Tidewater’s (TDW) “Buy” Rating Reiterated at BTIG Research

Tidewater (NYSE:TDW)‘s stock had its “buy” rating reaffirmed by analysts at BTIG Research in a report released on Friday, Benzinga reports. They presently have a $120.00 price target on the oil and gas company’s stock. BTIG Research’s price objective would indicate a potential upside of 40.92% from the company’s previous close.

TDW has been the subject of several other research reports. Pickering Energy Partners upgraded Tidewater from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 11th. Barclays raised their target price on Tidewater from $86.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 13th. Finally, Weiss Ratings upgraded Tidewater from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $98.25.

Tidewater Stock Performance

TDW traded up $0.45 during trading hours on Friday, hitting $85.15. The stock had a trading volume of 470,499 shares, compared to its average volume of 747,299. The company’s fifty day simple moving average is $88.50 and its 200 day simple moving average is $81.52. Tidewater has a 1 year low of $46.65 and a 1 year high of $101.57. The stock has a market cap of $4.24 billion, a PE ratio of 17.24 and a beta of 0.60. The company has a quick ratio of 3.47, a current ratio of 3.58 and a debt-to-equity ratio of 0.47.

Tidewater (NYSE:TDW) last announced its quarterly earnings data on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.03). Tidewater had a return on equity of 5.36% and a net margin of 18.34%.The firm had revenue of $342.29 million during the quarter, compared to analysts’ expectations of $329.97 million. During the same period last year, the business posted $1.46 EPS. The company’s revenue was up .3% compared to the same quarter last year. Equities analysts anticipate that Tidewater will post 3.08 earnings per share for the current year.

Insiders Place Their Bets

In other Tidewater news, EVP Daniel Hudson sold 15,000 shares of Tidewater stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $99.08, for a total value of $1,486,200.00. Following the transaction, the executive vice president directly owned 33,029 shares of the company’s stock, valued at $3,272,513.32. The trade was a 31.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Traub sold 10,000 shares of Tidewater stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $99.00, for a total value of $990,000.00. Following the completion of the transaction, the director directly owned 63,521 shares in the company, valued at $6,288,579. This trade represents a 13.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 42,705 shares of company stock valued at $4,097,270 in the last ninety days. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Tidewater

Several hedge funds have recently made changes to their positions in TDW. BlackRock Inc. purchased a new position in shares of Tidewater during the second quarter valued at approximately $503,200,000. Robotti Robert purchased a new position in shares of Tidewater during the second quarter valued at approximately $193,652,000. Bank of America Corp DE purchased a new position in shares of Tidewater during the second quarter valued at approximately $28,293,000. Old West Investment Management LLC purchased a new position in shares of Tidewater during the second quarter valued at approximately $26,238,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Tidewater during the second quarter valued at approximately $24,842,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

About Tidewater

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.