Tidewater (NYSE:TDW) Shares Gap Up on Insider Buying Activity

Tidewater Inc. (NYSE:TDW)’s stock price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $47.05, but opened at $49.55. Tidewater shares last traded at $48.77, with a volume of 171,054 shares.

Specifically, CEO Quintin Kneen purchased 41,615 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was purchased at an average cost of $48.06 per share, with a total value of $2,000,016.90. Following the completion of the acquisition, the chief executive officer now directly owns 176,239 shares in the company, valued at $8,470,046.34. This trade represents a 30.91 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

TDW has been the topic of a number of recent analyst reports. DNB Markets assumed coverage on Tidewater in a report on Friday, November 29th. They set a “buy” rating and a $70.00 price objective on the stock. Raymond James lowered shares of Tidewater from a “strong-buy” rating to an “outperform” rating and cut their price target for the company from $131.00 to $102.00 in a report on Monday, November 11th. Finally, StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $95.80.

Tidewater Stock Up 2.6 %

The company has a current ratio of 2.29, a quick ratio of 2.19 and a debt-to-equity ratio of 0.54. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 13.84 and a beta of 1.10. The stock has a 50-day moving average of $56.49 and a 200-day moving average of $77.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP acquired a new stake in Tidewater in the 2nd quarter valued at approximately $27,000. Hollencrest Capital Management bought a new position in Tidewater during the 2nd quarter valued at $30,000. GAMMA Investing LLC increased its position in shares of Tidewater by 163.5% during the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 435 shares during the period. Northwest & Ethical Investments L.P. acquired a new stake in shares of Tidewater in the third quarter valued at $65,000. Finally, Headlands Technologies LLC boosted its stake in Tidewater by 6,322.2% during the second quarter. Headlands Technologies LLC now owns 1,156 shares of the oil and gas company’s stock valued at $110,000 after buying an additional 1,138 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

Tidewater Company Profile

Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.