $12,484,000 after acquiring an additional 215,891 shares during the period. Finally, American Century Companies Inc. raised its position in shares of Tidewater by 198.9% in the 1st quarter. American Century Companies Inc. now owns 142,027 shares of the oil and gas company’s stock valued at $6,003,000 after purchasing an additional 94,504 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Daniel A. Hudson sold 10,000 shares of Tidewater stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total value 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 approximately $4,373,754.16. The trade was a 11.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Robotti purchased 15,000 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The stock was acquired at an average cost of $42.05 per share, with a total value of $630,750.00. Following the completion of the acquisition, the director directly owned 2,234,957 shares in the company, valued at approximately $93,979,941.85. This trade represents a 0.68% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 25,560 shares of company stock worth $1,074,858 over the last three months. 6.60% of the stock is owned by corporate insiders.

Tidewater Stock Performance

Shares of TDW opened at $58.45 on Tuesday. The business’s 50 day moving average is $50.49 and its two-hundred day moving average is $45.13. Tidewater Inc. has a 52-week low of $31.17 and a 52-week high of $91.40. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 15.14 and a beta of 1.08. The company has a quick ratio of 2.04, a current ratio of 2.11 and a debt-to-equity ratio of 0.47.

Tidewater (NYSE:TDW) last posted its quarterly earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.95. Tidewater had a return on equity of 16.74% and a net margin of 14.62%. The business had revenue of $341.43 million for the quarter, compared to analyst estimates of $317.28 million. During the same period in the prior year, the company posted $0.94 EPS. The business’s revenue was up .6% compared to the same quarter last year. Analysts forecast that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater declared that its board has approved a stock buyback plan on Monday, August 4th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the oil and gas company to repurchase up to 21.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

TDW has been the topic of a number of recent analyst reports. Raymond James Financial cut their target price on Tidewater from $76.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. BTIG Research lowered Tidewater from a “buy” rating to a “neutral” rating in a research report on Monday, July 14th. Finally, Evercore ISI upped their target price on Tidewater from $60.00 to $67.00 and gave the company an “in-line” rating in a research report on Wednesday, August 6th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $69.00.

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.