Should You Hold Tidewater (TDW)?

Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund generated positive results in a challenging market environment in the third quarter. The fund returned 3.88% in Q3 compared to a 2.96% decline for the Russell 2000 Value Index. During the initial nine months of 2023, the fund returned 11.43% compared to a 0.53% drop for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Third Avenue Small-Cap Value Fund highlighted stocks like Tidewater Inc. (NYSE:TDW) in the third quarter 2023 investor letter. Headquartered in Houston, Texas, Tidewater Inc. (NYSE:TDW) provides offshore support vessels and marine support services to the offshore energy industry. On October 25, 2023, Tidewater Inc. (NYSE:TDW) stock closed at $69.11 per share. One-month return of Tidewater Inc. (NYSE:TDW) was -4.39%, and its shares gained 109.23% of their value over the last 52 weeks. Tidewater Inc. (NYSE:TDW) has a market capitalization of $3.64 billion.

Third Avenue Small-Cap Value Fund made the following comment about Tidewater Inc. (NYSE:TDW) in its Q3 2023 investor letter:

“Finally, long-time holding, offshore oil services company, Tidewater Inc. (NYSE:TDW) rose 31% in the quarter, as more investors and operators recognized the importance of investing in fossil fuels to sustain long-term economic growth and national security. In a challenging environment for most asset classes, Energy was a considerable outperformer this past quarter, illustrating the potency of the investor pivot.”

A fleet of offshore supply vessels and tugs carrying materials to an oilrig in the distance. Editorial photo for a financial news article. 8k. –ar 16:9

Tidewater Inc. (NYSE:TDW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Tidewater Inc. (NYSE:TDW) at the end of second quarter which was 34 in the previous quarter.

We discussed Tidewater Inc. (NYSE:TDW) in another article and shared Third Avenue Small-Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.