Tidewater (NYSE:TDW) Sets New 1-Year High at $93.15

Tidewater Inc. (NYSE:TDW) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $93.15 and last traded at $92.32, with a volume of 29804 shares traded. The stock had previously closed at $92.20.

Wall Street Analyst Weigh In

TDW has been the subject of several recent analyst reports. BTIG Research upped their target price on shares of Tidewater from $90.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Pickering Energy Partners began coverage on Tidewater in a research report on Tuesday, January 30th. They set an “outperform” rating for the company. Johnson Rice assumed coverage on shares of Tidewater in a report on Friday, February 9th. They set a “buy” rating and a $88.00 target price for the company. Finally, Evercore ISI boosted their price target on shares of Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $93.00.

Tidewater Stock Up 0.8 %

The firm’s 50 day moving average price is $75.71 and its two-hundred day moving average price is $69.22. The company has a market capitalization of $4.86 billion, a price-to-earnings ratio of 50.36 and a beta of 1.17. The company has a current ratio of 1.80, a quick ratio of 1.70 and a debt-to-equity ratio of 0.61.

Tidewater (NYSE:TDW) last released its quarterly earnings results on Friday, March 1st. The oil and gas company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.03). The company had revenue of $302.66 million during the quarter, compared to the consensus estimate of $309.46 million. Tidewater had a net margin of 9.62% and a return on equity of 13.37%. The firm’s revenue was up 62.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.30 earnings per share. Sell-side analysts anticipate that Tidewater Inc. will post 4.94 earnings per share for the current fiscal year.

Tidewater declared that its board has approved a share repurchase program on Thursday, February 29th that allows the company to buyback $48.60 million in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 1.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Tidewater

In other Tidewater news, CFO Samuel R. Rubio sold 19,641 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $81.36, for a total transaction of $1,597,991.76. Following the transaction, the chief financial officer now owns 98,036 shares in the company, valued at approximately $7,976,208.96. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Tidewater news, COO David E. Darling sold 17,821 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $82.08, for a total value of $1,462,747.68. Following the transaction, the chief operating officer now directly owns 85,959 shares of the company’s stock, valued at approximately $7,055,514.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Samuel R. Rubio sold 19,641 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $81.36, for a total transaction of $1,597,991.76. Following the sale, the chief financial officer now directly owns 98,036 shares of the company’s stock, valued at approximately $7,976,208.96. The disclosure for this sale can be found here. Insiders sold 45,462 shares of company stock valued at $3,716,739 in the last quarter. Company insiders own 9.59% of the company’s stock.

Institutional Investors Weigh In On Tidewater

Several institutional investors and hedge funds have recently added to or reduced their stakes in TDW. PNC Financial Services Group Inc. lifted its position in shares of Tidewater by 71.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock worth $27,000 after buying an additional 156 shares during the last quarter. Parkside Financial Bank & Trust bought a new stake in shares of Tidewater during the 4th quarter valued at approximately $33,000. Tower Research Capital LLC TRC increased its position in Tidewater by 36.0% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,021 shares of the oil and gas company’s stock worth $45,000 after purchasing an additional 270 shares in the last quarter. Ensign Peak Advisors Inc bought a new position in Tidewater in the 3rd quarter valued at approximately $51,000. Finally, FNY Investment Advisers LLC bought a new stake in shares of Tidewater during the third quarter worth $71,000. 95.13% of the stock is currently owned by institutional investors.

About Tidewater

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.