Tidewater (NYSE:TDW) Stock Price Down 5% – Here’s Why

Shares of Tidewater Inc. (NYSE:TDW) traded down 5% on Thursday . The stock traded as low as $70.74 and last traded at $70.1460. 117,519 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 811,538 shares. The stock had previously closed at $73.86.

Analysts Set New Price Targets

Several research analysts recently commented on TDW shares. Barclays lifted their target price on shares of Tidewater from $80.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Zacks Research cut shares of Tidewater from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Fearnley Fonds raised shares of Tidewater from a “hold” rating to a “strong-buy” rating in a report on Friday, June 5th. Pickering Energy Partners raised shares of Tidewater from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 11th. Finally, Weiss Ratings lowered shares of Tidewater from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $89.33.

Tidewater Price Performance

The business has a 50 day moving average of $75.14 and a 200 day moving average of $72.28. The company has a market cap of $3.53 billion, a PE ratio of 11.91 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.33 and a quick ratio of 3.22.

Tidewater (NYSE:TDW) last issued its quarterly earnings data on Monday, May 4th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.63). Tidewater had a net margin of 22.16% and a return on equity of 8.79%. The company had revenue of $326.22 million for the quarter, compared to analysts’ expectations of $322.83 million. During the same period in the previous year, the firm posted $0.83 earnings per share. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, research analysts predict that Tidewater Inc. will post 3.52 EPS for the current year.

Hedge Funds Weigh In On Tidewater

Several hedge funds and other institutional investors have recently modified their holdings of TDW. Blue Trust Inc. bought a new position in Tidewater in the first quarter worth about $26,000. Clearstead Advisors LLC grew its holdings in shares of Tidewater by 22.2% during the 4th quarter. Clearstead Advisors LLC now owns 871 shares of the oil and gas company’s stock worth $44,000 after acquiring an additional 158 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Tidewater by 701.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 994 shares of the oil and gas company’s stock worth $46,000 after acquiring an additional 870 shares during the period. Headlands Technologies LLC bought a new position in shares of Tidewater in the 2nd quarter worth approximately $47,000. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Tidewater in the 4th quarter worth approximately $53,000. Hedge funds and other institutional investors 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.