Tidewater (NYSE:TDW) Shares Down 5.1% – Here’s What Happened

Tidewater Inc. (NYSE:TDW)’s stock price dropped 5.1% during mid-day trading on Tuesday . The company traded as low as $76.71 and last traded at $76.9070. Approximately 505,730 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 817,056 shares. The stock had previously closed at $81.00.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on TDW shares. Evercore decreased their price target on shares of Tidewater from $67.00 to $65.00 and set an “in-line” rating for the company in a report on Wednesday, November 12th. Raymond James Financial set a $117.00 price objective on Tidewater in a research report on Tuesday, March 3rd. Zacks Research raised Tidewater from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tidewater in a research report on Monday, December 29th. Finally, Dawson James reissued an “outperform” rating on shares of Tidewater in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $91.00.

Tidewater Price Performance

The company has a market cap of $3.86 billion, a price-to-earnings ratio of 11.64 and a beta of 0.57. The company has a current ratio of 2.90, a quick ratio of 2.78 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average price of $65.66 and a two-hundred day moving average price of $58.37.

Tidewater (NYSE:TDW) last posted its quarterly earnings results on Monday, March 2nd. The oil and gas company reported $4.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $3.64. Tidewater had a net margin of 24.74% and a return on equity of 12.34%. The firm had revenue of $336.80 million during the quarter, compared to analyst estimates of $329.39 million. During the same quarter in the prior year, the business posted $0.70 earnings per share. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Insider Activity at Tidewater

In related news, EVP Daniel A. Hudson sold 15,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 50,986 shares in the company, valued at $3,951,415. This represents a 22.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Samuel R. Rubio sold 22,461 shares of the business’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $80.05, for a total value of $1,798,003.05. Following the completion of the transaction, the executive vice president directly owned 60,066 shares in the company, valued at approximately $4,808,283.30. This represents a 27.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 52,656 shares of company stock worth $4,079,112 over the last three months. 6.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tidewater

A number of large investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd increased its holdings in shares of Tidewater by 2,298.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,487 shares of the oil and gas company’s stock valued at $75,000 after purchasing an additional 1,425 shares in the last quarter. Invesco Ltd. boosted its position in Tidewater by 6.2% in the 4th quarter. Invesco Ltd. now owns 246,302 shares of the oil and gas company’s stock valued at $12,441,000 after buying an additional 14,413 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Tidewater in the 4th quarter valued at $2,906,000. XTX Topco Ltd acquired a new stake in shares of Tidewater in the 4th quarter valued at $2,424,000. Finally, SummitTX Capital L.P. bought a new stake in shares of Tidewater during the fourth quarter worth $11,403,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.