Robert Robotti, a director at Tidewater Inc. (NYSE:TDW), recently purchased 1,770 shares of the company’s common stock, valued at approximately $72,476. The shares were acquired at a price of $40.95 each. The timing is notable as the stock trades near its 52-week low of $38.65, with InvestingPro analysis indicating the company is currently undervalued. The $2.06 billion market cap company boasts a perfect Piotroski Score of 9, suggesting strong financial health. Following this transaction, Robotti now holds a total of 2,183,670 shares, which includes shares indirectly owned through various entities and personal connections.
According to the filing, Robotti’s holdings include shares beneficially owned by advisory clients of Robotti & Company Advisors, LLC, The Ravenswood Investment Company, LP, Ravenswood Investments III, L.P., the Suzanne and Robert Robotti Foundation, Inc., and his wife, Suzanne Robotti. While Robotti is considered to have beneficial ownership under certain regulatory definitions, he disclaims ownership of the reported securities except to the extent of his pecuniary interest.
In other recent news, Tidewater Inc. reported its fourth-quarter 2024 earnings, which showed a notable miss on earnings per share (EPS) expectations. The company posted an EPS of $0.70, falling short of the projected $0.94. However, Tidewater’s revenue for the quarter exceeded forecasts, coming in at $345.1 million compared to the anticipated $341.67 million. For the full year, Tidewater achieved a revenue of $1.35 billion, marking a 33% increase from the previous year, alongside a near doubling of net income to $180.7 million.
The company also reported an adjusted EBITDA of $559.6 million for 2024, up from $386.7 million in 2023, highlighting its strong financial performance. Despite these achievements, Tidewater anticipates muted offshore drilling activity in 2025, which may impact future performance. In terms of analyst activity, Raymond James and BTIG analysts questioned Tidewater’s approach to debt market conditions and the company’s strategy for capital allocation. Tidewater’s CEO, Quentin Neen, emphasized the company’s commitment to returning capital to shareholders, having repurchased $91 million worth of shares in 2024.
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