Tidewater Inc. $TDW Shares Bought by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. grew its stake in Tidewater Inc. (NYSE:TDW) by 124.3% during the 2nd quarter, Holdings Channel reports. The firm owned 13,488 shares of the oil and gas company’s stock after purchasing an additional 7,474 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Tidewater were worth $622,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Nuveen LLC acquired a new stake in shares of Tidewater in the first quarter valued at about $5,642,000. GAMMA Investing LLC grew its position in shares of Tidewater by 477.5% in the first quarter. GAMMA Investing LLC now owns 2,668 shares of the oil and gas company’s stock valued at $113,000 after purchasing an additional 2,206 shares during the period. Principal Financial Group Inc. grew its position in shares of Tidewater by 2.8% in the first quarter. Principal Financial Group Inc. now owns 283,950 shares of the oil and gas company’s stock valued at $12,003,000 after purchasing an additional 7,837 shares during the period. Farther Finance Advisors LLC grew its position in shares of Tidewater by 94,555.6% in the first quarter. Farther Finance Advisors LLC now owns 8,519 shares of the oil and gas company’s stock valued at $366,000 after purchasing an additional 8,510 shares during the period. Finally, Spire Wealth Management grew its position in shares of Tidewater by 14.3% in the first quarter. Spire Wealth Management now owns 3,983 shares of the oil and gas company’s stock valued at $168,000 after purchasing an additional 498 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

TDW has been the topic of several research analyst reports. BTIG Research lowered shares of Tidewater from a “buy” rating to a “neutral” rating in a research report on Monday, July 14th. Evercore ISI lifted their target price 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. Finally, Zacks Research upgraded shares of Tidewater from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.00.

Insider Buying and Selling

In other Tidewater 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 transaction of $575,600.00. Following the transaction, the executive vice president directly owned 75,986 shares of the company’s stock, valued at $4,373,754.16. The trade was a 11.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 6.60% of the stock is owned by company insiders.

Tidewater Stock Performance

TDW opened at $59.26 on Monday. The firm has a market capitalization of $2.93 billion, a PE ratio of 15.35 and a beta of 1.09. Tidewater Inc. has a twelve month low of $31.17 and a twelve month high of $79.43. The firm’s 50-day moving average price is $54.99 and its 200 day moving average price is $45.94. 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 (NYSE:TDW) last issued its earnings results on Monday, August 4th. The oil and gas company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.95. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The company had revenue of $341.43 million for the quarter, compared to the consensus estimate of $317.28 million. During the same period in the previous year, the firm earned $0.94 earnings per share. Tidewater’s quarterly revenue was up .6% compared to the same quarter last year. Tidewater has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater announced that its board has initiated a share repurchase plan on Monday, August 4th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes 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 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.