Tidewater (NYSE:TDW) Azioni

Tidewater

Tidewater Inc provides marine and transportation services to the offshore energy industry. The company's vessels and associated services support all phases of offshore crude oil and natural gas (also referred to as oil and gas) exploration activities, field development, production, and maintenance, as well as windfarm development and maintenance. Its services include towing and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workovers, production activities, field abandonment, dismantlement, and restoration activities; and Others. The group manages its business through five segments including the Americas, Asia Pacific, Middle East, Europe/Mediterranean, and West Africa.

It hardly seems possible that we have already covered six months of 2025. Of course at times it has seemed like 2025 has already lasted a decade.
This week I want to take a look at large C-Suite purchases that happened in the first six months of the year that have not yet delivered the hoped for gains. These stocks are trading at several times below their purchase price and may represent opportunities for patient investors willing to follow management&#8217;s lead.
Petco Health and Wellness Company (Ticker: WOOF) Petco is a category defining health and wellness company focused on improving the lives of pets, pet parents and partners. They operate more than 1,500 pet care centers across the U.S., Mexico, and Puerto Rico. For fiscal 2024, the company reported net revenue of $6.1 billion, down 2.2% year over year, with a net loss of $101.8 million compared to a $1.3 billion loss in 2023. That previous year loss included a $1.2 billion goodwill impairment charge, so the underlying business actually improved significantly.
The business model encompasses retail stores, services, e-commerce, and veterinary care across comprehensive pet wellness categories. Management expects double digit Adjusted EBITDA growth in 2025 and has reaffirmed its fiscal 2025 outlook despite incorporating tariff impacts. The company generated positive free cash flow of $49.7 million in 2024 compared to negative $9.9 million in 2023, demonstrating improved cash generation.
The pet industry&#8217;s defensive characteristics and ongoing premiumization trends support long term growth, though margin pressure from competitive dynamics and supply chain costs remain challenges. The company&#8217;s focus on health and wellness services provides differentiation opportunities.
Back in March CEO Joel Anderson bought $4.7 million worth of stock at around $3 a share. Clearly he is not looking for a few percentage points but is hoping that the stock regains some lost ground and becomes a five bagger or better for patient aggressive investors.
Bruker Corporation (Ticker: BRKR) Bruker drives profitable growth by enabling scientific discoveries and delivering high performance analytical, life science and diagnostic solutions as a market leader in high value analytical technologies. In 2024, Bruker&#8217;s revenue was $3.37 billion, an increase of 13.56% compared to the previous year&#8217;s $2.96 billion. The company holds over 1,200 patents globally and generated approximately $150 million in revenue from licensing in 2023, while allocating around 10% of annual revenue to R&amp;D.
Bruker reported preliminary Q1 2025 revenue of $795 to $800 million, implying approximately 10% year over year growth with low double digit constant currency growth. The company has consistently delivered above market organic revenue growth and double digit constant currency revenue growth, demonstrating the success of its Project Accelerate transformation.
Growth drivers include expansion in life sciences applications, particularly in proteomics and spatial biology, plus strong positioning in semiconductor metrology for AI applications. The company&#8217;s recurring service revenue and installed base provide stability, while innovation investments support premium pricing power.
CEO Frank Laukien has spent over $1.1 million so far this year buying stock in the open market. The stock is trading at about half of the 2024 highs, and it is clear the guy in charge thinks the shares can get back to there and beyond.
Heartland Express (Ticker: HTLD) Heartland Express operates as a short, medium, and long haul truckload carrier and transportation services provider in the United States, Mexico, and Canada. The company reported Q1 2025 operating revenues of $219.4 million compared to $270.3 million in Q1 2024, with a net loss of $13.9 million. For full year 2024, operating revenue was $1.0 billion with a net loss of $29.7 million. As of 2024, Heartland Express operates a fleet of 1,890 tractors and 6,100 trailers with 14 strategic terminal locations.
CEO Mike Gerdin noted a &#8220;positive shift in customer rate and volume negotiations that we expect to strengthen as the year unfolds&#8221; despite ongoing freight market challenges. The global cold chain logistics market is projected to reach $340.3 billion by 2025 with a 9.6% compound annual growth rate, providing opportunities for Heartland&#8217;s specialized refrigerated transportation capabilities.
However, the company faces headwinds from elevated fuel costs, driver shortages, and cyclical freight market weakness. Recovery potential exists as freight markets normalize, and the company&#8217;s operational improvements gain traction.
Gerdin has backed up his optimism with cash as he has spent more than $2.4 million so far buying shares of Heartland this year.
Tidewater (Ticker: TDW) Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide. For 2024, Tidewater reported record revenue of $1.35 billion, up 33% from 2023, with net income of $180.7 million nearly doubling from $97.2 million in 2023. The average day rate increased 26.6% to $21,273 per day with Adjusted EBITDA growing 44.7% to $559.6 million.
Management provided 2025 revenue guidance of $1.32 to $1.38 billion with gross margin guidance of 48% to 50%, expecting similar or slightly better performance than 2024. According to management, &#8220;The offshore vessel supply situation remains favorable, with limited newbuilds on order and no deliveries expected in 2025.&#8221; The supply demand imbalance in offshore vessels supports continued rate improvements. Energy transition investments in offshore wind also present growth opportunities. Key risks include oil price volatility, regulatory changes, and potential new vessel capacity additions.
In December CEO Quintin Kneen spent $2 million buying shares. Noted value investor and board member Robert Robotti has spent over $2 million on stock this year as well.
Amcor (Ticker: AMCR) Amcor develops, produces, and sells packaging products globally, operating in two segments: Flexibles and Rigid Packaging across food and beverage, medical and pharmaceutical, fresh produce, and personal care industries. In fiscal 2024, 41,000 Amcor people generated $13.6 billion in annual sales from operations spanning 212 locations in 40 countries. Net sales of $13.64 billion were 7% lower than the previous year, reflecting approximately 5% lower volumes and unfavorable price/mix impact.
Amcor is committed to 100% recyclable or reusable packaging by 2025, currently at 95.7%, and 30% recycled content by 2030, positioning the company well for sustainability driven demand. The company&#8217;s focus on innovation, sustainability leadership, and customer centricity provides competitive advantages in premiumization trends. Growth drivers include e-commerce packaging demand, healthcare packaging expansion, and sustainable packaging solutions. Challenges include raw material cost volatility, competitive pricing pressure, and economic sensitivity affecting packaging demand.
CEO Peter Konieczny has invested an additional $1 million in Amcor shares so far in 2025 at higher prices.
Arbor Realty Trust (Ticker: ABR) Arbor Realty Trust is a nationwide real estate investment trust and direct lender providing loan origination and servicing for multifamily, single family rental portfolios, and other diverse commercial real estate assets. For 2024, the company reported distributable earnings of $1.74 per share with a return on equity of approximately 14%. The servicing portfolio grew 8% year over year to $33.5 billion. As of Q1 2025, the company&#8217;s loan and investment portfolio averaged $11.39 billion with a weighted average yield of 8.15%.
Management expects distributable earnings of $0.30 to $0.35 per quarter in 2025, down from $0.40 in Q4 2024, reflecting elevated interest rate challenges. The company closed a $1.15 billion repurchase facility with JPMorgan, generating approximately $80 million in additional liquidity. Single family rental business achieved $1.7 billion in new loans in 2024, surpassing previous year production.
Growth potential exists in the expanding single family rental market and eventual interest rate normalization, though near term earnings face pressure from real estate owned repositioning costs and elevated funding costs.
CEO Ivan Kaufman has spent about $2 million buying stock this year and several other officers and directors have also been buying stock in hopes of a multi-bagger rebound.
VF Corporation (Ticker: VFC) VF Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face, Vans, Timberland, and Dickies. The company completed the sale of Supreme brand on October 1, 2024, and used proceeds to pay down its $1 billion term loan. VF operates through a diversified portfolio strategy spanning outdoor recreation, lifestyle footwear, and workwear categories with global reach across multiple distribution channels.
Management noted &#8220;sequential and broad based improvement in year on year trends&#8221; with progress on four Reinvent priorities and tracking toward $300 million savings target by end of fiscal year 2025. The company is implementing transformation program &#8220;Reinvent&#8221; to build new capabilities and leverage its brand portfolio for sustainable profitable growth. Recovery potential exists through brand repositioning, operational efficiency improvements, and market share gains in outdoor/active categories. However, challenges include Vans brand struggles.
CEO Bracken Darell has purchased over $1 million of stock recently and CFO Abhishek Dalmia spent almost $600,000 buying additional shares as well.
The Bottom Line When CEOs and other insiders are putting their own money where their mouth is, it&#8217;s worth paying attention. These seven companies represent different sectors and different challenges, but they all have one thing in common: management believes strongly enough in the turnaround story to risk significant personal capital. Of course, insider buying doesn&#8217;t guarantee success. Management can be wrong about their own companies. But it does provide a useful screen for finding potential opportunities where the people who know the business best are betting on recovery. For patient investors willing to do their homework and accept the risks, these conviction plays may offer the potential for outsized returns as these businesses work through their current challenges.

Opinion

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Alpha Buying: When Leadership Buys, Should You Follow?

Tidewater Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDW#NYSE">TDW</a>) ("Tidewater" or "the Company") today announced that it has commenced a private offering (the "Offering") of $650 million in aggregate principal amount of unsecured senior notes due 2030 (the "2030 Notes"). The Company expects to use the net proceeds from the Offering, together with cash on hand, (i) to repay in full the Company's existing senior secured term loan, (ii) to fund the redemption (the "Redemption") of both the Company's outstanding 8.50% Senior Secured Bonds due 2026 (the "2026 Bonds") and its outstanding 10.375% Senior Unsecured Bonds due 2028 (the "2028 Bonds") and (iii) to pay the premiums, accrued interest, fees and expenses related to the term loan payoff, Redemption and the issuance of the 2030 Notes. The 2030 Notes will be senior unsecured obligations of the Company and will be guaranteed on a senior unsecured basis by certain of the Company's U.S. subsidiaries.

News

Tidewater Commences Private Offering Of $650M In Aggregate Principal Amount Of Unsecured Senior Notes Due 2030

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Shares of energy stocks are trading higher amid a rise in oil prices.

Robert Robotti, Director at Tidewater (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDW#NYSE">TDW</a>), disclosed an insider purchase on June 9, based on a new SEC filing.
What Happened: A Form 4 filing from the <a href="https://www.sec.gov/Archives/edgar/data/0000098222/000110583825000008//Archives/edgar/data/98222/000110583825000008/0001105838-25-000008-index.htm">U.S. Securities and Exchange Commission</a> on Monday showed that Robotti purchased 2,959 shares of Tidewater. The total transaction amounted to $124,958. 
At Tuesday morning, Tidewater shares are down by 0.0%, trading at $45.51.
<h3>Unveiling the Story Behind Tidewater</h3>
Tidewater Inc provides marine and transportation services to the offshore energy industry. The company's vessels and associated services support all phases of offshore crude oil and natural gas (also referred to as oil and gas) exploration activities, field development, production, and maintenance, as well as windfarm development and maintenance. Its services include towing and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workovers, production activities, field abandonment, dismantlement, and restoration activities; and Others. The group manages its business through five segments including the Americas, Asia Pacific, Middle East, Europe/Mediterranean, and West Africa.
<h3>Financial Milestones: Tidewater's Journey</h3>
Revenue Growth: Over the 3 months period, Tidewater showcased positive performance, achieving a revenue growth rate of 3.82% as of 31 March, 2025. This reflects a substantial increase in the company's top-line earnings. When compared to others in the Energy sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Profitability Metrics: Unlocking Value
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Gross Margin: The company maintains a high gross margin of 30.47%, indicating strong cost management and profitability compared to its peers.
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Earnings per Share (EPS): Tidewater's EPS outshines the industry average, indicating a strong bottom-line trend with a current EPS of 0.83.
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Debt Management: Tidewater's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.57.
Exploring Valuation Metrics Landscape:
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Price to Earnings (P/E) Ratio: With a lower-than-average P/E ratio of 13.63, the stock indicates an attractive valuation, potentially presenting a buying opportunity.
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Price to Sales (P/S) Ratio: The current P/S ratio of 1.77 is above industry norms, reflecting an elevated valuation for Tidewater's stock and potential overvaluation based on sales performance.
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EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): With an EV/EBITDA ratio lower than industry averages at 5.48, Tidewater could be considered undervalued.
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Market Capitalization Analysis: Reflecting a smaller scale, the company's market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity.
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<h3>The Relevance of Insider Transactions</h3>
Insightful as they may be, insider transactions should be considered alongside a thorough examination of other investment criteria.
From a legal standpoint, the term "insider" pertains to any officer, director, or beneficial owner holding more than ten percent of a company's equity securities as outlined in Section 12 of the Securities Exchange Act of 1934. This encompasses executives in the c-suite and significant hedge funds. These insiders are mandated to inform the public of their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
A company insider's new purchase is a indicator of their positive anticipation for a rise in the stock.
While insider sells may not necessarily reflect a bearish view and can be motivated by various factors.
<h3>Transaction Codes To Focus On</h3>
Delving into transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> typically prioritize those unfolding in the open market, as precisely outlined in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000098222">Check Out The Full List Of Tidewater's Insider Trades.</a>
Insider Buying Alert: Profit from C-Suite Moves
Benzinga Edge reveals every insider trade in real-time. Don't miss the next big stock move driven by insider confidence. Unlock this ultimate sentiment indicator now. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22in8&amp;adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantage">Click here for access</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insider Trades

Trading Ideas

Eye On Growth: Robert Robotti Adds $124K Of Tidewater Stock To Portfolio

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Shares of energy related stocks are trading higher after President Trump said the U.S won't agree to any uranium enrichment by Iran. Additionally, the commodity could be seeing continued strength after OPEC+ decision to keep output levels unchanged.

It is that time again.
13Fs are beginning to flow into the SEC offices, and the mojo wires are burning up with media types and the Instant Experts of the Internet psychoanalyzing what Warren Buffett, Bill Ackman, and Cathie Wood have been buying and selling.
I do not care what they are doing.
There are millions of eyeballs following every move of the best-known investors, which will leave little opportunity for gaining useful insights or creating an edge.
For the next several days, all the crackerjack-box Nuclear Engineers and global trade experts of Twitter will be experts in the reasons and beliefs that drive Warren and Bill to buy what they bought and sell what they sold.
I would rather follow those investors that are out of the limelight putting up steady returns that crush the markets and avoid the spotlight.
Being one of a small handful of people stealing ideas from a brilliant investor can still create a meaningful edge.
Robotti and Company is a great example of an out-of-the-limelight investment firm that has been quietly beating the market for decades. It is worth the time to go through the quarterly filings and see what gems we can uncover.
The Thundering Herd of the Web will not be in front of you and bid the shares up several points before you can finish your search.
They are not a hot money shop that owns the market darlings of the day and hold stocks for a long time, so most of you reading this will also ignore them.
Very few people active in the markets today will care for Robotti&#8217;s five-year average holding period.
When it comes to finding true value in the markets, few have demonstrated the consistent discipline and unwavering commitment of Bob Robotti. What I&#8217;ve always admired about Robotti&#8217;s approach is that it isn&#8217;t flashy or complicated &#8211; it&#8217;s simply buying good businesses at bargain prices and having the patience to let the market eventually recognize their worth.
Robotti&#8217;s story is a perfect example of how focusing on fundamentals can build a successful investment career. After graduating from Bucknell University and earning his MBA in Accounting from Pace University, he started in public accounting. This might seem like an unlikely beginning for an investment legend, but those accounting skills would become the foundation of his analytical approach.
The turning point in Robotti&#8217;s career came during an audit assignment for Tweedy Browne, where conversations with Joe Reilly Sr. introduced him to value investing principles.
Think about that &#8211; while most young professionals were just trying to get their work done, Robotti was absorbing wisdom from a partner at one of the most respected value shops on Wall Street.
That&#8217;s how real investing education happens.
Before launching his own firm, Robotti cut his teeth as a vice president at Gabelli &amp; Company. Working alongside another value investing legend in Mario Gabelli surely sharpened his skills.
In 1983, Robotti partnered with Dan Eng to launch Robotti &amp; Eng, Inc. Their initial focus was uncovering undervalued opportunities in pink sheet equities.
This wasn&#8217;t glamorous work &#8211; they were digging through the market&#8217;s bargain bin while everyone else was chasing the hot stocks of the day.
The firm eventually evolved into Robotti &amp; Company, expanding their offerings while never abandoning their core value philosophy.
What&#8217;s remarkable about Robotti&#8217;s investment approach is its consistency. For over 40 years, he&#8217;s stuck to the classic Benjamin Graham principles that markets frequently misprice securities. While others chased quarterly estimates and momentum plays, Robotti focused on understanding businesses&#8217; normalized earnings power before the market caught on.
The lesson from Robotti&#8217;s career is straightforward: buy good businesses at bargain prices, focus on the long term, and ignore market noise. While everyone else is chasing the latest fad, deep value investors like Robotti quietly compound wealth year after year.
In a market dominated by AI, crypto, and whatever else CNBC is hyping this week, Robotti&#8217;s patient, disciplined approach is refreshing. Find businesses trading below intrinsic value, understand what the market is missing, and wait. That&#8217;s how real wealth is built in the stock market, and Bob Robotti has proven it for four decades.
Here are the top three largest purchases by Robotti and Company in the first quarter of 2025:
Tidewater Inc. (Ticker: TDW) is the global leader in offshore support vessels, serving the international energy industry with a fleet of workboats that transport crews, equipment, and supplies to offshore drilling platforms and production facilities. The company operates primarily in deepwater and harsh environment markets, with a presence in every major offshore basin, including the U.S. Gulf of Mexico, West Africa, the North Sea, and Southeast Asia.
Following a successful post-bankruptcy restructuring, Tidewater has refocused on disciplined capital allocation, maintaining one of the youngest and most capable fleets in the industry. With improving offshore exploration and production activity, tight vessel supply, and growing demand for high-spec tonnage, Tidewater is positioned to benefit from rising day rates and extended contract durations. The company has low leverage, strong free cash flow generation, and significant operating leverage as vessel utilization recovers, making it a compelling deep-value play for investors with a long-term horizon on offshore energy markets.
Robotti is obviously bullish on the offshore oil and gas business as he also was a buyer of SEACOR Marine Holdings (Ticker: SMHI).
SEACOR is one of those under-the-radar names that&#8217;s quietly critical to keeping the offshore energy world spinning. Based out of Houston, SEACOR runs a global fleet of support vessels—platform supply boats, fast crew movers, and liftboats that haul people, gear, and equipment out to oil rigs and wind installations all over the world. If something&#8217;s happening offshore, there&#8217;s a decent chance a SEACOR boat is nearby helping make it happen.
The business leans heavily into safety, reliability, and increasingly, greener operations. They&#8217;ve got a solid footprint in every major offshore basin, serving big-name oil companies, independents, and even the offshore wind crowd. It&#8217;s a gritty, asset-heavy business, but SEACOR&#8217;s diversified fleet and global reach give it staying power.
Legacy Housing Corporation (Ticker: LEGH) is one of those quietly solid businesses that doesn&#8217;t make a lot of headlines, but it keeps chugging along, making money and filling a real need. Headquartered in Bedford, Texas, Legacy is the fourth-largest manufacturer of mobile and tiny homes in the U.S., with a stronghold across the South.
They&#8217;ve been at it since 2005, and their model is pretty simple. They build affordable homes, sell them through a network of company stores and independent dealers, and offer financing so folks can actually afford them.
What sets Legacy apart is how integrated their business is. They manufacture the homes themselves, finance them, and even sell directly to communities and consumers. That vertical setup keeps margins healthy, and you can see it in the numbers.
While revenue dipped slightly in 2024 to $184 million, net income jumped over 13% to $61.6 million. That&#8217;s thanks to some smart moves on the finance side and keeping expenses under control.
In a world where affordable housing is in short supply and demand just keeps rising, Legacy Housing looks like a business that&#8217;s built to last and to keep throwing off cash along the way.
These three stocks will not be ranked at the top of today&#8217;s social media searches.
They will not get much, if any, airtime on CNBC or Fox Business.
They are, however, solid companies trading at bargain prices that could deliver huge gains over the next several years.

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Alpha Buying: Why Smart Money Is Moving Into Offshore and Affordable Housing

Raymond James analyst James Rollyson maintains Tidewater (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDW#NYSE">TDW</a>) with a Outperform and lowers the price target from $76 to $70.

Price Target

Analyst Ratings

Raymond James Maintains Outperform on Tidewater, Lowers Price Target to $70

Tidewater shares are trading higher following a Q1 EPS and revenue beat.

Tidewater (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDW#NYSE">TDW</a>) affirms FY2025 sales outlook from $1.32 billion-$1.38 billion to $1.32 billion-$1.38 billion vs $1.34 billion estimate.

Guidance

Tidewater Affirms FY2025 Sales Guidance of $1.32B-$1.38B vs $1.34B Est

Tidewater (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDW#NYSE">TDW</a>) reported quarterly earnings of $0.83 per share which beat the analyst consensus estimate of $0.76 by 9.21 percent. This is a 6.74 percent decrease over earnings of $0.89 per share from the same period last year. The company reported quarterly sales of $333.44 million which beat the analyst consensus estimate of $323.60 million by 3.04 percent. This is a 3.82 percent increase over sales of $321.16 million the same period last year.

Earnings

Earnings Beats

Tidewater Q1 EPS $0.83 Beats $0.76 Estimate, Sales $333.44M Beat $323.60M Estimate

Crude prices fell sharply after OPEC+ surprised markets with a bigger-than-expected production hike. This prompted Goldman Sachs to slash its oil price outlook and triggered a selloff <a href="https://www.benzinga.com/topic/energy-stocks-pre-market-movers">in U.S. energy stocks.</a>
In a note shared Monday, Goldman Sachs commodity analyst Daan Struyven said the bank lowered its oil price forecast by $2 to $3, projecting Brent and WTI to average $60 and $56, respectively, for the rest of 2025, and $56 and $52 in 2026. 
"Our key conviction remains that high spare capacity and high recession risk skew the risks to oil prices to the downside despite relatively tight spot fundamentals," Struyven said. 
<h3 class="wp-block-heading">What Prompted The Oil Selloff?</h3>
West Texas Intermediate futures opened at $55.36 per barrel Sunday evening in New York before recovering slightly to $57.10 by early Monday morning.
The drop was fueled by OPEC+'s Saturday decision to increase production by 411,000 barrels per day starting in June, a level in line with Goldman's base-case scenario. 
According to the note, the move likely reflects a combination of low oil inventories due to underproduction in Venezuela and the U.S. shale patch, as well as a push to bring laggard members like Iraq and Kazakhstan back in line with output targets. 
"The new baseline size of production increases is likely 0.41mb/d (million barrels per day)," Goldman said, projecting another similar hike in July.
Reuters reported that five OPEC+ sources suggested additional 411,000 bpd increases in August, September and October could follow if compliance issues persist. Although not confirmed by official OPEC channels, the market appeared to take this guidance seriously.
<h3 class="wp-block-heading">Brent Could Slide To $40 by 2026 In Bearish Scenario</h3>
Goldman models a steep downside scenario if production continues ramping while the economy slows. 
If the 2.2 million barrels per day in cuts are fully reversed through 0.41 mb/d monthly hikes, Brent crude could drop to the high $40s by late 2026 and WTI to the mid-$40s.
In a global recession, Brent could plunge to $40 and WTI to the high $30s.
While this outcome is less likely, Goldman said, the risk profile is skewed toward the downside given ample spare capacity and the possibility of further supply increases.
Despite this bearish tilt, the bank still recommends hedging downside risk using structured options strategies. It maintains a June 2026 Brent three-way position: selling a $75 call to fund a 55/45 put spread.
<h3 class="wp-block-heading">Energy Stocks Drop As Crude Slides</h3>
The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) fell 1.3% Monday as oil stocks responded swiftly to the OPEC+ announcement.
Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) dropped 1.9% and 1.7%, respectively.
APA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APA#NASDAQ">APA</a>), ONEOK, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>), and Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) each fell by about 3%. 
Read now: 
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<li><a href="https://www.benzinga.com/markets/25/05/45184741/forget-the-stock-markets-tariff-turmoil-trumps-next-100-days-could-bring-a-bullish-trifecta-that-rei">Forget The Stock Market&#8217;s Tariff Turmoil. Trump&#8217;s Next 100 Days Could Bring A Bullish Trifecta That Reignites Demand, Expert Says</a></li>
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Goldman Sachs Issues Bearish $40 Oil Forecast As OPEC+ Pumps More: Energy Stocks Sink

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Hims & Hers Health, Inc. Class A Common Stock

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Earnings Scheduled For May 5, 2025

Brent crude prices rose over the $65-per-barrel level on Monday before retreating slightly, supported by changing geopolitical currents and guarded optimism in the equity markets. The rally in Brent crude, triggered by renewed US-Iran diplomacy and a partial lull in trade war hostilities, brought <a href="https://www.benzinga.com/etfs">energy-themed ETFs</a> back into focus, despite lingering concerns about oversupply and weakening global demand.
Also Read: <a href="https://www.benzinga.com/news/guidance/25/04/44763712/bp-sees-mixed-q1-outlook-with-flat-oil-prices-weaker-gas-trading-ahead-of-earnings">BP Sees Mixed Q1 Outlook With Flat Oil Prices, Weaker Gas Trading Ahead Of Earnings</a>
Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)
The broadest energy equity benchmark in the U.S., XLE, <a href="https://www.benzinga.com/topic/oil">picked up steam as oil rose</a>. With heavyweights like ExxonMobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) in its portfolio, the fund reflects crude benchmarks. Its exposure to oil majors with strong dividend yields also makes it a popular bet during periods of geopolitical realignment — such as the Oman negotiations that could remake Gulf oil diplomacy.
iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>)
IEO targets exploration and production companies — the most oil-price-sensitive sub-sector. The slight rebound in Brent, driven by the White House&#8217;s brief reprieve from tariffs on technology products and optimism for resumed Middle East diplomacy, has lent new life to small- and mid-cap E&amp;P stocks. ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) is one of its top holdings. However, the rally might be fleeting, with OPEC lowering its growth and lowering demand projections for oil consumption. Reuters reported that OPEC has lowered its world economic growth forecast this year to 3.0% from 3.1% and cut next year&#8217;s to 3.1% from 3.2%. 
SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>)
Oilfield service companies, like those held in XES, are often the last to reap the benefits of higher prices because of capital spending cycles. The shock OPEC+ cut to accelerate output recovery might trigger upstream activity, indirectly benefiting service providers like Tidewater Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDW#NYSE">TDW</a>) and Transocean Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>), one of this fund&#8217;s top holdings.
A Diplomatic Thaw
The weekend witnessed a thaw in US-Iran<a href="https://finance.yahoo.com/news/oil-steady-trump-tariff-reprieve-223603774.html"> relations as senior officials</a> from both countries held talks in Oman — the first senior-level meeting since 2022. While information is still limited, the tone of the conversation was said to be &#8220;constructive,&#8221; hinting at a possible blueprint to restart stalled talks on Tehran&#8217;s nuclear program. The two sides committed to another meeting, injecting new optimism into a region long influenced by volatility and oil market instability.
Though a long-term deal is far from certain, even the potential for diplomatic breakthrough has moderated concerns about supply disruptions in the Strait of Hormuz — a critical chokepoint for global oil flows. Meanwhile, it also raised questions about whether Iranian crude oil might return to the market in significant quantities, making an already tenuous supply-demand balance even more complicated.
The Bigger Picture
The oil price rally, though propelled by newsworthy catalysts such as tariff delays and diplomatic talks, is confronted with structural headwinds. Nevertheless, ETF investors seem to be content to ride the volatility, particularly with equities mounting a parallel rebound and safe-haven assets lagging.
Investors are now focusing keenly on rig count trends and Q2 CapEx releases to assess the real-world effect of the Brent bounce. According to recent data by the Energy Information Administration, Baker Hughes found that for the week ending April 1, the natural gas rig count dropped to 96 rigs from 103 rigs in the prior week. Typically, lower rigs mean tightened supply, which in turn means upward pressure on oil prices.
On the other hand, banks slashed their price forecasts, with JPMorgan Chase &amp; Co. now seeing Brent at $66 this year and Goldman Sachs expecting an average of $63, as the crude market continues to be poised to encounter substantial surpluses.
While the geopolitical board game is still unfolding, energy ETFs are an on-again, off-again — albeit volatile — strategy on oil&#8217;s journey through 2025. 
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/currency-etfs/25/04/44778378/greenback-on-the-brink-the-dollar-etfs-everyones-watching">Greenback On The Brink: The Dollar ETFs Everyone&#8217;s Watching</a></li>
</ul>
Photo: Shutterstock

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

SPDR S&P Oil & Gas Equipment & Services ETF

US-Iran Talks Fuel Oil Rally: Here Are 3 Energy ETFs In The Radar

In the current market session, Tidewater Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDW#NYSE">TDW</a>) price is at $35.34, after a 4.93% spike. However, over the past month, the stock decreased by 12.55%, and in the past year, by 62.26%. Shareholders might be interested in knowing whether the stock is undervalued, even if the company is performing up to par in the current session. 

<img src="https://www.benzinga.com/files/images/story/2025/1744408820_0.png" alt="Past Year Chart" />

<h3>Tidewater P/E Compared to Competitors</h3>
The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against it's past earnings, historical data and aggregate market data for the industry or the indices, such as S&amp;P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also could indicate that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future. 
Compared to the aggregate P/E ratio of the 16.87 in the Energy Equipment &amp; Services industry, Tidewater Inc. has a lower P/E ratio of 9.91. Shareholders might be inclined to think that the stock might perform worse than it's industry peers. It's also possible that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2025/1744408820_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

Intraday Update

Markets

Price Over Earnings Overview: Tidewater

BORR

EQNR

GLNG

HESM

MTDR

PAGP

SDRL

TALO

VNOM

Shares of energy companies are trading lower as stocks pull back after surging Wednesday following President Trump's tariff pause announcement.

ACDC

ARIS

BWLP

CSAN

FLOC

GEOS

GRNT

INVX

RNGR

USAC

VTOL

WTTR

Shares of energy companies are trading higher following President Trump's decision to implement a 90-day pause on reciprocal tariffs for all countries except China.

CGBS

Shares of energy companies are trading lower as markets react to President Trump's announcement of sweeping tariffs.

In the current session, Tidewater Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDW#NYSE">TDW</a>) is trading at $42.85, after a 0.14% decrease. Over the past month, the stock fell by 16.61%, and in the past year, by 54.16%. With performance like this, long-term shareholders are more likely to start looking into the company's price-to-earnings ratio. 

<img src="https://www.benzinga.com/files/images/story/2025/1742586316_0.png" alt="Past Year Chart" />

<h3>Tidewater P/E Compared to Competitors</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
Compared to the aggregate P/E ratio of the 21.35 in the Energy Equipment &amp; Services industry, Tidewater Inc. has a lower P/E ratio of 12.62. Shareholders might be inclined to think that the stock might perform worse than it's industry peers. It's also possible that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2025/1742586316_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

P/E Ratio Insights for Tidewater

HAFN

LTBR

PROP

Shares of energy companies are trading lower. The sector may be seeing weakness due to recession worries because of the uncertainty surrounding tariffs and trade policy.

KLXE

Shares of energy companies are trading higher amid ongoing volatility, possibly concerning tariff delays, global conflict and recent OPEC+ production.

Press Releases

Tidewater Reports Results for the Three and Six Months Ended June 30, 2024

Tidewater Announces Earnings Release and Conference Call

Tidewater Reports Results for the Three and Nine Months Ended September 30, 2024

Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2024

Tidewater Reports Results for the Three Months Ended March 31, 2025

Tidewater Announces Offering of $650 Million of Senior Notes Due 2030

Tidewater Announces Pricing of $650 Million Offering of Senior Notes due 2030

Tidewater Announces Closing of $650 Million Offering of 9.125% Senior Unsecured Notes due 2030 and Entering into $250 Million Revolving Credit Facility

Comments

Tidewater

Notizie

PARTNER/COLLABORATORE

BENZINGA NEL MONDO