Tidewater (NYSE:TDW) Share Price Crosses Above 50-Day Moving Average – What’s Next?

Tidewater Inc. (NYSE:TDW)’s share price passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $87.22 and traded as high as $87.49. Tidewater shares last traded at $87.31, with a volume of 382,215 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. BTIG Research restated a “buy” rating and set a $120.00 target price on shares of Tidewater in a report on Friday, October 9th. Barclays increased their price target on shares of Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a research note on Thursday, August 13th. Finally, Weiss Ratings upgraded Tidewater from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Tidewater has a consensus rating of “Moderate Buy” and an average price target of $98.25.

Tidewater Stock Up 2.4%

The stock has a market cap of $4.34 billion, a price-to-earnings ratio of 17.67 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. The stock has a 50 day simple moving average of $87.22 and a 200 day simple moving average of $79.13.

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

Insider Buying and Selling

In other news, EVP Samuel Rubio sold 17,705 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $91.56, for a total value of $1,621,069.80. Following the completion of the transaction, the executive vice president owned 33,214 shares in the company, valued at $3,041,073.84. This trade represents a 34.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Daniel Hudson sold 15,000 shares of the company’s 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 transaction, the executive vice president owned 33,029 shares in the company, valued at approximately $3,272,513.32. This represents a 31.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 42,705 shares of company stock valued at $4,097,270 over the last quarter. 5.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tidewater

Large investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Tidewater during the second quarter valued at about $503,200,000. Robotti Robert acquired a new stake in shares of Tidewater in the second quarter valued at about $193,652,000. Bank of America Corp DE purchased a new position in Tidewater in the 2nd quarter valued at $28,293,000. Old West Investment Management LLC purchased a new position in Tidewater during the second quarter worth about $26,238,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Tidewater during the 2nd quarter worth $24,842,000. 95.13% of the stock is owned by institutional investors.

About Tidewater

Tidewater Inc (NYSE: TDW) is an offshore support vessel operator that provides marine transportation and logistics services to the global energy industry. The company supports offshore exploration, development, production, construction and decommissioning activities, transporting personnel, equipment and supplies between shore bases and offshore installations.

Tidewater operates a diverse fleet of vessels, including platform supply vessels, anchor-handling vessels, fast supply vessels, crew boats, tugboats and vessels used for subsea construction, survey and other specialized offshore work.