Tidewater (NYSE:TDW) Announces Quarterly Earnings Results

Tidewater (NYSE:TDW) posted its quarterly earnings data on Thursday. The oil and gas company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.40, Briefing.com reports. Tidewater had a return on equity of 13.37% and a net margin of 9.62%. The business had revenue of $321.20 million for the quarter, compared to analysts’ expectations of $312.05 million. During the same period in the previous year, the firm posted $0.23 EPS. The business’s revenue was up 66.3% on a year-over-year basis.

Tidewater Stock Performance

Shares of TDW stock traded up $12.62 during mid-day trading on Friday, reaching $106.51. 2,548,596 shares of the company’s stock traded hands, compared to its average volume of 771,498. Tidewater has a 12 month low of $39.53 and a 12 month high of $107.45. The firm has a 50 day moving average price of $88.77 and a two-hundred day moving average price of $73.92. 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 $5.57 billion, a PE ratio of 58.02 and a beta of 1.21.

Tidewater announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 29th that allows the company to buyback $48.60 million in shares. This buyback authorization allows the oil and gas company to reacquire up to 1.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently issued reports on TDW. BTIG Research lifted their target price on shares of Tidewater from $90.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Evercore ISI lifted their target price on shares of Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a report on Monday, March 4th. 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. Finally, Pickering Energy Partners assumed coverage on shares of Tidewater in a report on Tuesday, January 30th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $93.00.

Insider Activity

In related news, EVP Daniel A. Hudson sold 8,000 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $8,553,584. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, 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 value 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 approximately $7,976,208.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $656,000.00. Following the completion of the transaction, the executive vice president now directly owns 104,312 shares of the company’s stock, valued at approximately $8,553,584. 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 90 days. Company insiders own 9.59% of the company’s stock.

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.