Tidewater vs Delek Logistics
This page compares Tidewater and Delek Logistics, examining business models, financial performance, and market context in a neutral, accessible way. It provides context for readers without making recommendations. Educational content, not financial advice.
This page compares Tidewater and Delek Logistics, examining business models, financial performance, and market context in a neutral, accessible way. It provides context for readers without making reco...
Which Baskets Do They Appear In?
North Sea Oil Expansion
Tap into companies positioned to benefit from Equinor's massive $1.3 billion investment in the Johan Sverdrup oilfield. Our analysts have carefully selected businesses across drilling, subsea engineering, and marine transport that are essential to this renewed North Sea activity.
Published: July 2, 2025
Explore BasketWhich Baskets Do They Appear In?
North Sea Oil Expansion
Tap into companies positioned to benefit from Equinor's massive $1.3 billion investment in the Johan Sverdrup oilfield. Our analysts have carefully selected businesses across drilling, subsea engineering, and marine transport that are essential to this renewed North Sea activity.
Published: July 2, 2025
Explore BasketInvestment Analysis
Tidewater
TDW
Pros
- Tidewater delivered a substantial earnings beat in Q2 2025, with EPS of $1.46 far exceeding forecasts and driving a strong stock price increase.
- The company maintains robust gross margins above 50% and has demonstrated effective cost management and strong liquidity with a current ratio of 2.07.
- Tidewater continues to invest in vessel maintenance and IT infrastructure, supporting operational excellence and long-term competitiveness in the offshore vessel market.
Considerations
- Active vessel utilization declined slightly from 78.4% to 76.4%, indicating potential pressure on asset deployment in the near term.
- Net income per share dipped year-on-year in Q1 2025, reflecting margin compression despite higher revenues and day rates.
- The offshore vessel sector remains cyclical and sensitive to oil price volatility, which could impact future earnings stability.
Pros
- Delek Logistics Partners offers a high trailing dividend yield above 10%, providing attractive income for investors in the energy infrastructure space.
- The company operates a diversified portfolio across gathering, transportation, storage, and wholesale marketing, supporting stable cash flows.
- Delek Logistics has increased its quarterly cash distribution, reflecting confidence in ongoing cash generation and financial health.
Considerations
- The company's payout ratio exceeds 100%, indicating that distributions are not fully covered by earnings and may not be sustainable long-term.
- Delek Logistics trades at a significantly higher price-to-book ratio than sector peers, suggesting potential valuation risk.
- As a master limited partnership, Delek Logistics is exposed to regulatory and tax changes affecting MLP structures, which could impact investor returns.
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