Black Bear Value Fund, an investment advisor, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. In December, the Black Bear Value Fund returned +0.2%, bringing 2025 returns to -12.6%. The S&P 500 returned +0.1% in December and +17.9% in 2025. In a rising market environment, the Fund has lost 10-15% over the two years. The Fund does not aim to replicate the Index, so some performance variation is expected. Heading into 2026, the firm has several strong names in i ...

Core Insights - Rimini Street, Inc. has expanded its partnership with Tidewater, the largest offshore service vessel fleet operator, enhancing its role as a third-party support provider for enterprise software solutions [1][9] Group 1: Partnership Expansion - The partnership began in Brazil, where Tidewater selected Rimini Street for support of its Oracle PeopleSoft ERP system, leading to further collaboration on SAP and tax software solutions [2][4] - Rimini Street's successful engagement in Brazil resulted in a global work award, facilitating a seamless implementation across Tidewater's worldwide operations [2][4] Group 2: Service Offerings - Tidewater expanded its portfolio with Rimini Street to include Rimini Connect™ and Rimini Consult™, addressing interoperability issues and providing tailored professional services [4][5] - Rimini Connect™ is utilized by Tidewater to ensure a disruption-free solution for security patch management, while Rimini Consult offers expertise for consolidating ERP systems [4][5] Group 3: Client Satisfaction - Tidewater's CIO, Lee Johnson, highlighted the effective communication and technical expertise provided by Rimini Street, resulting in cost savings and improved system performance [3][5] - The partnership has enabled Tidewater to automate tax reporting and unlock operational efficiencies, allowing the company to focus on high-value initiatives [6] Group 4: Strategic Value - Rimini Street is recognized as a trusted advisor and strategic partner, helping Tidewater navigate technical challenges and drive innovation [7] - The collaboration is aimed at creating value for Tidewater's business, with a focus on fast and lasting results [5][6]

Group 1 - The article discusses the need to explore new investment opportunities after a previous target price was exceeded in CMBT within a month [1] - The author expresses familiarity with a particular company and indicates a potential interest in initiating a long position in TDW within the next 72 hours [1]

Company Performance - Night Watch Investment Management reported a 4.28% net appreciation in its fund LP for Q3 2025, with a year-to-date performance of 25.88% [1] - The portfolio continued to perform strongly during the quarter, coinciding with a robust market recovery [1] Tidewater Inc. Overview - Tidewater Inc. (NYSE:TDW) provides offshore support vessels and marine support services to the offshore energy industry, with a one-month return of 5.40% and a 52-week gain of 21.66% [2] - As of December 5, 2025, Tidewater Inc. shares closed at $57.63, with a market capitalization of $2.856 billion [2] Investment Strategy and Insights - Night Watch Investment Management has fully exited its energy positions, including Tidewater Inc., due to a pause in offshore spending that began in 2024, with no expected resumption until at least 2027 [3] - The company experienced a modest loss of 2.67% on its energy positions, which have been the only significant detractor from performance since inception [3] Hedge Fund Interest - Tidewater Inc. was held by 40 hedge fund portfolios at the end of Q3 2025, an increase from 29 in the previous quarter [4] - Despite recognizing the potential of Tidewater Inc. as an investment, the company believes that certain AI stocks present greater upside potential and lower downside risk [4]

Core Viewpoint - Tidewater Inc. has seen significant increases in institutional ownership, indicating strong investor interest and confidence in the company's future prospects [2][3]. Group 1: Institutional Investment Activity - Boston Partners increased its stake in Tidewater by 1,118.5% in Q2, owning 283,676 shares valued at approximately $14.09 million after acquiring an additional 260,395 shares [2]. - Northwestern Mutual Wealth Management Co. raised its stake by 2,321.4% in Q1, now holding 678 shares valued at $29,000 after buying 650 additional shares [3]. - Parkside Financial Bank & Trust grew its stake by 4,245.0% in Q2, owning 869 shares worth $40,000 after purchasing 849 shares [3]. - Other investors, including Bogart Wealth LLC and CWM LLC, also increased their stakes by 28.6% and 83.6%, respectively, during the same period [3]. - Hedge funds and institutional investors collectively own 95.13% of Tidewater's stock [3]. Group 2: Financial Performance - Tidewater reported a quarterly EPS of ($0.02), missing the consensus estimate of $0.46 by ($0.48), while revenue was $341.11 million, exceeding expectations of $328.84 million [5]. - The company's revenue increased by 0.2% compared to the same quarter last year, with a return on equity of 16.74% and a net margin of 14.62% [5]. - Analysts forecast Tidewater will post an EPS of 3.25 for the current year [5]. Group 3: Stock Buyback Program - Tidewater's board approved a stock buyback program on August 4th, authorizing the repurchase of up to $500 million in shares, representing 21.3% of its shares [6]. - Such buyback programs often signal management's belief that the stock is undervalued [6]. Group 4: Stock Performance and Valuation - As of the latest trading session, Tidewater's stock opened at $53.84, with a market cap of $2.67 billion, a PE ratio of 13.95, and a beta of 1.00 [4]. - The stock has a 12-month low of $31.17 and a high of $64.07, with 50-day and 200-day moving averages at $52.64 and $51.32, respectively [4]. Group 5: Analyst Ratings - Recent analyst ratings include a "hold (c-)" from Weiss Ratings, a downgrade from "strong-buy" to "hold" by Dnb Nor Markets, and a cut from "hold" to "strong sell" by Zacks Research [7]. - The average rating for Tidewater is "Hold" with a target price of $67.50 [7].

Core Viewpoint - Tidewater Inc. experienced a significant decline in share price, falling by 5.91% within a week, indicating challenges in the energy sector [1] Financial Performance - For Q3, Tidewater reported a loss per share of $0.02, missing estimates by $0.43, primarily due to a nonrecurring debt expense [3] - The company's revenue reached $341.1 million, exceeding forecasts by $11.6 million, driven by higher average day rates and improved utilization [3] - Tidewater narrowed its 2025 revenue guidance to between $1.33 billion and $1.35 billion and initiated a 2026 revenue guidance of $1.32 billion to $1.37 billion [3] Analyst Insights - Evercore ISI reduced its price target for Tidewater from $67 to $65 while maintaining an 'In Line' rating, suggesting a conservative outlook for early 2026 guidance [4] - The analyst believes that a broader industry recovery will be crucial for Tidewater's performance [4]

Core Viewpoint - Axiom Oil and Gas Inc. is engaged in a $110 million lawsuit against Tidewater Midstream and Infrastructure Ltd. regarding the Brazeau property, while also pursuing an injunction to restore sour gas handling services during the litigation process [1][2]. Company Overview - Axiom Oil and Gas Inc. is a Canadian energy company focused on generating positive shareholder returns through responsible development of crude oil and natural gas in the Western Canadian Sedimentary Basin. The company has a strategy that includes acquiring low decline, complementary opportunities to build a portfolio of free-cash flowing assets in Central Alberta [3]. Legal Proceedings - Axiom sought an injunction to restore sour gas handling services, which was not granted. However, the company obtained critical information that supports its legal case regarding the Gas Handling Agreement (GHA) with no Limitation Of Liability. Axiom believes it has a strong legal case and intends to pursue it to resume production of stranded reserves [2]. Sales Process - The sales process for the Brazeau property, managed by Sayers Energy Advisors, has bids due on November 27, 2025. This process is part of Axiom's strategy to enhance its asset portfolio [1][3].

Core Insights - The article discusses the author's extensive experience in large mining projects, financial management, and project assessment methodologies, particularly in industries with long-term projects and uncertain future revenues [1]. Group 1: Experience and Background - The author has a background in large mining projects, food processing, and commercialization of university intellectual property, indicating a diverse skill set in various sectors [1]. - The author has held financial controller positions in notable companies such as Utah International Inc, General Electric Inc, and BHP Billiton, showcasing a strong professional history in financial management [1]. Group 2: Project Assessment Methodology - The author emphasizes a unique approach to stock evaluation, suggesting that calculating future value per share is more beneficial for determining potential exit value and rate of return than calculating present value [1].

Core Insights - Axiom Oil and Gas Inc. has initiated a sales process for several non-core properties to fund further development of its Black Creek property and for general corporate purposes [1] - The Brazeau property, included in the sales process, is subject to a $110 million lawsuit against Tidewater Midstream and Infrastructure Ltd. regarding the processing of natural gas reserves [2][3] Company Overview - Axiom Oil and Gas Inc. is a growth-focused private Canadian energy company dedicated to the responsible development of crude oil and natural gas in the Western Canadian Sedimentary Basin [4] Financial and Operational Highlights - The Brazeau property contains approximately 650 barrels of oil equivalent per day (boe/d) of shut-in production and independently estimated reserves of 6.3 billion cubic feet (Bcf) of natural gas and 931,000 barrels of oil and natural gas liquids, with a net present value of $17.8 million [2] - Axiom had prepaid $4.5 million for sour plant turnaround costs under a Gas Handling Agreement (GHA) with Tidewater, which was unilaterally terminated in 2024 [2][3] Legal Context - The lawsuit against Tidewater arises from the alleged unreasonable termination of the GHA and a change in H2S specifications, which Axiom claims affects its ability to process sour gas [2][3]

Core Insights - Tidewater Inc. (NYSE:TDW) experienced an 11.1% increase in share price from November 7 to November 14, 2025, ranking among the top gaining energy stocks for the week [1] Financial Performance - Tidewater reported a mixed performance for Q3 on November 10, with a loss per share of $0.02, which was $0.43 below estimates, primarily due to a nonrecurring debt expense leading to a net loss [3] - Despite the loss, the company's revenue exceeded expectations, driven by a higher-than-expected average day rate and slightly better utilization [3] - The company updated its FY 2025 revenue guidance to a range of $1.33 billion to $1.35 billion and initiated FY 2026 revenue guidance of $1.32 billion to $1.37 billion [3] Analyst Ratings - Following the mixed Q3 report, Evercore ISI reduced its price target for Tidewater from $67 to $65 while maintaining an 'In Line' rating [4] - The analyst noted that Tidewater's early 2026 outlook appears conservative but acknowledged the company's transitional phase and the importance of broader industry recovery [4]