Louisiana State Employees Retirement System Buys New Position in Tidewater Inc. (NYSE:TDW)

Louisiana State Employees Retirement System bought a new stake in shares of Tidewater Inc. (NYSE:TDW) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 24,400 shares of the oil and gas company’s stock, valued at approximately $2,323,000.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Tidewater by 135.4% during the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 153 shares during the last quarter. Transcendent Capital Group LLC purchased a new position in shares of Tidewater during the first quarter valued at approximately $28,000. PNC Financial Services Group Inc. boosted its position in shares of 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 buying an additional 156 shares during the last quarter. Parkside Financial Bank & Trust purchased a new position in shares of Tidewater during the fourth quarter valued at approximately $33,000. Finally, Spire Wealth Management boosted its position in Tidewater by 608.4% in the fourth quarter. Spire Wealth Management now owns 1,771 shares of the oil and gas company’s stock worth $121,000 after purchasing an additional 1,521 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Insider Buying and Selling at Tidewater

In other Tidewater news, Director Louis Raspino sold 25,666 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $104.19, for a total value of $2,674,140.54. Following the completion of the transaction, the director now owns 43,832 shares in the company, valued at approximately $4,566,856.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Kenneth Traub sold 20,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 68,802 shares in the company, valued at $7,319,156.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Louis Raspino sold 25,666 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $104.19, for a total transaction of $2,674,140.54. Following the completion of the transaction, the director now owns 43,832 shares of the company’s stock, valued at $4,566,856.08. The disclosure for this sale can be found here. Insiders have sold a total of 211,666 shares of company stock worth $22,025,901 over the last ninety days. 8.33% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

TDW has been the topic of several research analyst reports. BTIG Research boosted their price objective on Tidewater from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Raymond James boosted their price objective on Tidewater from $133.00 to $138.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $111.25.

Tidewater Stock Performance

Shares of TDW traded up $3.50 during mid-day trading on Friday, hitting $87.87. The stock had a trading volume of 311,544 shares, compared to its average volume of 843,348. The firm has a market cap of $4.61 billion, a P/E ratio of 34.69 and a beta of 1.20. The business has a fifty day moving average price of $94.00 and a 200-day moving average price of $91.62. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.90 and a quick ratio of 1.82. Tidewater Inc. has a 52 week low of $54.53 and a 52 week high of $111.42.

Tidewater (NYSE:TDW) last issued its earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.22. The firm had revenue of $339.20 million for the quarter, compared to analyst estimates of $331.85 million. Tidewater had a return on equity of 18.04% and a net margin of 12.77%. The business’s revenue was up 57.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. On average, equities research analysts expect that Tidewater Inc. will post 4.4 EPS for the current year.

Tidewater declared that its board has approved a share repurchase plan on Thursday, May 2nd that permits the company to repurchase $18.10 million in shares. This repurchase authorization permits the oil and gas company to purchase up to 0.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Tidewater Company 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.