CreativeOne Wealth LLC Takes Position in Tidewater Inc. (NYSE:TDW)

CreativeOne Wealth LLC bought a new position in shares of Tidewater Inc. (NYSE:TDW) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,889 shares of the oil and gas company’s stock, valued at approximately $542,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cynosure Group LLC acquired a new stake in shares of Tidewater during the first quarter worth $349,000. Vanguard Group Inc. raised its position in Tidewater by 25.7% during the first quarter. Vanguard Group Inc. now owns 4,814,738 shares of the oil and gas company’s stock valued at $442,956,000 after buying an additional 985,398 shares during the period. Anthracite Investment Company Inc. raised its position in Tidewater by 4.7% during the first quarter. Anthracite Investment Company Inc. now owns 45,000 shares of the oil and gas company’s stock valued at $4,140,000 after buying an additional 2,000 shares during the period. Lord Abbett & CO. LLC acquired a new position in Tidewater during the first quarter valued at $5,658,000. Finally, State Board of Administration of Florida Retirement System raised its position in Tidewater by 24.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 16,871 shares of the oil and gas company’s stock valued at $1,552,000 after buying an additional 3,300 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

Tidewater Stock Performance

NYSE:TDW traded down $1.54 during mid-day trading on Friday, hitting $98.52. 319,008 shares of the company’s stock traded hands, compared to its average volume of 856,294. The firm has a 50 day moving average of $99.08 and a two-hundred day moving average of $88.79. Tidewater Inc. has a 12 month low of $54.53 and a 12 month high of $111.42. The firm has a market capitalization of $5.20 billion, a price-to-earnings ratio of 39.89 and a beta of 1.20. The company has a current ratio of 1.81, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59.

Tidewater (NYSE:TDW) last announced its earnings results on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.40. Tidewater had a return on equity of 16.24% and a net margin of 11.73%. The firm had revenue of $321.20 million during the quarter, compared to the consensus estimate of $312.05 million. During the same quarter in the prior year, the company earned $0.23 EPS. The firm’s revenue for the quarter was up 66.3% compared to the same quarter last year. On average, equities analysts forecast that Tidewater Inc. will post 4.68 earnings per share for the current fiscal year.

Tidewater declared that its board has authorized a stock buyback program on Thursday, May 2nd that allows the company to buyback $18.10 million in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 0.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Separately, BTIG Research upped their target price on Tidewater from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Tidewater has a consensus rating of “Moderate Buy” and an average price target of $102.33.

Insider Buying and Selling at Tidewater

In other Tidewater news, Director Kenneth Traub sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $106.38, for a total value of $2,127,600.00. Following the completion of the transaction, the director now owns 68,802 shares of the company’s stock, valued at approximately $7,319,156.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Tidewater news, Director Darron M. Anderson sold 1,750 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $102.11, for a total value of $178,692.50. Following the transaction, the director now directly owns 41,447 shares in the company, valued at approximately $4,232,153.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kenneth Traub sold 20,000 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $106.38, for a total value of $2,127,600.00. Following the completion of the transaction, the director now owns 68,802 shares in the company, valued at $7,319,156.76. The disclosure for this sale can be found here. Insiders sold a total of 733,926 shares of company stock valued at $78,328,615 in the last quarter. Corporate insiders own 8.33% 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.