Tidewater Inc. (NYSE:TDW) Receives Average Recommendation of “Buy” from Brokerages

Shares of Tidewater Inc. (NYSE:TDW) have received an average recommendation of “Buy” from the five analysts that are presently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $98.00.

Separately, BTIG Research boosted their price objective on Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, May 10th.

Insiders Place Their Bets

In other news, Director Darron M. Anderson sold 1,000 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $103.89, for a total transaction of $103,890.00. Following the completion of the transaction, the director now directly owns 40,447 shares of the company’s stock, valued at approximately $4,202,038.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Tidewater news, Director Darron M. Anderson sold 1,000 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $103.89, for a total transaction of $103,890.00. Following the sale, the director now owns 40,447 shares of the company’s stock, valued at approximately $4,202,038.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth Traub sold 20,000 shares of Tidewater stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $106.38, for a total value of $2,127,600.00. Following the completion of the transaction, the director now owns 68,802 shares of the company’s stock, valued at $7,319,156.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 733,926 shares of company stock valued at $78,328,615. Corporate insiders own 8.33% of the company’s stock.

Institutional Investors Weigh In On Tidewater

Several hedge funds and other institutional investors have recently modified their holdings of TDW. Raymond James Financial Services Advisors Inc. grew its stake in Tidewater by 71.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 39,145 shares of the oil and gas company’s stock valued at $2,823,000 after acquiring an additional 16,338 shares in the last quarter. Sheets Smith Wealth Management bought a new position in shares of Tidewater in the fourth quarter worth $510,000. Anthracite Investment Company Inc. purchased a new stake in shares of Tidewater in the fourth quarter worth $3,101,000. CenterBook Partners LP bought a new stake in Tidewater during the fourth quarter valued at $727,000. Finally, Orchard Capital Management LLC grew its position in Tidewater by 23.1% during the fourth quarter. Orchard Capital Management LLC now owns 166,146 shares of the oil and gas company’s stock worth $11,981,000 after buying an additional 31,193 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

Tidewater Stock Up 0.6 %

Shares of Tidewater stock opened at $95.26 on Friday. The stock’s 50-day moving average is $99.82 and its 200 day moving average is $85.76. Tidewater has a one year low of $52.15 and a one year high of $111.42. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of 37.95 and a beta of 1.20. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.74.

Tidewater (NYSE:TDW) last announced its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.40. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. The firm had revenue of $321.20 million for the quarter, compared to analyst estimates of $312.05 million. During the same quarter in the prior year, the business earned $0.23 earnings per share. The business’s quarterly revenue was up 66.3% compared to the same quarter last year. Equities research analysts anticipate that Tidewater will post 4.68 EPS for the current year.

Tidewater declared that its board has initiated a share buyback program on Thursday, May 2nd that permits the company to buyback $18.10 million in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 0.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

About Tidewater

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.