Zacks Investment Research Upgrades Tidewater Inc. (TDW) to “Hold”
Tidewater Inc. (NYSE:TDW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Tidewater, Inc. owns and operates one of the world’s largest fleets serving the international offshore energy industry. Tidewater vessels can be found in virtually every area of the world where there is significant oil and gas exploration, development or production. These provide a wide range of services including: transporting crews and supplies between the mainland and offshore locations; towing and positioning mobile drilling rigs; assisting in offshore construction projects; and a variety of specialized services including cable laying and 3-D seismic work. “
Several other analysts also recently commented on the company. Credit Suisse Group AG set a $1.00 target price on Tidewater and gave the company a “hold” rating in a research note on Tuesday, November 8th. Argus downgraded Tidewater from a “hold” rating to a “sell” rating in a research note on Tuesday, October 25th. Morgan Stanley set a $4.50 target price on Tidewater and gave the company a “sell” rating in a research note on Thursday, August 11th. Finally, Johnson Rice downgraded Tidewater from an “accumulate” rating to a “hold” rating in a research note on Wednesday, August 10th. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Tidewater presently has a consensus rating of “Hold” and an average price target of $6.69.
Shares of Tidewater (NYSE:TDW) opened at 2.23 on Thursday. The company’s market capitalization is $104.96 million. The firm has a 50 day moving average price of $2.39 and a 200 day moving average price of $4.18. Tidewater has a 52 week low of $1.44 and a 52 week high of $11.58.
Tidewater (NYSE:TDW) last issued its earnings results on Monday, November 7th. The company reported ($3.79) EPS for the quarter, missing the consensus estimate of ($1.08) by $2.71. Tidewater had a negative net margin of 51.66% and a negative return on equity of 5.91%. The business had revenue of $143.70 million for the quarter, compared to analysts’ expectations of $157.64 million. During the same quarter in the prior year, the business posted ($0.02) earnings per share. The business’s revenue for the quarter was down 47.1% on a year-over-year basis. Equities analysts forecast that Tidewater will post ($4.40) EPS for the current year.
A number of institutional investors have recently made changes to their positions in TDW. Sprucegrove Investment Management Ltd. boosted its position in shares of Tidewater by 3.1% in the second quarter. Sprucegrove Investment Management Ltd. now owns 3,644,653 shares of the company’s stock worth $16,073,000 after buying an additional 110,300 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of Tidewater by 6.2% in the third quarter. BlackRock Fund Advisors now owns 3,388,332 shares of the company’s stock worth $9,555,000 after buying an additional 197,806 shares in the last quarter. Robotti Robert boosted its position in shares of Tidewater by 179.1% in the third quarter. Robotti Robert now owns 2,861,670 shares of the company’s stock worth $8,070,000 after buying an additional 1,836,200 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Tidewater by 157.9% in the first quarter. Renaissance Technologies LLC now owns 1,896,800 shares of the company’s stock worth $12,955,000 after buying an additional 1,161,400 shares in the last quarter. Finally, Snow Capital Management LP boosted its position in shares of Tidewater by 28.8% in the third quarter. Snow Capital Management LP now owns 1,849,811 shares of the company’s stock worth $5,216,000 after buying an additional 413,655 shares in the last quarter. 97.62% of the stock is currently owned by institutional investors.
Tidewater Company Profile
Tidewater Inc provides offshore service vessels and marine support services. The Company operates through four segments: Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe. Its Americas segment includes the activities of the Company’s North American operations, which include operations in the United States Gulf of Mexico (GOM), and the United States and Canadian coastal waters of the Pacific and Atlantic oceans, as well as operations of offshore Mexico, Trinidad and Brazil.
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