Tidewater Inc. $TDW Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its holdings in Tidewater Inc. (NYSE:TDW) by 47.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 906 shares of the oil and gas company’s stock after selling 805 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tidewater were worth $38,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TDW. LPL Financial LLC boosted its holdings in Tidewater by 23.2% in the fourth quarter. LPL Financial LLC now owns 6,944 shares of the oil and gas company’s stock valued at $380,000 after purchasing an additional 1,309 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Tidewater in the fourth quarter valued at approximately $4,347,000. Mariner LLC boosted its holdings in Tidewater by 152.8% in the fourth quarter. Mariner LLC now owns 22,864 shares of the oil and gas company’s stock valued at $1,251,000 after purchasing an additional 13,820 shares in the last quarter. Guggenheim Capital LLC boosted its holdings in Tidewater by 15.1% in the fourth quarter. Guggenheim Capital LLC now owns 10,556 shares of the oil and gas company’s stock valued at $578,000 after purchasing an additional 1,381 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Tidewater by 66.3% in the fourth quarter. NewEdge Advisors LLC now owns 10,439 shares of the oil and gas company’s stock valued at $571,000 after purchasing an additional 4,161 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on TDW. Zacks Research raised Tidewater from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 13th. BTIG Research cut Tidewater from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Evercore ISI boosted their price objective on Tidewater from $60.00 to $67.00 and gave the company an “in-line” rating in a research note on Wednesday, August 6th. Finally, Raymond James Financial reduced their price objective on Tidewater from $76.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.00.

Tidewater Price Performance

Shares of NYSE TDW opened at $60.80 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.11 and a quick ratio of 2.04. The stock has a fifty day moving average price of $51.27 and a 200 day moving average price of $45.37. Tidewater Inc. has a 1-year low of $31.17 and a 1-year high of $91.40. The company has a market cap of $3.01 billion, a PE ratio of 15.75 and a beta of 1.08.

Tidewater (NYSE:TDW) last issued its quarterly earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share for the quarter, topping 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 firm had revenue of $341.43 million during the quarter, compared to the consensus estimate of $317.28 million. During the same period last year, the company earned $0.94 earnings per share. The company’s revenue for the quarter was up .6% on a year-over-year basis. Tidewater has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Tidewater Inc. will post 3.25 EPS for the current year.

Tidewater declared that its board has initiated a stock buyback program 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 buy up to 21.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Tidewater

In related news, Director Robert Robotti purchased 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 4th. The stock was purchased 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 $93,979,941.85. This trade represents a 0.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Daniel A. Hudson sold 10,000 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $57.56, for a total value of $575,600.00. Following the sale, the executive vice president directly owned 75,986 shares of the company’s stock, valued at approximately $4,373,754.16. This represents a 11.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 25,560 shares of company stock valued at $1,074,858. Corporate insiders own 6.60% of the company’s stock.

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.