Black Bear Value Fund cites Tidewater’s $70.69 share price and 3.51 billion market cap amid a 20% quarterly decline.
Tidewater Inc. (NYSE:TDW) shares fell approximately 20% in Q2 2026, closing at $70.69 on July 9, 2026, with a market capitalization of 3.51 billion. The decline contrasts with a 35.75% gain over the past 52 weeks and a one-month return of -7.14%.
Black Bear Value Fund noted the drop in its Q2 2026 investor letter, despite maintaining a positive long-term outlook for the offshore support vessel provider. The S&P 500 posted a +10.2% year-to-date return, while the fund’s YTD performance stood at +1.5% after a -3.6% loss in March.
The fund emphasized Tidewater’s transition into a cash-generative phase, with strategies focused on dividends, share repurchases, and competitive positioning. It remains defensive, targeting quality businesses at reasonable valuations.