2024-03-26 05:42:12 ET
Summary
- The OSV market stands strong. Supply side is defined by a low order book, limited shipyard capacity, and an aging fleet. Demand grows due to a robust oil rigs market.
- For FY23, Tidewater delivered $97.2 million net income and $386.7 EBITDA. It is worth mentioning that 2023 was TDW's first profitable year (measured in net income) since 2014.
- In 4Q23, TDW repurchased shares for $35.0 million at an average price of $59.29/share. In 2023, TDW spent $41.1 million on repurchasing its stocks.
- I still hold TDW stock and keep adding on the pullbacks. My verdict is a buy rating.
Read the full article on Seeking Alpha
For further details see:
Tidewater Remains The Best In Class, Despite The Elevated Price