Tidewater (NYSE:TDW) Sets New 1-Year High at $93.15

Tidewater Inc. (NYSE:TDW)’s share price reached a new 52-week high on Thursday . The stock traded as high as $93.15 and last traded at $92.32, with a volume of 29804 shares changing hands. The stock had previously closed at $92.20.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on TDW shares. Evercore ISI lifted their target price on shares of Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. Johnson Rice assumed coverage on Tidewater in a report on Friday, February 9th. They set a “buy” rating and a $88.00 target price on the stock. Pickering Energy Partners started coverage on Tidewater in a report on Tuesday, January 30th. They issued an “outperform” rating for the company. BTIG Research increased their price objective on Tidewater from $90.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Finally, StockNews.com raised shares of Tidewater from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tidewater has an average rating of “Buy” and a consensus target price of $93.00.

Tidewater Stock Performance

The stock’s 50 day moving average price is $75.71 and its 200 day moving average price is $69.22. The company has a market cap of $4.86 billion, a price-to-earnings ratio of 50.36 and a beta of 1.17. The company has a current ratio of 1.80, a quick ratio of 1.70 and a debt-to-equity ratio of 0.61.

Tidewater (NYSE:TDW) last posted its quarterly earnings results on Friday, March 1st. The oil and gas company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.03). The firm had revenue of $302.66 million for the quarter, compared to analysts’ expectations of $309.46 million. Tidewater had a net margin of 9.62% and a return on equity of 13.37%. Tidewater’s revenue was up 62.1% on a year-over-year basis. During the same period last year, the firm posted $0.30 EPS. On average, analysts expect that Tidewater Inc. will post 4.94 EPS for the current fiscal year.

Tidewater announced that its board has initiated a stock repurchase program on Thursday, February 29th that allows the company to repurchase $48.60 million in shares. This repurchase authorization allows the oil and gas company to reacquire up to 1.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Tidewater

In related news, CFO Samuel R. Rubio sold 19,641 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the sale, the chief financial officer now directly owns 98,036 shares in the company, valued at approximately $7,976,208.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Daniel A. Hudson sold 8,000 shares of the business’s stock in a transaction 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 transaction, the executive vice president now directly owns 104,312 shares of the company’s stock, valued at $8,553,584. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Samuel R. Rubio sold 19,641 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $81.36, for a total transaction of $1,597,991.76. Following the completion of the transaction, the chief financial officer now owns 98,036 shares of the company’s stock, valued at $7,976,208.96. The disclosure for this sale can be found here. Insiders sold 45,462 shares of company stock valued at $3,716,739 over the last 90 days. Corporate insiders own 9.59% of the company’s stock.

Hedge Funds Weigh In On Tidewater

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its stake in Tidewater by 1,294.4% during the 3rd quarter. FMR LLC now owns 1,064,896 shares of the oil and gas company’s stock valued at $75,682,000 after purchasing an additional 988,528 shares in the last quarter. Must Asset Management Inc. bought a new stake in shares of Tidewater in the third quarter worth $3,588,000. Assenagon Asset Management S.A. raised its holdings in Tidewater by 254.2% in the third quarter. Assenagon Asset Management S.A. now owns 136,798 shares of the oil and gas company’s stock valued at $9,722,000 after acquiring an additional 98,173 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in Tidewater during the 3rd quarter worth $6,530,000. Finally, Victory Capital Management Inc. increased its position in shares of Tidewater by 1,514.0% in the 3rd quarter. Victory Capital Management Inc. now owns 258,849 shares of the oil and gas company’s stock worth $18,396,000 after purchasing an additional 242,811 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Tidewater Company Profile

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.