HOUSTON—Quintin Kneen, the Director, President, and CEO of Tidewater Inc. (NYSE:TDW), recently acquired a significant number of shares in the company. According to a filing with the Securities and Exchange Commission, Kneen purchased 41,615 shares of common stock on December 13. The shares were bought at a weighted average price of $48.0577, amounting to a total value of approximately $1.99 million. This insider purchase comes as InvestingPro analysis indicates the stock is trading near its 52-week low, with a perfect Piotroski Score of 9 suggesting strong financial health.
This acquisition increases Kneen's direct ownership to 176,239 shares. The transaction was executed in multiple trades at prices ranging from $47.565 to $48.35. As part of the disclosure, Kneen has committed to providing detailed information about the transaction upon request from the SEC, the issuer, or any security holder of the issuer. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 2.29, while current analysis suggests the stock is undervalued. Discover more insights and 10+ additional ProTips with an InvestingPro subscription.
In other recent news, Tidewater Inc. reported strong third-quarter financial results, surpassing expectations with a net income of $46.4 million and revenue totaling $340.4 million. The company's robust free cash flow reached $67 million for the quarter, accumulating nearly $224 million year-to-date. Despite operational challenges, Tidewater has continued its share repurchase program and plans strategic investments in its fleet. However, increased idle time, drydocking, and project startup delays led to a cut in the fourth-quarter guidance for 2024. In response, Raymond (NS:RYMD) James downgraded Tidewater's stock from a 'Strong Buy' to 'Outperform' status, revising its price target down to $102.00. Despite the downgrade, the firm remains optimistic about the offshore support vessel market's long-term prospects. These are recent developments as Tidewater continues to navigate the evolving market.
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