Tidewater Stock Has Surged Nearly 70% This Year, but One Fund Sold $5 Million in Shares Before the Rally

On February 17, 2026, Grizzlyrock Capital disclosed a sale of 94,075 shares of Tidewater (NYSE:TDW), an estimated $4.97 million trade based on quarterly average pricing.

What happened

According to a filing with the Securities and Exchange Commission (SEC) dated February 17, 2026, Grizzlyrock Capital reduced its position in Tidewater (NYSE:TDW) by 94,075 shares during the fourth quarter of 2025. The estimated transaction value was $4.97 million based on the quarter’s average unadjusted closing price. The quarter-end value of the remaining stake fell by $5.12 million, capturing both share sales and market price movement.

What else to know

• This was a sell, leaving Tidewater at 1.4% of Grizzlyrock Capital's reportable assets under management as of December 31, 2025.
• Top five holdings after the filing:
  • NASDAQ: GSM: $18.91 million (14.2% of AUM)
  • NYSE: GEL: $9.83 million (7.4% of AUM)
  • NASDAQ: EEFT: $9.61 million (7.2% of AUM)
  • NASDAQ: MGNI: $9.28 million (6.9% of AUM)
  • NYSE: AMN: $8.76 million (6.6% of AUM)
• As of Wednesday, shares of Tidewater were priced at $87.26, up 106% over the past year and well outperforming the S&P 500’s roughly 16% gain in the same period.

Company overview

Company snapshot

• Tidewater provides offshore marine support and transportation services, including supply and anchor handling vessels, crew boats, utility vessels, and offshore tugs for the energy sector.
• The company generates revenue by operating and chartering a global fleet of vessels that support offshore oil, gas, and windfarm development.
• It serves oil and natural gas exploration and production companies, drilling contractors, government-owned organizations, and companies involved in offshore construction and windfarm development.

Tidewater is a leading provider of marine support services to the global offshore energy industry, operating a diverse fleet that enables critical exploration, development, and production activities. The company leverages its scale and technical expertise to serve both traditional oil and gas markets as well as the growing offshore wind sector. Its established customer relationships and comprehensive service offerings provide a competitive advantage in a cyclical and capital-intensive industry.

What this transaction means for investors

Tidewater shares have more than doubled over the past year, and the stock now trades around $87, far ahead of the broader market. But the important thing here is the timing. The majority of that surge hasbeen this year, with shares up 67%. In the year through the end of last quarter, shares were actually roughly flat, making this potentially a call on lackluster returns as opposed to the eye-popping gains this year.

Operationally, the business had a strong 2025. Revenue climbed to roughly $1.35 billion for the year, with improved vessel utilization and day rates driving profitability. Net income, meanwhile, totaled $333.5 million, up from $179.3 million one year earlier. That bottom line was positively impacted by a non-cash deferred tax benefit of $201.5 million.

Zoom out, and the position is just 1.4% of reported assets, far smaller than core holdings in materials, midstream, and digital payments. That sizing tells you Tidewater is likely a tactical cyclical exposure, not a foundational bet. For long-term investors, it’s important to remember that offshore services can generate powerful cash flow in an upcycle, but earnings are tied to energy spending, and amid a triple-digit rally, that risk-reward shifts.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Euronet Worldwide. The Motley Fool recommends Magnite. The Motley Fool has a disclosure policy.