Pekin Hardy Strauss Inc. Increases Holdings in Tidewater Inc. (NYSE:TDW)

Pekin Hardy Strauss Inc. increased its stake in shares of Tidewater Inc. (NYSE:TDW) by 183.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,859 shares of the oil and gas company’s stock after buying an additional 7,025 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Tidewater were worth $783,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Precision Wealth Strategies LLC lifted its position in shares of Tidewater by 8.5% during the 4th quarter. Precision Wealth Strategies LLC now owns 3,376 shares of the oil and gas company’s stock valued at $243,000 after buying an additional 264 shares during the last quarter. Meixler Investment Management Ltd. increased its stake in shares of Tidewater by 1.9% in the fourth quarter. Meixler Investment Management Ltd. now owns 15,448 shares of the oil and gas company’s stock worth $1,114,000 after purchasing an additional 284 shares in the last quarter. Glenorchy Capital Ltd purchased a new stake in shares of Tidewater during the 4th quarter valued at approximately $6,122,000. Parkside Financial Bank & Trust purchased a new position in Tidewater in the 4th quarter valued at approximately $33,000. Finally, Xponance Inc. purchased a new stake in shares of Tidewater during the fourth quarter worth $204,000. 95.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Evercore ISI lifted their target price on Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a report on Monday, March 4th. Pickering Energy Partners started coverage on shares of Tidewater in a research report on Tuesday, January 30th. They set an “outperform” rating for the company. StockNews.com upgraded Tidewater from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Johnson Rice began coverage on Tidewater in a research note on Friday, February 9th. They issued a “buy” rating and a $88.00 target price on the stock. Finally, BTIG Research boosted their price objective on Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $93.00.

Insiders Place Their Bets

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

Tidewater Price Performance

Shares of Tidewater stock opened at $91.84 on Wednesday. The business’s 50-day moving average price is $87.93 and its 200-day moving average price is $73.66. The firm has a market capitalization of $4.80 billion, a PE ratio of 50.19 and a beta of 1.20. Tidewater Inc. has a 12 month low of $39.41 and a 12 month high of $101.10. 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 posted its quarterly earnings results on Friday, March 1st. The oil and gas company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.03). Tidewater had a return on equity of 13.37% and a net margin of 9.62%. The business had revenue of $302.66 million for the quarter, compared to analysts’ expectations of $309.46 million. During the same period last year, the business posted $0.30 earnings per share. The company’s revenue was up 62.1% compared to the same quarter last year. Sell-side analysts forecast that Tidewater Inc. will post 4.94 EPS for the current fiscal year.

Tidewater declared that its Board of Directors has approved a share repurchase plan on Thursday, February 29th that allows the company to buyback $48.60 million in shares. This buyback authorization allows the oil and gas company to buy up to 1.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.