Robotti Robert Cuts Holdings in Tidewater Inc. (NYSE:TDW)

Robotti Robert lessened its holdings in shares of Tidewater Inc. (NYSE:TDW) by 11.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,427,304 shares of the oil and gas company’s stock after selling 424,910 shares during the quarter. Tidewater makes up 42.8% of Robotti Robert’s portfolio, making the stock its biggest position. Robotti Robert owned 6.50% of Tidewater worth $315,312,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Boston Partners boosted its position in shares of Tidewater by 32,536.3% during the fourth quarter. Boston Partners now owns 2,080,236 shares of the oil and gas company’s stock valued at $149,928,000 after purchasing an additional 2,073,862 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Tidewater by 37.9% during the 3rd quarter. Vanguard Group Inc. now owns 3,798,600 shares of the oil and gas company’s stock valued at $269,967,000 after buying an additional 1,043,804 shares in the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. purchased a new stake in shares of Tidewater in the 1st quarter worth about $34,898,000. Cerity Partners LLC bought a new position in shares of Tidewater in the 4th quarter worth about $25,322,000. Finally, Senator Investment Group LP grew its holdings in Tidewater by 46.4% in the first quarter. Senator Investment Group LP now owns 363,414 shares of the oil and gas company’s stock worth $33,434,000 after purchasing an additional 115,233 shares during the period. Institutional investors own 95.13% of the company’s stock.

Tidewater Stock Performance

NYSE:TDW traded down $2.45 on Monday, hitting $95.86. The stock had a trading volume of 495,021 shares, compared to its average volume of 855,963. The business’s 50-day simple moving average is $98.71 and its two-hundred day simple moving average is $89.54. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of 38.19 and a beta of 1.20. Tidewater Inc. has a 52-week low of $54.53 and a 52-week high of $111.42. The company has a quick ratio of 1.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.

Tidewater (NYSE:TDW) last posted its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.40. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. The company had revenue of $321.20 million for the quarter, compared to the consensus estimate of $312.05 million. During the same quarter last year, the firm posted $0.23 earnings per share. The firm’s revenue was up 66.3% compared to the same quarter last year. As a group, research analysts predict that Tidewater Inc. will post 4.68 earnings per share for the current year.

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

Insider Activity

In other Tidewater news, Director Darron M. Anderson sold 1,000 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $103.89, for a total transaction of $103,890.00. Following the completion of the sale, the director now owns 40,447 shares of the company’s stock, valued at $4,202,038.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tidewater news, Director Darron M. Anderson sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $103.89, for a total transaction of $103,890.00. Following the sale, the director now owns 40,447 shares in the company, valued at approximately $4,202,038.83. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Samuel R. Rubio sold 24,396 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $107.39, for a total transaction of $2,619,886.44. Following the completion of the transaction, the chief financial officer now owns 64,527 shares of the company’s stock, valued at $6,929,554.53. 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 90 days. Company insiders own 8.33% of the company’s stock.

Analysts Set New Price Targets

Separately, BTIG Research boosted their price target 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tidewater has a consensus rating of “Moderate Buy” and an average target price of $102.33.

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.