Shares of Tidewater Inc. (NYSE:TDW – Get Free Report) fell 4.4% during trading on Wednesday . The company traded as low as $102.17 and last traded at $102.40. 234,176 shares were traded during mid-day trading, a decline of 69% from the average session volume of 760,248 shares. The stock had previously closed at $107.07.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on TDW shares. Evercore ISI raised their price objective on Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a report on Monday, March 4th. BTIG Research lifted their target price on shares of Tidewater from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Johnson Rice began coverage on shares of Tidewater in a report on Friday, February 9th. They set a “buy” rating and a $88.00 target price for the company. StockNews.com upgraded Tidewater from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Finally, Pickering Energy Partners started coverage on Tidewater in a research report on Tuesday, January 30th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $98.00.
Tidewater Stock Down 4.2 %
The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.74. The company has a market capitalization of $5.41 billion, a PE ratio of 42.67 and a beta of 1.21. The company has a 50-day moving average of $96.34 and a two-hundred day moving average of $77.40.
Tidewater (NYSE:TDW – Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.40. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. The firm had revenue of $321.20 million during the quarter, compared to analysts’ expectations of $312.05 million. During the same period in the prior year, the company posted $0.23 earnings per share. The company’s revenue for the quarter was up 66.3% compared to the same quarter last year. Sell-side analysts anticipate that Tidewater Inc. will post 4.68 earnings per share for the current fiscal year.
Tidewater declared that its board has approved a share repurchase program on Thursday, February 29th that permits the company to buyback $48.60 million in shares. This buyback authorization permits the oil and gas company to purchase up to 1.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
Insider Transactions at Tidewater
In other Tidewater news, EVP Daniel A. Hudson sold 8,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $82.00, for a total value of $656,000.00. Following the completion of the sale, the executive vice president now directly owns 104,312 shares in the company, valued at approximately $8,553,584. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Robert Robotti sold 1,494 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $107.53, for a total value of $160,649.82. Following the completion of the transaction, the director now directly owns 2,854,100 shares in the company, valued at $306,901,373. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Daniel A. Hudson sold 8,000 shares of Tidewater stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $82.00, for a total transaction of $656,000.00. Following the sale, the executive vice president now owns 104,312 shares of the company’s stock, valued at $8,553,584. The disclosure for this sale can be found here. Over the last three months, insiders have sold 564,972 shares of company stock worth $59,736,872. 8.33% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Tidewater
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TDW. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Tidewater by 7.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,711 shares of the oil and gas company’s stock valued at $1,543,000 after purchasing an additional 1,412 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Tidewater by 30.0% during the 3rd quarter. Teacher Retirement System of Texas now owns 9,658 shares of the oil and gas company’s stock valued at $686,000 after buying an additional 2,229 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Tidewater by 1,364.2% in the 3rd quarter. Principal Financial Group Inc. now owns 82,187 shares of the oil and gas company’s stock worth $5,841,000 after acquiring an additional 76,574 shares in the last quarter. Syntal Capital Partners LLC purchased a new position in Tidewater during the third quarter valued at $703,000. Finally, NBC Securities Inc. acquired a new stake in shares of Tidewater in the third quarter valued at about $646,000. 95.13% of the stock is owned by institutional investors and hedge funds.
About Tidewater
Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.