First Pacific Advisors LP Has $9.47 Million Stock Holdings in Tidewater Inc. (NYSE:TDW)

First Pacific Advisors LP reduced its position in shares of Tidewater Inc. (NYSE:TDW) by 14.2% in the 2nd quarter, Holdings Channel reports. The firm owned 99,461 shares of the oil and gas company’s stock after selling 16,467 shares during the period. First Pacific Advisors LP’s holdings in Tidewater were worth $9,470,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund acquired a new position in shares of Tidewater during the 2nd quarter worth $1,123,000. Rhumbline Advisers raised its stake in Tidewater by 102.4% during the second quarter. Rhumbline Advisers now owns 137,603 shares of the oil and gas company’s stock worth $13,101,000 after acquiring an additional 69,626 shares in the last quarter. Natixis Advisors LLC lifted its holdings in shares of Tidewater by 0.7% in the second quarter. Natixis Advisors LLC now owns 26,520 shares of the oil and gas company’s stock worth $2,525,000 after acquiring an additional 174 shares during the last quarter. Sage Mountain Advisors LLC boosted its stake in shares of Tidewater by 4.8% in the 2nd quarter. Sage Mountain Advisors LLC now owns 2,636 shares of the oil and gas company’s stock valued at $251,000 after purchasing an additional 120 shares in the last quarter. Finally, Maryland State Retirement & Pension System bought a new stake in shares of Tidewater during the 2nd quarter valued at approximately $1,611,000. 95.13% of the stock is currently owned by institutional investors.

Tidewater Stock Performance

NYSE:TDW traded down $0.55 on Thursday, reaching $79.11. 290,085 shares of the company’s stock were exchanged, compared to its average volume of 842,998. The firm has a market cap of $4.15 billion, a price-to-earnings ratio of 31.74 and a beta of 1.13. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.90 and a quick ratio of 1.82. The stock has a fifty day simple moving average of $92.56 and a 200-day simple moving average of $93.02. Tidewater Inc. has a 52 week low of $54.53 and a 52 week high of $111.42.

Tidewater (NYSE:TDW) last released its quarterly earnings data on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.22. Tidewater had a net margin of 12.77% and a return on equity of 18.04%. The business had revenue of $339.20 million during the quarter, compared to analyst estimates of $331.85 million. During the same period in the previous year, the business earned $0.46 EPS. Tidewater’s revenue was up 57.8% compared to the same quarter last year. As a group, sell-side analysts predict that Tidewater Inc. will post 4.4 earnings per share for the current year.

Tidewater declared that its board has approved a stock buyback plan on Tuesday, August 6th that allows the company to buyback $13.90 million in outstanding shares. This buyback authorization allows the oil and gas company to reacquire up to 0.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TDW shares. BTIG Research increased their price objective on Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, May 10th. Raymond James lifted their price target on shares of Tidewater from $133.00 to $138.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $111.25.

Insider Buying and Selling

In related news, Director Kenneth Traub sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $106.38, for a total transaction of $2,127,600.00. Following the completion of the transaction, the director now owns 68,802 shares of the company’s stock, valued at $7,319,156.76. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Quintin Kneen sold 166,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $103.76, for a total value of $17,224,160.00. Following the completion of the sale, the chief executive officer now owns 335,718 shares in the company, valued at approximately $34,834,099.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth Traub sold 20,000 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $106.38, for a total transaction of $2,127,600.00. Following the transaction, the director now owns 68,802 shares in the company, valued at $7,319,156.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 211,666 shares of company stock valued at $22,025,901. Corporate insiders own 8.33% of the company’s stock.

Tidewater 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.