By Colin Kellaher
Tidewater shares rose more than 15% and hit a new 52-week high Friday after the provider of services to the offshore energy industry confirmed its full-year guidance and said it plans to step up stock buybacks.
Shares of the Houston company were recently changing hands at $81.42, up 16%, after touching a 52-week high of $82.40 earlier in the session.
While Tidewater reported fourth-quarter sales and earnings that fell short of Wall Street’s expectations, the company reiterated its 2024 forecasts of revenue of $1.40 billion to $1.45 billion and gross margin of 52%.
Tidewater also said its board approved a new share-repurchase authorization of $48.6 million, the maximum amount allowable under the company’s debt agreements, after the company bought back $35 million worth of stock during the fourth quarter.
Write to Colin Kellaher at colin.kellaher@wsj.com
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