Stock Buyback Plan Authorized by Tidewater (NYSE:TDW)

Tidewater (NYSE:TDW) declared that its board has approved a stock buyback plan on Tuesday, August 6th, RTT News reports. The company plans to repurchase $13.90 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 0.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Separately, BTIG Research boosted their target price on shares of Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, May 10th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $102.33.

Tidewater Trading Up 4.2 %

Shares of Tidewater stock opened at $88.18 on Wednesday. The firm has a 50-day moving average of $97.23 and a 200-day moving average of $90.58. The stock has a market cap of $4.65 billion, a PE ratio of 35.13 and a beta of 1.20. Tidewater has a 52-week low of $54.53 and a 52-week high of $111.42. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.74 and a current ratio of 1.81.

Tidewater (NYSE:TDW) last announced its earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.22. The company had revenue of $339.20 million during the quarter, compared to analysts’ expectations of $331.85 million. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. Tidewater’s quarterly revenue was up 57.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.46 earnings per share. As a group, sell-side analysts forecast that Tidewater will post 4.68 EPS for the current year.

Insider Buying and Selling

In related news, Director Robert Robotti sold 170,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $107.62, for a total transaction of $18,295,400.00. Following the completion of the sale, the director now owns 2,533,037 shares of the company’s stock, valued at $272,605,441.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Robert Robotti sold 170,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $107.62, for a total transaction of $18,295,400.00. Following the completion of the sale, the director now owns 2,533,037 shares of the company’s stock, valued at $272,605,441.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Quintin Kneen sold 166,000 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $103.76, for a total transaction of $17,224,160.00. Following the sale, the chief executive officer now directly owns 335,718 shares of the company’s stock, valued at approximately $34,834,099.68. The disclosure for this sale can be found here. Insiders sold 532,909 shares of company stock valued at $56,457,485 over the last quarter. 8.33% of the stock is owned by company insiders.

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.