Tidewater Midstream: Focus On Maximizing Shareholder Value. Since Global Partners is dependent on real estate, its Net Income does not reflect its distributable cash flow. During this time, I managed to successfully maneuver the burst of the dotcom bubble and the aftermath of the world trade center attacks as well as the subprime crisis.Despite not being a native speaker, I always try to deliver high quality research at no charge to followers and the entire Seeking Alpha community. These acquisitions were mostly regional chains of gas stations & convenience stores. According to the company's most recent presentation, the appraisal value of the fleet amounts to $1.76 billion, slightly above Tidewater's enterprise value of $1.64 billion. Should Tidewater indeed achieve the $500 million annual EBITDA run rate outlined above, I would expect the company to initiate a quarterly dividend of approximately $0.75 per share in early 2024. Once we subtract out the intangible assets from the Partners' Equity, there is precious little tangible equity left. Analysts Disclosure: I/we have a beneficial long position in the shares of TDW either through stock ownership, options, or other derivatives. Active utilization increased from 82.5% in the second quarter of 2022 to 83.7% and our average day rate, despite a material strengthening of the U.S. dollar, improved by nearly $1,100 per day sequentially, or approximately 8.5%. Tidewater (NYSE:TDW) stock fell 4.6% postmarket on Tuesday after the firm announced a registered underwritten public offering of up to ~4M shares. In Q4 2022, it had Net Income of $30,485,000, and Depreciation & Amortization of $26,701,000, for a total estimated distributable cash flow of $57,186,000. Note: I have covered Bristow Group (NYSE:VTOL) previously, so investors should view this as an update to my earlier articles on the company. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Seeking Alpha - Double S Capital 2h Situation Update To my surprise, Tidewater Midstream (TSX:TWM:CA) (OTCPK:TWMIF) needed to tap the equity market to take out the 2022 $125 million Read more on seekingalpha.com The offering is expected to close on November 10,2022. I am not receiving compensation for it (other than from Seeking Alpha). I wrote this article myself, and it expresses my own opinions. While Tidewater cleaned up its balance sheet in bankruptcy six years ago, SEACOR has managed to avoid Chapter 11 at the expense of ongoing debt and liquidity issues very similar to offshore drilling industry leader Transocean (RIG). Is the Pandemic Forcing An Evolution in P3 Work? Register Now! While Bristow's first quarter report was nothing to write home about, the scheduled commencement of new contracts should boost results over the course of the year. Home Tidewater Q1 2023 Earnings Preview Tidewater Q1 2023 Earnings Preview Tidewater (NYSE:TDW) is scheduled to announce Q1 earnings results on Tuesday, May 9th, before market open. Entering text into the input field will update the search result below, another set of mediocre quarterly results with revenues and profitability being impacted by seasonality and the recent loss of a large contract with Exxon Mobil (. Tidewater's shares ascended to new 52-week highs as market participants cheered decent third quarter results and strong industry prospects going into 2023. I am affirming my "Buy" rating on Tidewater shares with a medium-term price target of $50 based on an assumed 5x EV/EBITDA run rate at the end of FY2023. In addition, I am having a close eye on the still nascent fuel cell industry.I am located in Germany and have worked quite some time as an auditor for PricewaterhouseCoopers before becoming a daytrader almost 20 years ago. Net proceeds will be used to repurchase from Banyan Overseas warrants exercisable for Tidewater (TDW) shares equal to the number of shares sold in the offering. Last month, leading offshore helicopter services provider Bristow Group or "Bristow" reported another set of mediocre quarterly results with revenues and profitability being impacted by seasonality and the recent loss of a large contract with Exxon Mobil (XOM) in Guyana: While the company generated $6.6 million in cash from operations and another $23.4 million from helicopter sales during the quarter, capital expenditures of $31.5 million mostly related to preparations for the recently awarded large-scale search-and-rescue ("SAR") contract in the United Kingdom also known as "UKSAR2G" resulted in negative free cash flow of $1.5 million for the quarter as disclosed in the company's quarterly report on form 10-Q. Their profits and profit drivers are steady and well-known, so while they are technologically uninteresting businesses, they are stable and reliable sources of cash flow, year in year out. Analysts Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. Tidewater Midstream story: Tidewater Midstream And Infrastructure Ltd CEO Joel MacLeod On Q4 2021 Results Earnings Call Transcript Seeking Alpha and other headlines for Tidewater Midstream And Top website in the world when it comes to all things investing, Rating from 1M+ reviews. Investors looking for other opportunities in the space should consider building a position in competitor SEACOR Marine Holdings Inc. (SMHI), as the shares offer similar upside potential. And we're very excited to be able to participate in it. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. I would estimate Global Partners' distributable cash flow as Net Income + Depreciation & Amortization. Is this happening to you frequently? delivering cargo and personnel to offshore installations including wind farms, handling anchors and mooring equipment required to tether rigs to the seabed, and assist in placing them on location and moving them between regions, providing construction, well work-over, maintenance and decommissioning support, carrying and launching equipment used underwater in, providing accommodations for technicians and specialists. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. Analysts Disclosure: I/we have a beneficial long position in the shares of SMHI either through stock ownership, options, or other derivatives. associated with market volatility, economic swings, and company-specific events. On the flip side, this latest award might again require substantial capital expenditures which would put additional pressure on near-term liquidity and cash flows. Is this happening to you frequently? No other finance apps are more loved, Custom scripts and ideas shared by our users. Nov 9, 2022 08:20. Revenue improved by 17% sequentially, partly driven by a full quarter of the Swire Pacific Offshore (SPO) acquisition. My Top 10 Dividend Growth Stocks To Invest In For June 2023. https://seekingalpha.com/article/4608232-my-top-10-dividend-growth-stocks-invest-june-2023?source=feed_f . Discussing the most recent SAR contract award in Ireland which should provide stable revenue and decent margin contributions for many years. Please. Hence, this dividend appears to be very well covered. As a result of anticipated reactivations and ongoing efforts to dispose of non-core vessels, Tidewater is targeting 100% fleet utilization by year-end. January 25, 2022 - GLP acquired Consumers Petroleum of Connecticut, Inc., in a cash transaction. ; The company's total fleet of 228 vessels is among the youngest in the world, and features a modern fleet of 199 PSVs and AHTS with an average age of 11.3 years, 65% of which are high-specification vessels. With average day rates expected to increase further and fleet utilization likely to exceed 80% sooner rather than later, the company should start to generate meaningful free cash flow in the very near future. That said, it will likely take just one or two quarters of substantially improved profitability for SEACOR to attract sufficient investor interest to refinance at decent terms. I/we have a beneficial long position in the shares of TDW either through stock ownership, options, or other derivatives. Tidewater shares issued (or to be issued upon warrant exercises) to holders of GulfMark common stock and We plan on remaining committed to our chartering strategy of staying sure to take advantage of continued attractive supply and demand fundamentals. The boards of Tidewater Midstream and Infrastructure (OTCPK:TWMIF) and Tidewater Renewables (OTCPK:TDWRF) has appointed Robert Colcleugh as interim CEO of both companies, effective November 28, 2022. . September 20, 2022 - GLP acquired all the assets of Tidewater Convenience, which amounts to 14 convenience store sites and 1 fuel site, all in Virginia. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Net debt of $369 million was up just slightly quarter-over-quarter. After the 90%+ rally from recent lows, shares might be ripe for a breather in the short-term, but with the offshore drilling industry likely in the early innings of a multi-year growth cycle, investors should consider adding on any major pullbacks. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. In its adjusted free cash flow calculation, the company also added back an aggregate $2.1 million in merger and integration costs and other special items: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. The combined improvement in utilization and average day rate provided an approximately 11.5% improvement in revenue per average active vessel. The company has managed to recycle capital, reducing the need for new debt and maintaining a stable balance sheet. In addition, a debt refinancing at improved terms could provide a near-term catalyst for the stock. Show summary % complete in Microsoft Project when all subtasks are milestones and some of these milestones are completed I wrote this article myself, and it expresses my own opinions. If you have an ad-blocker enabled you may be blocked from proceeding. Bristow, a leading helicopter services provider, reported another set of mediocre quarterly results, with revenues and profitability being impacted by seasonality and the recent loss of a large contract in Guyana. A high-level overview of Tidewater Inc. (TDW) stock. Analysts Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. Global Partners has $400M of 7.00% senior notes due 2027, as well as $350M of 6.875% senior notes due 2029. The consolidated Adjusted EBITDA reached a record . No other finance apps are more loved, Custom scripts and ideas shared by our users, Tidewater (NYSE:TDW) stock fell 7.6% after-hours on Tuesday after the firm has. In Q3, results continued to benefit from the recent acquisition of Swire Pacific Offshore, which contributed approximately 30% of the combined company's total revenues. I have no business relationship with any company whose stock is mentioned in this article. I wrote this article myself, and it expresses my own opinions. In addition, the company is actively looking to refinance existing debt facilities at improved terms, but management recently decided not to proceed with a contemplated senior secured bond offering "as the indicative terms and conditions were not sufficiently attractive for the company". This will allow for continued day rate improvement and drive earnings and cash flow generation that will ultimately accrue to our shareholders. With Bristow expected to commence a new SAR contract with Equinor (EQNR) in Norway with the requirement to provide four S-92 helicopters later this year, the company might very well have to invest in additional aircraft to serve the new Ireland SAR contract. SEACOR Marine Holdings or "SEACOR" is a leading provider of marine and support transportation services to the offshore energy industry. With Tidewater management projecting dayrates to advance even faster next year, SEACOR should achieve annual EBITDA well in excess of $100 million in 2024. I wrote this article myself, and it expresses my own opinions. Seeking Alpha - Double S Capital 3h. My historical focus has been mostly on tech stocks but over the past couple of years I have also started broad coverage of the offshore drilling and supply industry as well as the shipping industry in general (tankers, containers, drybulk). Vessel level cash margin improved to nearly 41%, up 240 basis points. Unrestricted . VTOL continues to expect full-year revenues of between $1.20 billion and $1.31 billion and adjusted EBITDA to range from $150 million to $170 million. As of late, CHC operated five S-92 helicopters from four bases in Ireland. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Verified account Protected Tweets @; Suggested users I wrote this article myself, and it expresses my own opinions. For 2023, backlog increased by almost 20% sequentially, to $475 million, despite the company's stated preference for spot market employment at this point in the cycle. Top website in the world when it comes to all things investing, Rating from 1M+ reviews. Tidewater (NYSE:TDW) is a leading provider of marine and transportation services in the offshore energy industry. Tidewater TDW+5.1%in Tuesday's trading, soaring by as much as 14% to a record high, despite reporting lower than expected Q4 GAAP earnings as it issued guidance for improved revenues and operating margins for 2023. and support transportation services to the offshore energy industry. Tidewater TDW said revenues in its West Africa business improved 6.8% Q/Q driven by an increase in average dayrates; revenues in the Americas also rose 6.8% due to an 8.1% rise in dayrates, including notable dayrate enhancement in the U.S. Gulf of Mexico and Mexico; and Mediterranean revenues rose 9.3% Q/Q, citing a 4.5% increase in dayrates and additional capacity brought to the area from the U.S. Gulf of Mexico. June 28, 2022 - GLP sold its Revere terminal on Boston Harbor for $150M, and leased back key infrastructure. Dayrates have increased over the last year "driven by strengthening offshore market fundamentals, tightening equipment supply, and increasing offshore activity," Evercore ISI analyst James West said, according to Bloomberg. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. I am not receiving compensation for it (other than from Seeking Alpha). In this conversation. I am not receiving compensation for it (other than from Seeking Alpha). Tidewater TDW shares have gained 38% so far this year and 221% during the past 12 months. Products. After some meaningful investments in working capital in H1, Tidewater managed to generate $21.9 million in free cash flow in Q3. Based on Tidewater's stated expectations for improvements in dayrates and vessel margin this year, I am looking for SEACOR to generate between $60 million and $70 million in EBITDA and cash flow from operations to turn substantially positive in the second half. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Even at multi-year highs, Tidewater shares are still trading just slightly above 3x my estimated EV/EBITDA run rate at the end of 2023. The consensus EPS Estimate is $0.23 (vs. Seeking Alpha - Anuron Mitra 18h Read more on seekingalpha.com Wall Street Financial Markets Investing Finance NYSE https://seekingalpha.com/article/4602058-tidewater-inc-tdw-q1-2023-earnings-call-transcript?source=feed_f&utm_campaign=twitter_automated&utm_content=article&utm_medium=social&utm_source=twitter_automated #markets #trading #business" In addition, during Q&A management pointed to potential further acquisition activity: () But yes, there's still a lot to be done to clean up the industry. Last week, leading offshore support services provider Tidewater reported much better-than-expected third quarter results and reiterated its constructive industry outlook (emphasis added by author): Our third quarter performance reinforces our previous commentary that the offshore vessel industry had reached an inflection point. SEACOR's closest publicly-traded peer is Tidewater (TDW), a company I have been very positive on for quite some time now, based on the ongoing recovery in offshore drilling markets and persistent tailwinds from recent geopolitical events. If you have an ad-blocker enabled you may be blocked from proceeding. Is this happening to you frequently? better-than-expected third quarter results and reiterated its constructive industry outlook (emphasis added by author): , which represents a satisfying milestone in the continued recovery of our business. The acquisition includes 21 company convenience stores, 2 owned or leased fuel sites in Virginia, and 34 fuel supply only sites. drilling and well installation, maintenance, inspection and repair. For FY 2023, the company guided for $900M in revenues, 39% higher than FY 2022 revenues of $647M, and vessel operating margin of ~50%, up 11.9 percentage points from the prior-year vessel operating margin of 38.1%. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. In the past 3 years since my last article, GLP has continued its strategy of growth by acquisition, acquiring a string of small regional convenience & fuel chains, as well as some oil & oil products transport infrastructure. Please. Is this happening to you frequently? The recycling of capital means that over the last 3 years means that Global Partners has not had to incur substantial amounts of extra debt. View, measure Tidewater Midstream's market volatility, predict the probability of Tidewater Midstream's future price movements. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. The warrants were issued to Banyan in connection with Tidewater's (TDW . Please. . I have no business relationship with any company whose stock is mentioned in this article. Tidewater TDW announced a definitive agreement to purchase 37 of Solstad Offshore platform supply vessels for $577M which will strengthen its presence as a high-specification PSV operator. Results are expected to improve meaningfully over the course of the year as new contracts kick in. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. If you have an ad-blocker enabled you may be blocked from proceeding. I have bolded out the intangible assets, so that we can see how much tangible equity exists in the business. Let's face it, for those of us who don't like volatility in our portfolios, boring is better. If you have an ad-blocker enabled you may be blocked from proceeding. On the flip side, the company might again face substantial capital expenditures which would put additional pressure on near-term liquidity and cash flows. The last time I wrote about Global Partners LP, I talked about several things: How is GLP doing now? These businesses are in the storage and transport of refined oil products. With a substantial increase in profitability and cash flow generation anticipated over the coming quarters, investors should consider initiating or adding to existing positions in SEACOR Marine Holdings as the ongoing recovery in offshore drilling activity continues to be supported by persistent tailwinds from recent geopolitical events. And the market has rewarded GLP in terms of its share price: In this article, I seek to try to explain why the positive development has happened, as well as make my recommendation about this stock. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. ; Net proceeds will be used to repurchase from Banyan Overseas warrants exercisable for Tidewater (TDW) shares equal to the number of shares sold in the offering. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Investors who do not want the opportunity for capital appreciation should buy the senior notes, while those who do want the extra risk can buy the shares. Commercial momentum continues as our customers plan for what, by all accounts, appears to be another leg up in offshore activity in 2023. As the business has consolidated itself after the COVID-19 fiasco and the unwinding of the oil by rail business, it has steadily grown its dividend payout. Both the 8.7% dividend and 7.0% senior notes have adequate earnings coverage, making Global Partners an attractive income investment for those seeking steady cash flow. The warrants were issued to Banyan in connection with Tidewater's (TDW) acquisition of Swire Pacific Offshore (now known as Tidewater Offshore) from Banyan. It paid out $24,337,000 in dividends, which means a payout ratio of 42.6%. Entering text into the input field will update the search result below. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. Global Partners remains a highly leveraged enterprise. In its preliminary annual 2023 Russell index reconstitution, about 161 companies will be added and 313 deleted from the Russell Microcap Index. As shares have retreated by almost 30% from multi-year highs reached earlier this year, I am raising my rating from "Hold" to "Buy" with a price target of $12 based on a 2024 EBITDA/EV multiple of 6x. Since I could not find EBITDA reported anywhere, I will have to estimate it myself. Global Partners had a habit of using its credit facility to pay for acquisitions, and then turn to the fixed income markets to issue bonds and preferred stock to pay off the credit facility. about Global Partners LP, I talked about several things: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. Bristow continues to expect full-year revenues of between $1.20 billion and $1.31 billion and Adjusted EBITDA to range from $150 million to $170 million: Results are expected to improve meaningfully over the course of the year as new contracts are scheduled to commence with the company's EBITDA run rate at year-end projected to be significantly higher than in the first half: On the conference call, management expressed satisfaction with the company's quarterly results which came in somewhat better than internal expectations and remained constructive for the remainder of the year but was reluctant to commit to additional share buybacks which isn't exactly a surprise given the massive capex requirements under the new UKSAR2G contract. However, with the offshore drilling industry likely in the early innings of a multi-year growth cycle, investors should consider adding Tidewater on any major pullbacks. In its preliminary annual 2023 Russell index reconstitution, about 161 companies will be added and 313 deleted from the Russell Microcap Index. February 1, 2022 - GLP acquired Miller Oil Co., Inc. in a cash transaction of $60.1M. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. Company Presentation. Backlog for Q4 was stated at $171 million. Please disable your ad-blocker and refresh. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance, Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk Please. On the conference call, Tidewater management hinted at potential further M&A activity. SEACOR Marine Holdings or "SEACOR" is a leading provider of marine and support transportation services to the offshore energy industry. I write about whatever strikes my fancy. Tidewater Inc. (NYSE:TDW) has been covered by me previously, so investors should view this article as an update to my earlier publications on the company. Read more from Seeking Alpha. This is expected to be completed in second quarter 2023. I am not receiving compensation for it (other than from Seeking Alpha). Tidewater reported much better-than-expected third quarter results and provided an upbeat industry outlook. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. If you have an ad-blocker enabled you may be blocked from proceeding. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. It owns oil & refined products transport terminals, as well as runs a portfolio of over 1,700 fueling station & convenience store sites, largely in the North-eastern United States. A debt refinancing at improved terms could provide a near-term catalyst for the stock. Last month, SEACOR reported decent first quarter results with revenues, average day rates, direct vessel profit, and EBITDA all reaching new multi-year highs: The sequential improvement is particularly noteworthy given the fact that Q1 is a seasonally weak quarter for the industry. I have no business relationship with any company whose stock is mentioned in this article. As of March 31, 2023, the company operated a diverse fleet . Seeking Alpha on Twitter: "$TDW - Tidewater Inc. (TDW) Q1 2023 Earnings Call Transcript. When running Tidewater Midstream's price analysis, check to, Reduce portfolio risk simply by holding instruments which are not perfectly correlated, Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency, Search for actively traded equities including funds and ETFs from over 30 global markets, Screen CEOs from public companies around the world, Determine portfolio positions ratings based on digital equity recommendations. The Philosophy Behind S-curves Triple Constraints in Project Controls The Best Ways to Minimize Cost Overruns in Construction Projects I have no business relationship with any company whose stock is mentioned in this article. Following the recent rally in the shares, discount to estimated net asset value has narrowed to approximately 43%. March 28, 2023 - GLP and ExxonMobil signed an agreement to acquire 64 convenience and fueling sites from the Landmark Group in the Houston area. I am not receiving compensation for it (other than from Seeking Alpha). Net proceeds will be used to repurchase from Banyan Overseas warrants exercisable for Tidewater (TDW) shares equal to the number of shares sold in the offering. We do have the ongoing integration with SPO that we talked about on the call, but none of that is at the point now where it's a distraction from us doing our next deal. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. I wrote this article myself, and it expresses my own opinions. Situation Overview Tidewater Midstream (TSX:TWM:CA) reported solid Q4 and year-end 2022 numbers. Working Capital Revolving Credit Facility. Investors looking for better exposure to the anticipated multi-year recovery in offshore oil and gas should consider shares of leading offshore drillers Noble Corporation (NE), Transocean (RIG), Seadrill (SDRL), Valaris (VAL), Diamond Offshore (DO) and Borr Drilling (BORR) or offshore support vessel providers like Tidewater (TDW) and SEACOR Marine Holdings (SMHI) as well as specialty services provider Helix Energy Solutions (HLX). Tidewater (NYSE:TDW) stock fell 7.6% after-hours on Tuesday after the firm has priced; Net proceeds will be used to repurchase from Banyan Overseas warrants exercisable for Tidewater (TDW) shares equal to the number of shares sold in the offering. However, we believe the investment will be proportional to revenue growth and that we've now reached a point where the business is positioned to generate meaningful free cash flow on a quarterly basis. Both the dividend and the senior notes have adequate earnings covering them. I am keeping my "Buy" rating on Tidewater shares with a medium-term price target of $50 based on an assumed 5x EV/EBITDA run rate at the end of FY2023. So looking forward to being able to execute as we go through the remainder of 2022 and into '23. In its adjusted free cash flow calculation, the company also added back an aggregate $2.1 million in merger and integration costs and other special items: Bristow continues to expect total capital expenditures of $159 million for the UKSAR2G contract with the vast majority expected to be incurred in 2023 and 2024. Global Partners LP (NYSE:GLP) is a master limited partnership ("MLP") that participated in the oil & refined products storage, transport, and retailing business. December 15, 2022 - GLP entered into an equity purchase agreement with Gulf Oil Limited Partnership to acquire all the equity interests of New Haven NewCo, Woodbury NewCo, Portland NewCo, Linden NewCo, and Chelsea NewCo, for $273M in cash. Hopefully, management will comment on this issue on the Q2 conference call. Indeed, with the share price having almost doubled from recent lows, Tidewater's stock could prove to be a valuable currency in potential M&A activity going forward. expenditures, free cash flow was positive $3.7 million. The following notable energy companies will be added and deleted from the Russell Microcap Index. Please disable your ad-blocker and refresh. No other finance apps are more loved, Custom scripts and ideas shared by our users, Tidewater (NYSE:TDW) stock fell 4.6% postmarket on Tuesday after the firm announced a. Global Partners LP has seen positive growth through acquisitions and sale-leaseback transactions, expanding its portfolio of fueling stations and convenience stores.

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