Tidewater (NYSE:TDW) Shares Gap Up – Here’s Why

Tidewater Inc. (NYSE:TDW) shares gapped up prior to trading on Monday . The stock had previously closed at $73.38, but opened at $76.86. Tidewater shares last traded at $80.2550, with a volume of 300,060 shares changing hands.

Wall Street Analyst Weigh In

TDW has been the topic of several analyst reports. Evercore cut their target price on Tidewater from $67.00 to $65.00 and set an “in-line” rating on the stock in a research note on Wednesday, November 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Tidewater in a research note on Monday, December 29th. Finally, Zacks Research raised shares of Tidewater from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $67.50.

Tidewater Trading Up 4.1%

The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 25.75 and a beta of 0.64. 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 business has a 50-day moving average of $59.34 and a 200-day moving average of $56.52.

Insider Buying and Selling

In other Tidewater news, EVP Daniel A. Hudson sold 10,000 shares of the stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $70.01, for a total transaction of $700,100.00. Following the completion of the sale, the executive vice president directly owned 65,986 shares in the company, valued at approximately $4,619,679.86. This trade represents a 13.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Tidewater

Several large investors have recently modified their holdings of TDW. Royal Bank of Canada boosted its stake in shares of Tidewater by 22.6% during the 1st quarter. Royal Bank of Canada now owns 23,169 shares of the oil and gas company’s stock valued at $980,000 after purchasing an additional 4,278 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Tidewater by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,028 shares of the oil and gas company’s stock worth $1,227,000 after acquiring an additional 1,271 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Tidewater by 4.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 44,833 shares of the oil and gas company’s stock valued at $1,895,000 after acquiring an additional 1,931 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new stake in Tidewater in the second quarter worth about $200,000. Finally, CWM LLC boosted its stake in Tidewater by 83.6% in the 2nd quarter. CWM LLC now owns 927 shares of the oil and gas company’s stock worth $43,000 after purchasing an additional 422 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Tidewater Company Profile

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.