Bank of New York Mellon Corp Buys 2,454,595 Shares of Tidewater Inc. (NYSE:TDW)
Bank of New York Mellon Corp increased its stake in Tidewater Inc. (NYSE:TDW) by 391.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,082,382 shares of the oil and gas company’s stock after buying an additional 2,454,595 shares during the period. Bank of New York Mellon Corp owned about 6.55% of Tidewater worth $3,545,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its stake in Tidewater by 34.1% in the first quarter. Janney Montgomery Scott LLC now owns 1,427,772 shares of the oil and gas company’s stock valued at $1,642,000 after buying an additional 362,676 shares in the last quarter. Guggenheim Capital LLC increased its stake in Tidewater by 226.3% in the fourth quarter. Guggenheim Capital LLC now owns 437,794 shares of the oil and gas company’s stock valued at $1,492,000 after buying an additional 303,622 shares in the last quarter. AQR Capital Management LLC acquired a new stake in Tidewater during the fourth quarter valued at about $985,000. Norges Bank acquired a new stake in Tidewater during the fourth quarter valued at about $119,000. Finally, State Street Corp increased its stake in Tidewater by 1.1% in the fourth quarter. State Street Corp now owns 1,161,875 shares of the oil and gas company’s stock valued at $3,958,000 after buying an additional 12,351 shares in the last quarter. 77.87% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Tidewater Inc. (NYSE TDW) traded down 0.36% on Monday, reaching $25.14. The company had a trading volume of 74,714 shares. The firm’s market capitalization is $1.18 billion. Tidewater Inc. has a 12 month low of $20.37 and a 12 month high of $29.14. The company’s 50-day moving average is $27.16 and its 200 day moving average is $35.08.
Tidewater (NYSE:TDW) last announced its quarterly earnings data on Monday, June 12th. The oil and gas company reported ($0.94) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.29) by $0.35. Tidewater had a negative return on equity of 6.16% and a negative net margin of 109.72%. The company had revenue of $160.75 million during the quarter, compared to the consensus estimate of $118.75 million. Equities analysts forecast that Tidewater Inc. will post ($169.67) earnings per share for the current year.
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Several equities research analysts have issued reports on TDW shares. BidaskClub upgraded Tidewater from a “strong sell” rating to a “sell” rating in a report on Saturday. Zacks Investment Research downgraded Tidewater from a “buy” rating to a “hold” rating in a report on Saturday, July 22nd. Three analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company has an average rating of “Hold” and a consensus price target of $2.17.
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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