Tidewater (NYSE:TDW) Reaches New 12-Month High Following Better-Than-Expected Earnings

Tidewater Inc. (NYSE:TDW) shares hit a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $88.99 and last traded at $82.8450, with a volume of 386552 shares trading hands. The stock had previously closed at $79.87.

The oil and gas company reported $4.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $3.64. The company had revenue of $336.80 million for the quarter, compared to analyst estimates of $329.39 million. Tidewater had a net margin of 11.14% and a return on equity of 14.86%. The firm’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.70 EPS.

Analyst Ratings Changes

Several brokerages recently issued reports on TDW. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tidewater in a research report on Monday, December 29th. Zacks Research raised shares of Tidewater from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Raymond James Financial reiterated an “outperform” rating on shares of Tidewater in a research note on Monday, February 23rd. Finally, Evercore dropped their price target on shares of Tidewater from $67.00 to $65.00 and set an “in-line” rating on the stock in a research report on Wednesday, November 12th. One analyst has rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $67.50.

Insider Transactions at Tidewater

In other news, EVP Daniel A. Hudson sold 15,000 shares of the firm’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $77.50, for a total transaction of $1,162,500.00. Following the completion of the sale, the executive vice president directly owned 50,986 shares of the company’s stock, valued at $3,951,415. This trade represents a 22.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 6.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tidewater

Several institutional investors have recently added to or reduced their stakes in TDW. Federated Hermes Inc. bought a new stake in Tidewater in the second quarter worth about $28,199,000. Cerity Partners LLC increased its stake in shares of Tidewater by 104.3% during the 4th quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company’s stock worth $57,730,000 after purchasing an additional 583,607 shares during the last quarter. Fort Washington Investment Advisors Inc. OH bought a new stake in shares of Tidewater in the 4th quarter worth approximately $21,922,000. American Century Companies Inc. lifted its stake in Tidewater by 291.8% in the second quarter. American Century Companies Inc. now owns 556,481 shares of the oil and gas company’s stock valued at $25,670,000 after purchasing an additional 414,454 shares during the last quarter. Finally, Boston Partners grew its holdings in Tidewater by 1,118.5% during the second quarter. Boston Partners now owns 283,676 shares of the oil and gas company’s stock valued at $14,089,000 after purchasing an additional 260,395 shares during the period. Institutional investors own 95.13% of the company’s stock.

Tidewater Trading Up 3.4%

The company has a debt-to-equity ratio of 0.57, a current ratio of 2.89 and a quick ratio of 2.79. The firm has a fifty day simple moving average of $62.53 and a two-hundred day simple moving average of $57.49. The firm has a market capitalization of $4.09 billion, a P/E ratio of 27.80 and a beta of 0.57.

About Tidewater

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.