Tidewater (NYSE:TDW) Announces Earnings Results, Beats Expectations By $3.76 EPS

Tidewater (NYSE:TDW) released its quarterly earnings results on Monday. The oil and gas company reported $4.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $3.76, FiscalAI reports. Tidewater had a return on equity of 14.86% and a net margin of 11.14%.The firm had revenue of $336.80 million during the quarter, compared to analysts’ expectations of $329.39 million.

Tidewater Stock Up 0.6%

Shares of NYSE TDW traded up $0.45 during mid-day trading on Monday, reaching $79.87. 1,011,248 shares of the company’s stock were exchanged, compared to its average volume of 761,293. Tidewater has a twelve month low of $31.17 and a twelve month high of $82.00. The company has a current ratio of 2.89, a quick ratio of 2.79 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of 26.89 and a beta of 0.65. The business has a fifty day simple moving average of $61.95 and a 200 day simple moving average of $57.32.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Raymond James Financial restated an “outperform” rating on shares of Tidewater in a research report on Monday, February 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Tidewater in a research report on Monday, December 29th. Evercore cut their price target on shares of Tidewater from $67.00 to $65.00 and set an “in-line” rating on the stock in a research report on Wednesday, November 12th. Finally, Zacks Research raised shares of Tidewater from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One equities research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Tidewater currently has a consensus rating of “Hold” and an average target price of $67.50.

Insider Activity

In related news, EVP Daniel A. Hudson sold 15,000 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $77.50, for a total transaction of $1,162,500.00. Following the completion of the sale, the executive vice president directly owned 50,986 shares of the company’s stock, valued at approximately $3,951,415. This represents a 22.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TDW. Royal Bank of Canada lifted its position in Tidewater by 22.6% during the 1st quarter. Royal Bank of Canada now owns 23,169 shares of the oil and gas company’s stock worth $980,000 after buying an additional 4,278 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Tidewater by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,028 shares of the oil and gas company’s stock valued at $1,227,000 after acquiring an additional 1,271 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Tidewater by 4.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 44,833 shares of the oil and gas company’s stock worth $1,895,000 after acquiring an additional 1,931 shares in the last quarter. Cetera Investment Advisers raised its holdings in Tidewater by 4.1% during the second quarter. Cetera Investment Advisers now owns 8,010 shares of the oil and gas company’s stock worth $370,000 after acquiring an additional 314 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Tidewater by 12.1% during the second quarter. Invesco Ltd. now owns 227,443 shares of the oil and gas company’s stock valued at $10,492,000 after purchasing an additional 24,609 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

About Tidewater

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company’s fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.