Tidewater (TDW) Downgraded by Zacks Investment Research to “Hold”

Tidewater (NYSE:TDW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

According to Zacks, “Tidewater Inc. provides offshore service vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels. The Company tows and anchor-handles mobile drilling rigs and equipment, transports supplies and personnel, and supports pipe laying and other offshore construction activities. Its operating segment consists of Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe. The company serves oil and natural gas exploration, field development, and production companies; independent exploration and production companies; government-owned or government-controlled organizations, and other companies; drilling contractors and other companies. Tidewater Inc. is headquartered in New Orleans, Louisiana. “

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Shares of Tidewater stock traded down $0.08 on Friday, hitting $30.42. The company had a trading volume of 10,604 shares, compared to its average volume of 131,043. The company has a current ratio of 3.84, a quick ratio of 3.71 and a debt-to-equity ratio of 0.43. Tidewater has a 52 week low of $20.37 and a 52 week high of $30.82.

Tidewater (NYSE:TDW) last posted its quarterly earnings data on Wednesday, March 14th. The oil and gas company reported ($1.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.77) by ($0.25). The firm had revenue of $104.45 million for the quarter, compared to analyst estimates of $106.50 million. Tidewater’s quarterly revenue was down 19.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.94) EPS. equities analysts predict that Tidewater will post -3.42 EPS for the current year.

Institutional investors have recently bought and sold shares of the company. Jefferies Group LLC bought a new position in shares of Tidewater in the fourth quarter valued at approximately $233,000. Ellington Management Group LLC bought a new position in shares of Tidewater in the fourth quarter valued at approximately $237,000. BlueCrest Capital Management Ltd bought a new position in shares of Tidewater in the fourth quarter valued at approximately $319,000. Eii Capital Management Inc. bought a new position in shares of Tidewater in the fourth quarter valued at approximately $361,000. Finally, Tocqueville Asset Management L.P. bought a new position in shares of Tidewater in the fourth quarter valued at approximately $630,000. Institutional investors and hedge funds own 68.90% of the company’s stock.

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About Tidewater

Tidewater Inc provides offshore service 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 exploration, field development, and production, 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, remotely operated vehicle (ROV) operations, and seismic and subsea support; and various specialized services, such as pipe and cable laying.

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