Orchard Capital Management LLC Invests $3.25 Million in Tidewater Inc. $TDW

Orchard Capital Management LLC acquired a new stake in Tidewater Inc. (NYSE:TDW) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 48,760 shares of the oil and gas company’s stock, valued at approximately $3,249,000. Tidewater makes up 3.2% of Orchard Capital Management LLC’s portfolio, making the stock its 10th biggest position.

A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Tidewater during the 2nd quarter worth about $503,200,000. Robotti Robert acquired a new position in Tidewater in the 2nd quarter valued at about $193,652,000. Cerity Partners LLC lifted its holdings in Tidewater by 104.3% in the 4th quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company’s stock valued at $57,730,000 after purchasing an additional 583,607 shares in the last quarter. Old West Investment Management LLC purchased a new position in Tidewater in the 2nd quarter valued at about $26,238,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Tidewater during the 2nd quarter worth about $24,842,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

Tidewater Stock Performance

NYSE TDW opened at $96.17 on Friday. The business’s 50-day moving average price is $76.58 and its 200 day moving average price is $77.96. The company has a current ratio of 3.58, a quick ratio of 3.47 and a debt-to-equity ratio of 0.47. Tidewater Inc. has a twelve month low of $46.65 and a twelve month high of $97.50. The company has a market capitalization of $4.79 billion, a PE ratio of 19.47 and a beta of 0.53.

Tidewater (NYSE:TDW) last posted its quarterly earnings results on Monday, August 3rd. The oil and gas company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.03). Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The business had revenue of $342.29 million during the quarter, compared to analysts’ expectations of $329.97 million. During the same quarter last year, the firm earned $1.46 EPS. The firm’s quarterly revenue was up .3% compared to the same quarter last year. On average, research analysts predict that Tidewater Inc. will post 3.08 earnings per share for the current year.

Analyst Ratings Changes

TDW has been the subject of a number of recent research reports. Pickering Energy Partners upgraded shares of Tidewater from an “underperform” rating to a “neutral” rating in a report on Thursday, June 11th. Weiss Ratings downgraded shares of Tidewater from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 28th. Zacks Research lowered shares of Tidewater from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Barclays lifted their target price on shares of Tidewater from $86.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 13th. Finally, Fearnley Fonds upgraded Tidewater from a “hold” rating to a “strong-buy” rating in a report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $91.00.

Insider Activity

In related news, EVP Samuel R. Rubio sold 17,705 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $91.56, for a total value of $1,621,069.80. Following the sale, the executive vice president directly owned 33,214 shares of the company’s stock, valued at approximately $3,041,073.84. This trade represents a 34.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.90% of the company’s stock.

Tidewater Profile

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company’s fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.