Tidewater Inc. (NYSE:TDW) has reported that Director Darron M. Anderson has sold a total of 2,750 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The transactions, which occurred on May 22 and May 24, resulted in proceeds exceeding $280,000.
The two separate sales were executed at varying prices. On May 22, Anderson sold 1,750 shares at a price of $102.105 each. Two days later, he sold an additional 1,000 shares with prices ranging from $103.855 to $103.9107, averaging to $103.888 per share as reported. The weighted average price reflects the diverse range at which the stock was traded during the multiple transactions.
Following these transactions, Anderson's holdings in Tidewater stock have decreased, yet he still retains 40,447 shares, indicating a continued vested interest in the company's performance. The precise distribution of shares sold at each price point within the range has not been disclosed in the SEC filing, but the reporting person has agreed to provide full transaction details if requested by the SEC staff, the issuer, or a security holder of the issuer.
Tidewater Inc., headquartered in Houston, Texas, operates in the water transportation industry, providing offshore service vessels and marine support services. The company's stock trades under the ticker symbol TDW on the New York Stock Exchange.
Investors often monitor insider transactions as they may provide insights into the executives' perspectives on the company's current valuation and future prospects.
InvestingPro Insights
Tidewater Inc. (NYSE:TDW) has been navigating market waters with notable performance metrics, which may offer additional context to the recent insider trading activity. According to the latest data from InvestingPro, Tidewater boasts a significant year-over-year revenue growth of 54.82% as of Q1 2023, underscoring the company's robust top-line expansion. Furthermore, the firm has demonstrated a strong return on assets, standing at 7.73% for the same period, indicating efficient use of its assets to generate earnings.
InvestingPro Tips highlight that Tidewater is trading at a high earnings multiple, with a P/E ratio of 39.97 and an adjusted P/E ratio for the last twelve months as of Q1 2023 at 45.06. This suggests that investors are willing to pay a premium for the company's earnings potential. Moreover, the company's stock has experienced a large price uptick over the last six months, with a 76.85% total return, reflecting investor optimism. Tidewater's strong performance is further evidenced by a 109.8% one-year price total return, which may align with the confidence suggested by Director Anderson's retention of a significant portion of his holdings despite the recent sales.
For those looking to dive deeper into Tidewater's financials and performance metrics, InvestingPro offers a suite of additional tips that can provide a more detailed analysis. With the use of coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a total of 14 InvestingPro Tips for Tidewater Inc., including insights on profitability, debt levels, and valuation multiples.
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