Sun, June 16, 2024

Tidewater Inc. Shares Sold For £2.67M

Quick Look:

  • Louis Raspino sold 25,666 shares of Tidewater Inc on June 10, 2024, totalling £2,674,121.
  • Recent activity includes six purchases and 15 sales, indicating mixed confidence.
  • On the transaction date, the stock price was £104.19, with a high P/E ratio of 42.01.
  • Q1 2024 revenue growth of 54.82% year-over-year, with a gross margin of 52%.

On June 10, 2024, Louis Raspino, a director at Tidewater Inc (NYSE), sold 25,666 company shares. The shares were sold for £104.19 each, amounting to a total transaction value of £2,674,121. Following this sale, Raspino holds 43,832 shares in Tidewater Inc. This transaction has been duly reported in an SEC filing, adhering to regulatory requirements.

Recent insider trading activity at Tidewater Inc. reveals a noticeable trend, with six purchases and 15 sales recorded. This activity can often provide investors with insights into the confidence levels of those most familiar with the company’s operations.

Tidewater Inc. Market Cap at £5.59 Billion

On the date of Raspino’s transaction, the stock price of Tidewater Inc stood at £104.19. The company’s market capitalisation stands at £5.59 billion, with a price-to-earnings (P/E) ratio 42.01. This is significantly higher than the industry median P/E ratio of 11.315. The stock’s GuruFocus Value (GF Value) is calculated at £62.72, resulting in a price-to-GF Value ratio of 1.66, indicating that the stock might be overvalued compared to its intrinsic value.

On June 6, 2024, Tidewater Inc. saw an insider acquisition involving 1,323 shares. This acquisition was a Restricted Stock Unit (RSU) Award, with a vesting date set for June 6, 2025, contingent upon the recipient’s continued service on the board of directors.

Raspino Donates 3,000 Shares to Charity

In a truly philanthropic manner, Louis Raspino donated 3,000 shares of Tidewater Inc. to a charitable donor-advised fund on June 10, 2024. This donation underscores the company’s commitment to corporate social responsibility and community support.

Tidewater Inc.’s recent financial performance has been robust. Besides, the company exceeded earnings expectations in the first quarter of 2024, with revenue projections ranging from £1.4 billion to £1.45 billion. This represents a remarkable 54.82% year-over-year growth and a 66.32% quarterly increase. The company reported a gross margin of 52%, indicating strong profitability.

Average Day Rate Rises to £31,000

The current blended average day rate for Tidewater Inc. stands at £31,000, an increase from the high £20,000s in previous assessments. This improvement in day rates is observed across key regions such as South America and West Africa. Moreover, the company’s liquidity position is sound, with liquid assets comfortably exceeding short-term obligations, strengthening its financial stability and operational flexibility.

BTIG, a notable investment firm, has recently updated its rating for Tidewater Inc. to “Buy” and raised the price target from £110 to £130. This positive outlook is a testament to the company’s strong financial health and growth prospects.

High P/E Ratio Balanced by Strong Liquidity

While Tidewater Inc.’s high P/E ratio warrants caution, its robust liquidity position reassures investors. As indicated by investing tips, the company’s valuation suggests that despite the high valuation multiples, the financial underpinnings remain solid.

As reflected in recent insider transactions and market evaluations, Tidewater Inc. continues demonstrating strong financial performance and positive growth metrics. While the high P/E ratio suggests caution, the company’s robust liquidity and improving operational metrics indicate a favourable outlook. Investors should consider these factors, alongside recent analyst ratings, to make informed decisions regarding their investments in Tidewater Inc.

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