Tidewater (NYSE:TDW) Shares Down 8.6%

Tidewater Inc. (NYSE:TDW) shares fell 8.6% on Tuesday . The company traded as low as $81.02 and last traded at $81.10. 310,108 shares were traded during trading, a decline of 63% from the average session volume of 836,572 shares. The stock had previously closed at $88.70.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Raymond James upped their price target on shares of Tidewater from $133.00 to $138.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 8th. 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. One research 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, Tidewater has a consensus rating of “Buy” and an average target price of $111.25.

Tidewater Stock Performance

The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.82 and a current ratio of 1.90. The stock’s 50 day moving average price is $92.24 and its 200 day moving average price is $92.92. The company has a market capitalization of $4.11 billion, a P/E ratio of 31.17 and a beta of 1.13.

Tidewater (NYSE:TDW) last issued its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 EPS 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 for the quarter, compared to analysts’ expectations of $331.85 million. During the same quarter in the prior year, the firm posted $0.46 earnings per share. The business’s quarterly revenue was up 57.8% compared to the same quarter last year. As a group, equities analysts expect that Tidewater Inc. will post 4.4 EPS for the current year.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Tidewater

A number of institutional investors have recently modified their holdings of TDW. GAMMA Investing LLC grew its holdings in shares of Tidewater by 135.4% during the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 153 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in 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 purchasing an additional 156 shares in the last quarter. Quarry LP bought a new stake in Tidewater during the 2nd quarter worth approximately $27,000. Transcendent Capital Group LLC bought a new position in shares of Tidewater in the first quarter valued at approximately $28,000. Finally, Hollencrest Capital Management purchased a new position in shares of Tidewater during the second quarter valued at approximately $30,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Tidewater Company 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.