Tidewater (NYSE:TDW) Reaches New 12-Month High at $99.03

Tidewater Inc. (NYSE:TDWGet Free Report)’s share price hit a new 52-week high on Wednesday . The company traded as high as $99.03 and last traded at $98.43, with a volume of 111017 shares traded. The stock had previously closed at $94.76.

Analyst Ratings Changes

A number of brokerages have weighed in on TDW. BTIG Research upped their price objective on shares of Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Evercore ISI upped their price target 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 began coverage on shares of Tidewater in a research report on Friday, February 9th. They set a “buy” rating and a $88.00 price target for the company. Finally, Pickering Energy Partners began coverage on shares of Tidewater in a research report on Tuesday, January 30th. They set an “outperform” rating for the company. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tidewater currently has an average rating of “Buy” and a consensus price target of $93.00.

Read Our Latest Analysis on Tidewater

Tidewater Stock Performance

The company has a market cap of $5.17 billion, a PE ratio of 51.74 and a beta of 1.20. 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’s 50 day moving average is $77.59 and its 200-day moving average is $69.89.

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

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

Insider Activity

In other news, CFO Samuel R. Rubio sold 19,641 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now owns 98,036 shares of the company’s stock, valued at approximately $7,976,208.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Daniel A. Hudson sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $82.00, 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 approximately $8,553,584. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Samuel R. Rubio sold 19,641 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was 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 in the company, valued at $7,976,208.96. 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.

Hedge Funds Weigh In On Tidewater

Large investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its holdings in Tidewater by 71.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock worth $27,000 after buying an additional 156 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of Tidewater by 5.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,926 shares of the oil and gas company’s stock valued at $218,000 after purchasing an additional 199 shares in the last quarter. Precision Wealth Strategies LLC raised its holdings in shares of Tidewater by 8.5% in the 4th quarter. Precision Wealth Strategies LLC now owns 3,376 shares of the oil and gas company’s stock valued at $243,000 after purchasing an additional 264 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Tidewater by 36.0% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,021 shares of the oil and gas company’s stock valued at $45,000 after purchasing an additional 270 shares in the last quarter. Finally, Meixler Investment Management Ltd. raised its holdings in shares of Tidewater by 1.9% in the 4th quarter. Meixler Investment Management Ltd. now owns 15,448 shares of the oil and gas company’s stock valued at $1,114,000 after purchasing an additional 284 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Tidewater Company Profile

(Get Free Report)

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.

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