Naviter Wealth LLC Sells 46,972 Shares of Tidewater Inc. (NYSE:TDW)

Naviter Wealth LLC cut its position in shares of Tidewater Inc. (NYSE:TDW) by 15.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 248,842 shares of the oil and gas company’s stock after selling 46,972 shares during the quarter. Tidewater accounts for 3.7% of Naviter Wealth LLC’s portfolio, making the stock its 3rd biggest holding. Naviter Wealth LLC owned approximately 0.48% of Tidewater worth $22,893,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in TDW. Harbour Capital Advisors LLC acquired a new stake in Tidewater during the first quarter valued at approximately $883,000. 180 Wealth Advisors LLC boosted its holdings in Tidewater by 28.9% during the first quarter. 180 Wealth Advisors LLC now owns 4,000 shares of the oil and gas company’s stock valued at $368,000 after purchasing an additional 896 shares in the last quarter. Fermata Advisors LLC acquired a new stake in Tidewater during the first quarter valued at approximately $253,000. PNC Financial Services Group Inc. boosted its holdings in Tidewater by 71.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 156 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Tidewater by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 3,829,340 shares of the oil and gas company’s stock valued at $276,134,000 after purchasing an additional 30,740 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Tidewater Trading Up 3.2 %

TDW stock traded up $2.96 during trading on Tuesday, hitting $94.66. The company had a trading volume of 692,107 shares, compared to its average volume of 881,376. The company has a quick ratio of 1.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average price of $99.73 and a 200-day moving average price of $85.62. Tidewater Inc. has a 12 month low of $52.15 and a 12 month high of $111.42. The stock has a market cap of $4.99 billion, a price-to-earnings ratio of 37.71 and a beta of 1.20.

Tidewater (NYSE:TDW) last posted its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.40. The firm had revenue of $321.20 million during the quarter, compared to analysts’ expectations of $312.05 million. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. Tidewater’s revenue was up 66.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.23 EPS. As a group, analysts predict that Tidewater Inc. will post 4.68 earnings per share for the current year.

Tidewater announced that its Board of Directors has initiated a share buyback plan on Thursday, May 2nd that permits the company to repurchase $18.10 million in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 0.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Evercore ISI lifted their target price on shares of Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a research note on Monday, March 4th. BTIG Research lifted their target price on shares of Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Finally, StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $98.00.

Insider Buying and Selling at Tidewater

In related news, EVP Daniel A. Hudson sold 20,000 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $109.00, for a total value of $2,180,000.00. Following the completion of the transaction, the executive vice president now directly owns 74,542 shares of the company’s stock, valued at approximately $8,125,078. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Samuel R. Rubio sold 24,396 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $107.39, for a total transaction of $2,619,886.44. Following the completion of the transaction, the chief financial officer now directly owns 64,527 shares in the company, valued at approximately $6,929,554.53. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Daniel A. Hudson sold 20,000 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $109.00, for a total transaction of $2,180,000.00. Following the transaction, the executive vice president now owns 74,542 shares of the company’s stock, valued at $8,125,078. The disclosure for this sale can be found here. In the last 90 days, insiders sold 733,926 shares of company stock worth $78,328,615. Insiders own 8.33% of the company’s stock.

Tidewater Profile

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.