Tidewater (NYSE:TDW) Trading Down 5.2% – Here’s Why

Tidewater Inc. (NYSE:TDW) traded down 5.2% on Wednesday . The company traded as low as $83.01 and last traded at $83.14. 642,074 shares changed hands during trading, a decline of 19% from the average session volume of 790,181 shares. The stock had previously closed at $87.67.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Tidewater in a research note on Monday, December 29th. Evercore decreased their price objective 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. Dawson James reiterated an “outperform” rating on shares of Tidewater in a research note on Tuesday. Raymond James Financial set a $117.00 target price on Tidewater in a report on Tuesday. Finally, Zacks Research raised Tidewater from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $91.00.

Tidewater Price Performance

The company has a fifty day simple moving average of $63.25 and a 200-day simple moving average of $57.71. The company has a market cap of $4.11 billion, a P/E ratio of 12.41 and a beta of 0.57. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.89 and a quick ratio of 2.79.

Tidewater (NYSE:TDW) last released its quarterly earnings data on Monday, March 2nd. The oil and gas company reported $4.41 earnings per share for the quarter, topping the consensus estimate of $0.77 by $3.64. The business had revenue of $336.80 million during the quarter, compared to analyst estimates of $329.39 million. Tidewater had a return on equity of 12.98% and a net margin of 24.74%.The company’s revenue was down 2.4% compared to the same quarter last year. During the same period last year, the company posted $0.70 EPS. On average, sell-side analysts predict that Tidewater Inc. will post 3.25 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Daniel A. Hudson sold 15,000 shares of Tidewater stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $77.50, for a total value of $1,162,500.00. Following the transaction, the executive vice president owned 50,986 shares of the company’s stock, valued at approximately $3,951,415. This trade represents a 22.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Robotti Robert raised its holdings in shares of Tidewater by 3.3% during the second quarter. Robotti Robert now owns 2,951,533 shares of the oil and gas company’s stock valued at $136,154,000 after acquiring an additional 94,902 shares during the period. State Street Corp boosted its stake in Tidewater by 4.7% in the 4th quarter. State Street Corp now owns 1,901,880 shares of the oil and gas company’s stock worth $96,064,000 after purchasing an additional 85,697 shares during the period. Dimensional Fund Advisors LP grew its position in Tidewater by 14.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,752,685 shares of the oil and gas company’s stock worth $88,529,000 after purchasing an additional 215,145 shares in the last quarter. Cerity Partners LLC grew its position in Tidewater by 104.3% during the 4th quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company’s stock worth $57,730,000 after purchasing an additional 583,607 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Tidewater by 74.2% during the 3rd quarter. American Century Companies Inc. now owns 969,392 shares of the oil and gas company’s stock valued at $51,698,000 after purchasing an additional 412,911 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

About Tidewater

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.