Robert Robotti, a director at Tidewater Inc. (NYSE:TDW), has acquired 2,067 shares of the company's common stock, according to a recent SEC filing. The shares were purchased at an average price of $48.26, totaling approximately $99,758. The purchase comes as the stock trades at an attractive 14.5x earnings multiple, with InvestingPro analysis indicating the company is currently undervalued. Following this transaction, Robotti's total indirect ownership stands at 2,181,340 shares. The shares are held through various entities, including Robotti & Company Advisors, LLC, and The Ravenswood Investment Company, among others.
In other recent news, Tidewater Inc. reported strong Q3 financial results, surpassing expectations with a net income of $46.4 million and revenue of $340.4 million. The company's robust free cash flow reached $67 million for the quarter, totaling nearly $224 million year-to-date. Despite operational challenges, including increased idle time and drydocking, Tidewater continues its share repurchase program and plans for strategic investments in its fleet.
Raymond (NS:RYMD) James recently downgraded Tidewater's stock rating from 'Strong Buy' to 'Outperform' following the company's lowered guidance for 4Q24. The firm adjusted its price target down to $102.00 from the previous $131.00. Despite the downgrade, Raymond James remains optimistic about the long-term prospects in the offshore support vessel (OSV) market.
These recent developments indicate that Tidewater is navigating through operational hurdles while maintaining a strong financial performance. The company anticipates a stronger market in the latter half of 2025, focusing on newer, higher-specification vessels. Investors and market watchers will be looking ahead to Tidewater's future guidance for clearer indications of the company's trajectory in the evolving OSV market.
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