Tidewater (NYSE:TDW) Reaches New 52-Week High at $93.15

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

Analyst Upgrades and Downgrades

Several research analysts have commented on TDW shares. BTIG Research lifted their target price on Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Johnson Rice began coverage on Tidewater in a research report on Friday, February 9th. They set a “buy” rating and a $88.00 target price on the stock. Evercore ISI lifted their target price on Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a report on Monday, March 4th. Pickering Energy Partners began coverage on shares of Tidewater in a research note on Tuesday, January 30th. They issued an “outperform” rating for the company. Finally, StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a report 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, Tidewater currently has a consensus rating of “Buy” and a consensus price target of $93.00.

Tidewater Trading Up 0.8 %

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.70 and a current ratio of 1.80. The firm has a market capitalization of $4.86 billion, a P/E ratio of 50.36 and a beta of 1.17. The firm has a 50 day simple moving average of $75.71 and a two-hundred day simple moving average of $69.22.

Tidewater (NYSE:TDW) last released its quarterly earnings results on Friday, March 1st. The oil and gas company reported $0.70 earnings per share for the quarter, missing the consensus estimate 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 return on equity of 13.37% and a net margin of 9.62%. The firm’s revenue for the quarter was up 62.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 earnings per share. Equities research analysts forecast that Tidewater Inc. will post 4.94 earnings per share for the current year.

Tidewater declared that its board has authorized a stock buyback program on Thursday, February 29th that allows the company to repurchase $48.60 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 1.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other Tidewater news, EVP Daniel A. Hudson sold 8,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $82.00, for a total value of $656,000.00. Following the transaction, the executive vice president now directly owns 104,312 shares in the company, valued at $8,553,584. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Daniel A. Hudson sold 8,000 shares of Tidewater stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $82.00, for a total value of $656,000.00. Following the completion of the transaction, the executive vice president now owns 104,312 shares in the company, valued at $8,553,584. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO David E. Darling sold 17,821 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $82.08, for a total transaction of $1,462,747.68. Following the sale, the chief operating officer now owns 85,959 shares in the company, valued at $7,055,514.72. The disclosure for this sale can be found here. Insiders sold a total of 45,462 shares of company stock valued at $3,716,739 in the last ninety days. 9.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tidewater

Several large investors have recently added to or reduced their stakes in TDW. FMR LLC lifted its position in Tidewater by 1,294.4% during the third 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 during the last quarter. Must Asset Management Inc. purchased a new position in Tidewater in the third quarter worth $3,588,000. Assenagon Asset Management S.A. raised its position in Tidewater by 254.2% during 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 purchasing an additional 98,173 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in Tidewater during the third quarter worth about $6,530,000. Finally, Victory Capital Management Inc. raised its holdings in shares of Tidewater by 1,514.0% during the 3rd quarter. Victory Capital Management Inc. now owns 258,849 shares of the oil and gas company’s stock valued at $18,396,000 after buying an additional 242,811 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

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.