Tidewater (NYSE:TDW) Trading Down 5.1% – Here’s What Happened

Tidewater Inc. (NYSE:TDW) dropped 5.1% during trading on Tuesday . The company traded as low as $76.71 and last traded at $76.9070. Approximately 505,730 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 817,056 shares. The stock had previously closed at $81.00.

Analysts Set New Price Targets

TDW has been the topic of several recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of Tidewater in a research report on Monday, December 29th. Dawson James reaffirmed an “outperform” rating on shares of Tidewater in a report on Tuesday, March 3rd. Evercore dropped their price target on Tidewater from $67.00 to $65.00 and set an “in-line” rating on the stock in a research note on Wednesday, November 12th. Raymond James Financial set a $117.00 price objective on shares of Tidewater in a research note on Tuesday, March 3rd. Finally, Zacks Research upgraded shares of Tidewater from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $91.00.

Tidewater Price Performance

The company has a market cap of $3.86 billion, a PE ratio of 11.64 and a beta of 0.57. The stock has a fifty day moving average price of $65.66 and a 200-day moving average price of $58.37. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.90 and a quick ratio of 2.78.

Tidewater (NYSE:TDW) last issued its quarterly earnings results on Monday, March 2nd. The oil and gas company reported $4.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $3.64. The business had revenue of $336.80 million for the quarter, compared to the consensus estimate of $329.39 million. Tidewater had a return on equity of 12.34% and a net margin of 24.74%.Tidewater’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 earnings per share. On average, equities analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current year.

Insider Buying and Selling at Tidewater

In other Tidewater news, EVP Samuel R. Rubio sold 22,461 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $80.05, for a total value of $1,798,003.05. Following the transaction, the executive vice president directly owned 60,066 shares of the company’s stock, valued at $4,808,283.30. This represents a 27.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Daniel A. Hudson sold 15,000 shares of the firm’s 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 sale, the executive vice president directly owned 50,986 shares of the company’s stock, valued at $3,951,415. This trade represents a 22.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 52,656 shares of company stock worth $4,079,112. 6.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tidewater

Hedge funds have recently added to or reduced their stakes in the company. Robotti Robert lifted its position in shares of Tidewater by 3.3% in the second quarter. Robotti Robert now owns 2,951,533 shares of the oil and gas company’s stock worth $136,154,000 after buying an additional 94,902 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Tidewater by 291.8% during the 2nd quarter. American Century Companies Inc. now owns 556,481 shares of the oil and gas company’s stock valued at $25,670,000 after acquiring an additional 414,454 shares during the last quarter. River Road Asset Management LLC lifted its holdings in Tidewater by 86.0% in the 2nd quarter. River Road Asset Management LLC now owns 101,780 shares of the oil and gas company’s stock worth $5,090,000 after purchasing an additional 47,049 shares during the last quarter. VELA Investment Management LLC bought a new stake in Tidewater during the third quarter worth approximately $1,546,000. Finally, SummerHaven Investment Management LLC acquired a new position in Tidewater during the third quarter valued at approximately $855,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

Tidewater Company Profile

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.