Tidewater (NYSE:TDW) Stock Price Down 5% on Insider Selling

Shares of Tidewater Inc. (NYSE:TDW) traded down 5% on Thursday following insider selling activity. The company traded as low as $97.19 and last traded at $95.6020. Approximately 239,145 shares were traded during mid-day trading, a decline of 69% from the average session volume of 770,307 shares. The stock had previously closed at $100.61.

Specifically, EVP Daniel Hudson sold 15,000 shares of the business’s stock in a transaction dated 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 in the company, valued at $3,272,513.32. The trade was a 31.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Traub sold 10,000 shares of the business’s 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 approximately $6,288,579. This represents a 13.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TDW. Zacks Research downgraded shares of Tidewater from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. BTIG Research upgraded shares of Tidewater from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a report on Tuesday. Pickering Energy Partners upgraded shares of Tidewater from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 11th. Fearnley Fonds raised shares of Tidewater from a “hold” rating to a “strong-buy” rating in a report on Friday, June 5th. Finally, Barclays lifted their target price on Tidewater from $86.00 to $91.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.25.

Tidewater Stock Down 0.3%

The business’s 50 day simple moving average is $81.93 and its 200 day simple moving average is $79.83. The company has a current ratio of 3.58, a quick ratio of 3.47 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $4.69 billion, a PE ratio of 19.09 and a beta of 0.56.

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). Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The business had revenue of $342.29 million for the quarter, compared to analysts’ expectations of $329.97 million. During the same quarter in the prior year, the company posted $1.46 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. On average, equities research analysts forecast that Tidewater Inc. will post 3.08 earnings per share for the current year.

Hedge Funds Weigh In On Tidewater

Large investors have recently modified their holdings of the stock. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Tidewater in the 4th quarter worth about $1,953,000. Tejara Capital Ltd grew its holdings in Tidewater by 127.6% during the 4th quarter. Tejara Capital Ltd now owns 44,600 shares of the oil and gas company’s stock valued at $2,253,000 after purchasing an additional 25,000 shares during the last quarter. Bank of New York Mellon Corp raised its position in Tidewater by 6.7% in the 1st quarter. Bank of New York Mellon Corp now owns 323,869 shares of the oil and gas company’s stock worth $27,059,000 after purchasing an additional 20,472 shares during the period. Readystate Asset Management LP purchased a new stake in Tidewater in the 1st quarter worth about $1,662,000. Finally, Robotti Robert bought a new stake in Tidewater in the second quarter worth about $193,652,000. 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.