On May 22, 2023, Aegis Financial Corp made a bold move by acquiring a new investment position in Tidewater Inc. The offshore marine support and transportation services company has been garnering attention from investors for its impressive capabilities and specialized services such as pipe and cable laying. As of the latest filing with the Securities and Exchange Commission (SEC), Aegis Financial Corp now owns 128,646 shares of Tidewater’s stock, amounting to $4,741,000.
This acquisition is significant as it attaches Tidewater to Aegis Financial Corp’s portfolio as the seventh biggest holding. It also represents 4.2% of the very same portfolio. With this move, Aegis Financial Corp is showing confidence in Tidewater Inc’s growth potential. Keeping in mind that Tidewater constitutes merely 0.28% of the company’s SEC filing.
It is worth noting that Tidewater offers vital offshore marine support and transportation services to the energy industry, including towing mobile offshore drilling units, transporting essential supplies and personnel needed for drilling activities, offshore construction work over production activities as well as seismic and subsea support. Moreover, their diverse array of specialized services includes performing geotechnical surveys for wind farm constructions and offering various cable laying services.
Interestingly enough, StockNews.com issued a hold rating on Tidewater’s stock just last Thursday after assuming coverage. This can be understood as an update indicating whether investors should sell or hold onto their existing stocks at present market conditions.
Aegis Financial Corp’s strategic decision to invest heavily in such a company reinforces their commitment to identifying valuable opportunities for investment growth in today’s markets. This investment shows faith in both Tidewater Inc’s potential contribution toward improving industries’ sustainability through advancing seafaring technology while heralding new opportunities for economic development globally.
Overall, it will be intriguing to see how this new position ultimately plays out between both companies moving forward.
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Tidewater Inc. Gains Attention from Institutional Investors and Hedge Funds with Rising Stock Shares
Tidewater Inc. has been making headlines among institutional investors and hedge funds with the notable increase in its stock shares being bought and sold in recent months. Price T Rowe Associates Inc. MD led the pack, having boosted its position in Tidewater by 6.6% during the third quarter alone, owning 8,078,871 shares worth $175,313,000 as of last fall. Other big names like BlackRock and Dimensional Fund Advisors LP also raised their stakes by 8.4% and 13.6%, respectively.
Despite this trend, some individual investors have not been left behind either since Director Robert Robotti recently purchased 27,000 shares at an average cost of $39.64 per share amounting to a total transaction of $1,070,280.00.
Tidewater primarily specializes in providing offshore marine support and transportation services to the offshore energy industry covering towing for mobile offshore drilling units, transporting supplies and personnel necessary to sustain drilling activities as well as pipe and cable laying services among others.
The stock market has been true to form with Tidewater’s stock currently trading up at around $44.86 amid low trading volumes except for Friday’s peak activity where over 176k shares were exchanged compared to an average volume of about 748k.
Tidewater has a debt-to-equity ratio of just 0.19 indicating that its financial standing is robust since it generates revenue from offering specialized services such as seismic support for wind farm construction and subsea support among many other variations where costs run high, enabling them to maintain their market cap of over $2 billion which is impressive considering they reported earnings of only $0.30 per share on revenue worth $186.75 million for their Q4 ending February 2023.
The current ratios are also positive with a rate of about two whilst upcoming quarters present significant investment opportunities according to insiders since only 1.15% of the company’s stock is owned by them.
In conclusion, Tidewater continues to attract institutional investors and hedge funds alike with its rising stock shares bought and sold over recent months. The offshore marine support provider has a solid financial position going into upcoming quarters. The Director’s recent purchase also signals a positive outlook for this company which could lead to increased profits in the near future.
