Cynosure Group LLC Grows Holdings in Tidewater Inc. (NYSE:TDW)

Cynosure Group LLC grew its holdings in Tidewater Inc. (NYSE:TDW) by 29.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,091 shares of the oil and gas company’s stock after purchasing an additional 3,662 shares during the period. Cynosure Group LLC’s holdings in Tidewater were worth $680,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in Tidewater in the fourth quarter worth $4,347,000. GAMMA Investing LLC increased its stake in Tidewater by 477.5% in the first quarter. GAMMA Investing LLC now owns 2,668 shares of the oil and gas company’s stock worth $113,000 after purchasing an additional 2,206 shares during the period. Principal Financial Group Inc. increased its stake in Tidewater by 2.8% in the first quarter. Principal Financial Group Inc. now owns 283,950 shares of the oil and gas company’s stock worth $12,003,000 after purchasing an additional 7,837 shares during the period. Farther Finance Advisors LLC increased its stake in Tidewater by 94,555.6% in the first quarter. Farther Finance Advisors LLC now owns 8,519 shares of the oil and gas company’s stock worth $366,000 after purchasing an additional 8,510 shares during the period. Finally, Spire Wealth Management increased its stake in Tidewater by 14.3% in the first quarter. Spire Wealth Management now owns 3,983 shares of the oil and gas company’s stock worth $168,000 after purchasing an additional 498 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

TDW has been the topic of several research reports. Raymond James Financial cut their price target on Tidewater from $76.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Evercore ISI raised their price target on Tidewater from $60.00 to $67.00 and gave the company an “in-line” rating in a research note on Wednesday. Finally, BTIG Research lowered Tidewater from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $69.00.

Insider Activity

In related news, EVP Daniel A. Hudson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total value of $575,600.00. Following the completion of the transaction, the executive vice president directly owned 75,986 shares of the company’s stock, valued at $4,373,754.16. This trade represents a 11.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert Robotti bought 15,000 shares of the company’s stock in a transaction on Wednesday, June 4th. The shares were bought at an average cost of $42.05 per share, for a total transaction of $630,750.00. Following the transaction, the director owned 2,234,957 shares in the company, valued at $93,979,941.85. The trade was a 0.68% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 25,560 shares of company stock worth $1,074,858 in the last quarter. 8.33% of the stock is owned by insiders.

Tidewater Stock Performance

Shares of Tidewater stock opened at $57.29 on Friday. The stock’s fifty day moving average price is $48.88 and its 200-day moving average price is $45.21. Tidewater Inc. has a 12 month low of $31.17 and a 12 month high of $91.40. The company has a current ratio of 2.11, a quick ratio of 2.00 and a debt-to-equity ratio of 0.47. The firm has a market cap of $2.84 billion, a P/E ratio of 14.84 and a beta of 1.08.

Tidewater (NYSE:TDW) last posted its earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.95. Tidewater had a return on equity of 16.74% and a net margin of 14.62%. The company had revenue of $341.43 million for the quarter, compared to analyst estimates of $317.28 million. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The firm’s quarterly revenue was up .6% compared to the same quarter last year. On average, equities research analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

Tidewater announced that its board has authorized a stock repurchase program on Monday, August 4th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to buy up to 21.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management 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.