BTIG Research Reaffirms “Buy” Rating for Tidewater (NYSE:TDW)

Tidewater (NYSE:TDW)‘s stock had its “buy” rating restated by equities researchers at BTIG Research in a research note issued to investors on Friday, Benzinga reports. They presently have a $120.00 target price on the oil and gas company’s stock. BTIG Research’s target price points to a potential upside of 40.64% from the company’s previous close.

A number of other equities analysts have also commented on TDW. Weiss Ratings raised Tidewater from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, September 11th. Barclays boosted their target price on shares of Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a report on Thursday, August 13th. Finally, Pickering Energy Partners raised Tidewater from an “underperform” rating to a “neutral” rating in a research report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Tidewater has an average rating of “Moderate Buy” and an average price target of $98.25.

Tidewater Price Performance

NYSE:TDW traded up $0.62 during mid-day trading on Friday, reaching $85.32. The stock had a trading volume of 56,124 shares, compared to its average volume of 745,074. Tidewater has a 12 month low of $46.65 and a 12 month high of $101.57. The stock has a market capitalization of $4.25 billion, a PE ratio of 17.29 and a beta of 0.60. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.58 and a quick ratio of 3.47. The stock has a 50-day simple moving average of $88.50 and a two-hundred day simple moving average of $81.52.

Tidewater (NYSE:TDW) last released its earnings results on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.03). The business had revenue of $342.29 million during the quarter, compared to the consensus estimate of $329.97 million. Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.46 EPS. On average, equities analysts anticipate that Tidewater will post 3.08 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Daniel A. Hudson sold 15,000 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $99.08, for a total transaction of $1,486,200.00. Following the completion of the sale, the executive vice president directly owned 33,029 shares of the company’s stock, valued at approximately $3,272,513.32. This trade represents a 31.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samuel R. Rubio sold 17,705 shares of Tidewater stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $91.56, for a total transaction of $1,621,069.80. Following the completion of the sale, the executive vice president directly owned 33,214 shares in the company, valued at approximately $3,041,073.84. This represents a 34.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 42,705 shares of company stock worth $4,097,270. 5.90% of the stock is owned by corporate insiders.

Institutional Trading of Tidewater

A number of large investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Tidewater in the 2nd quarter worth about $503,200,000. Robotti Robert purchased a new position in Tidewater in the 2nd quarter valued at approximately $193,652,000. Dimensional Fund Advisors LP raised its holdings in Tidewater by 4.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,838,769 shares of the oil and gas company’s stock valued at $153,623,000 after acquiring an additional 86,084 shares during the period. Wellington Management Group LLP lifted its position in shares of Tidewater by 11.1% during the second quarter. Wellington Management Group LLP now owns 1,475,804 shares of the oil and gas company’s stock worth $98,333,000 after acquiring an additional 147,189 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Tidewater during the second quarter worth $28,293,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

Tidewater Company Profile

Tidewater Inc is a global provider of offshore marine support services to the energy industry. The company operates a fleet of offshore support vessels that transport personnel, equipment and supplies to offshore facilities and assist with marine logistics, construction, maintenance and other activities.

Its vessel portfolio includes platform supply vessels, anchor-handling tug supply vessels, fast support vessels and other specialized ships designed for offshore operations. Tidewater serves customers involved in offshore oil and gas development, as well as selected activities associated with offshore wind and other marine energy projects.

Founded in 1955, Tidewater is headquartered in Houston, Texas, and serves offshore markets across regions including the Americas, Europe, the Middle East, Africa and Asia-Pacific.