Robert Robotti, a director at Tidewater Inc. (NYSE:TDW), has recently acquired a substantial number of shares in the company. According to a recent filing, Robotti purchased a total of 21,147 shares of Tidewater's common stock. The transactions took place on December 13 and December 16, with purchase prices ranging from $47.4719 to $47.6996 per share, notably near the 52-week low of $46.50. The total value of these acquisitions amounts to approximately $1,005,872. The timing is particularly interesting as InvestingPro analysis indicates the stock is currently undervalued.
Following these transactions, Robotti's indirect ownership of Tidewater shares increased to 2,179,273 shares. The purchases reflect Robotti's ongoing confidence in the company's prospects, supported by Tidewater's perfect Piotroski Score of 9 and "GREAT" financial health rating. As a director, Robotti's investment activity is closely monitored by investors, providing insights into insider sentiment at Tidewater Inc. For deeper insights into TDW's valuation and financial metrics, including 10+ additional ProTips, check out the comprehensive research available on InvestingPro.
In other recent news, Tidewater Inc. experienced significant developments. The offshore service vessels provider reported strong financial results for the third quarter of 2024, surpassing expectations. The company's revenue saw an increase due to improved day rates, generating a robust free cash flow of $67 million for the quarter, totaling nearly $224 million year-to-date. Despite increased operating costs, Tidewater's net income for Q3 was reported at $46.4 million, with revenue at $340.4 million.
In addition to these financial results, Tidewater has been the subject of an analyst downgrade. Raymond (NS:RYMD) James adjusted its stance on the company, downgrading the stock from a 'Strong Buy' to 'Outperform' status. This action follows Tidewater's recent operational challenges, which contributed to a lowered guidance for the fourth quarter of 2024.
Despite these challenges, Tidewater continues to plan for strategic investments in its fleet, having already repurchased $48 million in shares year-to-date. The company also updated its full-year revenue guidance to $1.33 billion to $1.35 billion, with an expected gross margin of 48%. These are among the recent developments for Tidewater as it navigates the evolving offshore support vessel market.
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